UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10183

BRIGHTHOUSE FUNDS TRUST I

(Exact name of registrant as specified in charter)

One Financial Center

Boston, MA 02111

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Michael P. Lawlor c/o Brighthouse Investment Advisers, LLC One Financial Center Boston, MA 02111	Brian McCabe, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199

Registrant’s telephone number, including area code: 617-578-4036

Date of fiscal year end: December 31

Date of reporting period: January 1, 2017 through June 30, 2017

Item 1: Report to Shareholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”):

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Managed by AllianceBerstein L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the AB Global Dynamic Allocation Portfolio returned 7.19%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

Global equities advanced considerably during the six-month period ended June 30, 2017 (in U.S. dollar terms). Stocks in emerging markets led the rally, followed by non-U.S. and U.S. equities, both of which delivered strong relative returns.

In fixed-income markets, global bonds generally outperformed (bond yields move inversely to price). Emerging market local-currency government bonds rebounded over the period, outperforming the positive returns of investment-grade credit and developed-market treasuries, but trailing the rally of global high yield. Developed-market treasury yields moved in differing directions. In Japan, the U.K. and Europe rates generally rose, while Australian rates fell across the board. In the U.S. and Canada, shorter maturity rates rose, while rates at the long end moved downward.

During the period, investors focused on moderate, but steady global economic expansion and generally subdued inflation. Investors also welcomed robust corporate earnings, and a U.S. economy that appeared to be doing well without additional fiscal stimulus—which helped offset concerns that political turmoil would stall U.S. President Donald Trump’s pro-growth agenda. Meanwhile, the Eurozone’s recovery continued to strengthen and broaden, despite Brexit (the U.K.’s exit from the European Union) negotiations adding uncertainty to the region. However, the French election result, with a strong, moderate pro-reform government led by President Emmanuel Macron, helped eased political risk substantially. Emerging markets rallied, helped by a weaker U.S. dollar and a positive global growth story.

Central bank posturing also reflected an improving economic landscape that could lead to a withdrawal of relaxed monetary policies. Despite the European Central Bank’s easing bias and an easily digested second rate hike from the U.S. Federal Reserve, rates climbed towards the end of the period as a number of central bankers began to communicate that monetary-policy normalization was on the horizon.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s objective is to provide long term growth by participating in up markets and by mitigating the downside. We aim to deliver more consistent returns through broad diversification and reduce volatility by making flexible adjustments to asset allocation. In this way, the Portfolio should capture potential return opportunities and manage risk. The strategic allocation is a growth-oriented portfolio with approximately 60% invested in a global mix of equities across capitalization ranges and including real estate, and 40% invested in a mix of global sovereign and high quality corporate bonds.

The Portfolio slightly underperformed its benchmark, the Dow Jones Moderate Index, for the six-month period ending on June 30, 2017. During this time period the Portfolio’s overweight to U.S. and International equities were the main contributors to performance. Though the Portfolio carried an opportunistic overweight to Emerging Market equities, its relative underweight versus the Dow Jones Moderate Index detracted from performance, as did its underweight to U.S. Mid Cap equities. Currency decisions, primarily an underweight to the U.S. Dollar, were additive to performance over the period.

For the entirety of the first half of 2017, the Portfolio held a modest overweight to riskier assets, with global equity holdings in excess of strategic asset allocation weights. This overweight was concentrated in Europe as well as Emerging markets and was primarily supported by accommodative global monetary policies, a solid economic outlook, and strong corporate balance sheets. In addition, we believed that volatility would remain low given more globally balanced economic growth. While volatility has been extremely low for the entire period, which could imply a more substantial overweight to equities, our return outlook has become extremely muted, albeit positive. This close to normal return view coupled with low volatility supports a modest overweight but does not justify, in our view, a more substantial overweight driven by risk alone. Compared to the Dow Jones Moderate Index, the first quarter was quite challenging for the strategy primarily driven by underweights both to Emerging Market and U.S. Small Cap Equities, as both asset classes posted strong returns. Early in the second quarter, as we neared the French election, the team decided to trim its European overweight to neutral, as we believed there was a possibility for a market-unfriendly outcome, focused specifically on European equities which to that point had been strong outperformers. When that near-term risk had subsided, we resumed our overweight position for the remainder of the second quarter. The second quarter was a stronger period for the Portfolio, driven primarily by overweight positions in both U.S. and non-U.S. large cap equities. In currency management, we remained underweight the U.S. Dollar for the period, preferring instead to take currency overweight positions in the euro and yen.

The Portfolio utilized equity futures, fixed income futures, currency forwards, exchange-traded funds and total return swaps for both hedging and investment purposes. Equity options were used for hedging and investing purposes. Credit default swaps and commodity futures were used for investment purposes. The Portfolio utilizes a variety of derivative instruments as a component of its overall construction to effectively manage equity, interest rate, credit, and currency risk, to hedge positions and to provide efficient exposure. All derivatives performed in line with the manager’s expectations over the period.

We ended the period overweight to risk assets. At period end, the Portfolio held an overweight to all equity regions with the exception of U.S. large cap stocks and Developed Asia ex-Japan. The Portfolio

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Managed by AllianceBerstein L.P.

Portfolio Manager Commentary*—(Continued)

was close to neutral to global real estate investment trusts for diversification. The Portfolio was also underweight sovereign bonds, but had extended bond durations to maintain diversification. The Portfolio continued to hold an overweight to the euro and yen at the expense primarily of the U.S. and Australian dollars.

Daniel Loewy

Vadim Zlotnikov

Brian Brugman

Portfolio Managers

AllianceBerstein L.P.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
AB Global Dynamic Allocation Portfolio
Class B		7.19		7.00		7.14		6.12
Dow Jones Moderate Index		7.27		10.35		7.87		6.18

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Equity Sectors

	% of Net Assets
Financials		17.2
Information Technology		7.8
Health Care		7.1
Industrials		7.0
Consumer Discretionary		6.9

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		19.9
Foreign Government		8.2

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

AB Global Dynamic Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.87	%	$	1,000.00	$	1,071.90	$	4.47
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—58.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.0%
Airbus SE		59,429	$	4,896,748
Arconic, Inc.		28,950		655,717
BAE Systems plc		325,715		2,691,369
Boeing Co. (The)		41,125		8,132,469
Cobham plc		245,124		414,652
Dassault Aviation S.A.		254		355,008
Elbit Systems, Ltd.		2,428		299,761
General Dynamics Corp.		19,330		3,829,273
L3 Technologies, Inc.		5,185		866,310
Leonardo S.p.A.		41,490		693,058
Lockheed Martin Corp.		17,345		4,815,145
Meggitt plc		79,525		494,716
Northrop Grumman Corp.		12,025		3,086,938
Raytheon Co.		19,815		3,199,726
Rockwell Collins, Inc.		8,635		907,366
Rolls-Royce Holdings plc (a)		187,000		2,173,230
Safran S.A.		32,066		2,941,283
Singapore Technologies Engineering, Ltd.		160,000		427,697
Textron, Inc.		17,880		842,148
Thales S.A.		10,852		1,169,177
TransDigm Group, Inc.		3,602		968,470
United Technologies Corp.		51,425		6,279,507
Zodiac Aerospace		20,967		570,152
				50,709,920
Air Freight & Logistics—0.3%
Bollore S.A.		88,425		402,682
C.H. Robinson Worldwide, Inc. (c)		9,460		649,713
Deutsche Post AG		101,776		3,819,039
Expeditors International of Washington, Inc.		12,005		678,042
FedEx Corp.		16,910		3,675,050
Royal Mail plc		92,267		506,490
United Parcel Service, Inc. - Class B		45,600		5,042,904
Yamato Holdings Co., Ltd.		35,845		728,065
				15,501,985
Airlines—0.3%
Alaska Air Group, Inc.		8,203		736,301
American Airlines Group, Inc.		39,821		2,003,793
ANA Holdings, Inc.		117,656		409,195
Delta Air Lines, Inc.		51,351		2,759,603
Deutsche Lufthansa AG		23,975		547,467
easyJet plc		16,275		288,179
International Consolidated Airlines Group S.A. - Class DI		65,216		518,605
Japan Airlines Co., Ltd.		12,261		379,308
Qantas Airways, Ltd.		46,907		206,489
Ryanair Holdings plc (ADR) (a)		2,174		233,944
Singapore Airlines, Ltd.		55,300		406,576
Southwest Airlines Co.		42,085		2,615,162
United Continental Holdings, Inc. (a)		22,191		1,669,873
				12,774,495
Auto Components—0.4%
Aisin Seiki Co., Ltd.		18,126		929,605
BorgWarner, Inc.		14,440		611,678
Auto Components—(Continued)
Bridgestone Corp.		66,687		2,879,690
Cie Generale des Etablissements Michelin		17,538		2,331,653
Continental AG		11,278		2,433,881
Delphi Automotive plc		18,321		1,605,836
Denso Corp.		48,845		2,067,197
GKN plc		175,777		747,171
Goodyear Tire & Rubber Co. (The)		17,590		614,946
Koito Manufacturing Co., Ltd.		11,539		596,049
NGK Spark Plug Co., Ltd.		17,188		366,929
NOK Corp.		9,875		209,204
Nokian Renkaat Oyj		11,840		490,608
Stanley Electric Co., Ltd.		14,492		438,302
Sumitomo Electric Industries, Ltd.		77,324		1,193,245
Sumitomo Rubber Industries, Ltd.		18,877		319,242
Toyoda Gosei Co., Ltd.		6,645		158,914
Toyota Industries Corp.		16,726		882,407
Valeo S.A.		24,517		1,663,069
Yokohama Rubber Co., Ltd. (The)		12,167		244,795
				20,784,421
Automobiles—1.0%
Bayerische Motoren Werke AG		33,944		3,159,395
Daimler AG		98,711		7,160,847
Ferrari NV		12,534		1,080,061
Fiat Chrysler Automobiles NV (a)		109,652		1,156,726
Ford Motor Co.		257,495		2,881,369
General Motors Co.		92,813		3,241,958
Harley-Davidson, Inc.		12,075		652,291
Honda Motor Co., Ltd.		176,421		4,820,362
Isuzu Motors, Ltd.		56,537		699,265
Mazda Motor Corp.		58,424		817,653
Mitsubishi Motors Corp.		68,752		454,323
Nissan Motor Co., Ltd.		237,987		2,372,620
Peugeot S.A.		49,808		994,272
Renault S.A.		18,191		1,650,176
Subaru Corp.		63,084		2,132,263
Suzuki Motor Corp.		35,236		1,674,617
Toyota Motor Corp.		267,616		14,037,772
Volkswagen AG		3,343		519,155
Yamaha Motor Co., Ltd.		28,781		744,131
				50,249,256
Banks—5.4%
ABN AMRO Group NV (144A)		29,006		775,092
Aozora Bank, Ltd.		121,269		462,486
Australia & New Zealand Banking Group, Ltd.		301,000		6,634,571
Banco Bilbao Vizcaya Argentaria S.A.		685,670		5,730,710
Banco de Sabadell S.A.		546,974		1,119,594
Banco Espirito Santo S.A. (a) (b) (d)		169,954		0
Banco Santander S.A.		1,494,969		9,952,999
Bank Hapoalim B.M.		109,371		737,210
Bank Leumi Le-Israel B.M.		148,326		720,296
Bank of America Corp.		682,208		16,550,366
Bank of East Asia, Ltd. (The)		123,600		531,495
Bank of Ireland (a)		2,820,177		746,027
Bank of Kyoto, Ltd. (The)		30,632		289,541

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Bank of Queensland, Ltd.		39,380	$	346,141
Bankia S.A.		116,805		565,058
Bankinter S.A.		69,113		639,543
Barclays plc		1,739,285		4,602,695
BB&T Corp.		53,545		2,431,478
Bendigo & Adelaide Bank, Ltd.		48,049		410,047
BNP Paribas S.A.		115,058		8,368,385
BOC Hong Kong Holdings, Ltd.		379,300		1,818,270
CaixaBank S.A.		367,927		1,761,121
Chiba Bank, Ltd. (The)		71,806		522,110
Chugoku Bank, Ltd. (The)		16,425		246,101
Citigroup, Inc.		194,771		13,026,284
Citizens Financial Group, Inc.		34,854		1,243,591
Comerica, Inc.		11,455		838,964
Commerzbank AG (a)		109,132		1,307,014
Commonwealth Bank of Australia		176,659		11,244,399
Concordia Financial Group, Ltd.		126,671		641,550
Credit Agricole S.A.		116,712		1,897,651
Danske Bank A/S		75,637		2,919,715
DBS Group Holdings, Ltd.		182,900		2,755,549
DNB ASA		100,190		1,709,906
Erste Group Bank AG (a)		30,844		1,183,120
Fifth Third Bancorp		51,735		1,343,041
Fukuoka Financial Group, Inc.		78,326		373,106
Hachijuni Bank, Ltd. (The)		41,338		263,194
Hang Seng Bank, Ltd.		78,400		1,639,872
Hiroshima Bank, Ltd. (The)		50,340		223,740
HSBC Holdings plc		2,036,313		18,901,192
Huntington Bancshares, Inc.		52,455		709,192
ING Groep NV		397,627		6,915,502
Intesa Sanpaolo S.p.A.		1,300,745		4,149,536
Intesa Sanpaolo S.p.A. - Risparmio Shares		95,598		284,920
Japan Post Bank Co., Ltd.		41,622		533,412
JPMorgan Chase & Co.		242,500		22,164,500
KBC Groep NV		25,718		1,952,283
KeyCorp		55,120		1,032,949
Kyushu Financial Group, Inc.		35,628		225,526
Lloyds Banking Group plc		7,326,015		6,323,280
M&T Bank Corp.		10,495		1,699,665
Mebuki Financial Group, Inc.		102,744		383,007
Mediobanca S.p.A.		58,176		577,253
Mitsubishi UFJ Financial Group, Inc.		1,234,692		8,326,294
Mizrahi Tefahot Bank, Ltd.		14,234		259,056
Mizuho Financial Group, Inc.		2,472,453		4,531,254
National Australia Bank, Ltd.		274,282		6,238,229
Natixis S.A.		96,483		654,278
Nordea Bank AB		311,398		3,973,824
Oversea-Chinese Banking Corp., Ltd.		322,400		2,526,944
People’s United Financial, Inc.		20,495		361,942
PNC Financial Services Group, Inc. (The)		33,135		4,137,567
Raiffeisen Bank International AG (a)		15,175		384,052
Regions Financial Corp.		85,015		1,244,620
Resona Holdings, Inc.		226,353		1,250,805
Royal Bank of Scotland Group plc (a)		363,632		1,171,837
Seven Bank, Ltd.		60,420		216,658
Shinsei Bank, Ltd.		169,177		295,951
Shizuoka Bank, Ltd. (The)		52,910		479,294
Banks—(Continued)
Skandinaviska Enskilda Banken AB - Class A		155,728		1,890,285
Societe Generale S.A.		78,666		4,277,128
Standard Chartered plc (a)		336,743		3,415,702
Sumitomo Mitsui Financial Group, Inc.		137,720		5,387,710
Sumitomo Mitsui Trust Holdings, Inc.		34,016		1,220,343
SunTrust Banks, Inc.		33,300		1,888,776
Suruga Bank, Ltd.		17,928		435,645
Svenska Handelsbanken AB - A Shares		156,561		2,248,173
Swedbank AB - A Shares		92,842		2,264,694
U.S. Bancorp		107,835		5,598,793
UniCredit S.p.A. (a)		205,204		3,869,575
United Overseas Bank, Ltd.		135,100		2,269,815
Wells Fargo & Co. (e)		305,210		16,911,686
Westpac Banking Corp.		344,117		8,031,546
Yamaguchi Financial Group, Inc.		20,431		247,330
Zions Bancorp		13,460		591,029
				271,025,084
Beverages—1.2%
Anheuser-Busch InBev S.A.		78,116		8,643,936
Asahi Group Holdings, Ltd.		39,662		1,493,261
Brown-Forman Corp. - Class B		13,254		644,144
Carlsberg A/S - Class B		10,967		1,174,020
Coca-Cola Amatil, Ltd.		58,081		411,661
Coca-Cola Bottlers Japan, Inc.		12,687		367,376
Coca-Cola Co. (The) (e)		257,410		11,544,838
Coca-Cola European Partners plc		22,286		905,119
Coca-Cola HBC AG (a)		18,648		548,563
Constellation Brands, Inc. - Class A		11,675		2,261,798
Diageo plc		258,098		7,629,732
Dr Pepper Snapple Group, Inc.		12,340		1,124,297
Heineken Holding NV		10,345		950,751
Heineken NV		23,621		2,301,129
Kirin Holdings Co., Ltd.		89,017		1,815,067
Molson Coors Brewing Co. - Class B		12,105		1,045,146
Monster Beverage Corp. (a)		29,940		1,487,419
PepsiCo, Inc.		95,525		11,032,182
Pernod-Ricard S.A.		21,769		2,918,295
Remy Cointreau S.A.		2,302		268,995
Suntory Beverage & Food, Ltd.		14,256		663,204
Treasury Wine Estates, Ltd.		75,673		764,777
				59,995,710
Biotechnology—1.1%
AbbVie, Inc.		106,392		7,714,484
Alexion Pharmaceuticals, Inc. (a)		14,900		1,812,883
Amgen, Inc.		49,683		8,556,903
Biogen, Inc. (a)		14,530		3,942,861
Celgene Corp. (a)		51,640		6,706,487
CSL, Ltd.		46,690		4,961,131
Genmab A/S (a)		5,878		1,258,404
Gilead Sciences, Inc.		90,343		6,394,478
Grifols S.A.		30,581		852,837
Incyte Corp. (a)		11,933		1,502,484
Regeneron Pharmaceuticals, Inc. (a)		5,241		2,574,065
Shire plc		92,740		5,109,468

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Vertex Pharmaceuticals, Inc. (a)		16,267	$	2,096,328
				53,482,813
Building Products—0.3%
Allegion plc		6,301		511,137
Asahi Glass Co., Ltd.		20,682		872,831
Assa Abloy AB - Class B		102,755		2,258,743
Cie de St-Gobain		51,235		2,740,819
Daikin Industries, Ltd.		25,543		2,612,345
Fortune Brands Home & Security, Inc.		10,227		667,209
Geberit AG		3,798		1,772,961
Johnson Controls International plc		62,484		2,709,306
LIXIL Group Corp.		27,280		682,994
Masco Corp.		21,975		839,665
TOTO, Ltd.		14,500		554,854
				16,222,864
Capital Markets—1.5%
3i Group plc		99,731		1,174,207
Aberdeen Asset Management plc		93,561		368,591
Affiliated Managers Group, Inc.		3,605		597,925
Ameriprise Financial, Inc.		11,115		1,414,828
ASX, Ltd.		19,893		819,701
Bank of New York Mellon Corp. (The)		70,985		3,621,655
BlackRock, Inc. (c)		8,410		3,552,468
CBOE Holdings, Inc.		6,217		568,234
Charles Schwab Corp. (The)		79,345		3,408,661
CME Group, Inc.		22,385		2,803,497
Credit Suisse Group AG (a)		238,561		3,456,582
Daiwa Securities Group, Inc.		170,377		1,012,355
Deutsche Bank AG		212,103		3,766,587
Deutsche Boerse AG		19,787		2,092,501
E*Trade Financial Corp. (a)		18,615		707,928
Franklin Resources, Inc.		24,641		1,103,670
Goldman Sachs Group, Inc. (The)		25,950		5,758,305
Hargreaves Lansdown plc		26,885		456,193
Hong Kong Exchanges and Clearing, Ltd.		119,300		3,084,402
Intercontinental Exchange, Inc.		39,680		2,615,706
Invesco, Ltd.		27,420		964,910
Investec plc		67,365		503,424
Japan Exchange Group, Inc.		53,476		971,371
Julius Baer Group, Ltd. (a)		22,945		1,209,245
London Stock Exchange Group plc		32,322		1,536,193
Macquarie Group, Ltd.		33,148		2,254,892
Moody’s Corp.		11,225		1,365,858
Morgan Stanley		100,860		4,494,322
Nasdaq, Inc.		7,570		541,179
Nomura Holdings, Inc.		372,291		2,240,539
Northern Trust Corp.		14,190		1,379,410
Partners Group Holding AG		1,780		1,103,567
Raymond James Financial, Inc.		8,749		701,845
S&P Global, Inc.		17,515		2,557,015
SBI Holdings, Inc.		20,720		281,314
Schroders plc		12,745		515,490
Singapore Exchange, Ltd.		81,700		435,671
State Street Corp.		26,390		2,367,975
Capital Markets—(Continued)
T. Rowe Price Group, Inc.		16,390		1,216,302
UBS Group AG (a)		375,056		6,366,820
				75,391,338
Chemicals—1.6%
Air Liquide S.A.		39,870		4,954,750
Air Products & Chemicals, Inc.		12,845		1,837,606
Air Water, Inc.		15,152		279,265
Akzo Nobel NV		25,853		2,244,323
Albemarle Corp.		7,488		790,283
Arkema S.A.		6,993		746,738
Asahi Kasei Corp.		129,415		1,394,081
BASF SE		94,162		8,752,738
CF Industries Holdings, Inc.		15,300		427,788
Chr Hansen Holding A/S		10,138		737,207
Covestro AG (144A)		9,342		674,591
Croda International plc		13,456		681,186
Daicel Corp.		28,442		354,579
Dow Chemical Co. (The)		73,740		4,650,782
E.I. du Pont de Nemours & Co.		57,555		4,645,264
Eastman Chemical Co.		9,780		821,422
Ecolab, Inc.		17,645		2,342,374
EMS-Chemie Holding AG		845		625,058
Evonik Industries AG		16,749		535,388
FMC Corp.		8,740		638,457
Frutarom Industries, Ltd.		3,975		278,058
Givaudan S.A.		947		1,895,093
Hitachi Chemical Co., Ltd.		10,769		321,927
Incitec Pivot, Ltd.		171,108		449,819
International Flavors & Fragrances, Inc.		5,285		713,475
Israel Chemicals, Ltd.		52,341		246,681
Johnson Matthey plc		19,886		743,847
JSR Corp.		19,815		342,141
K&S AG (c)		19,738		505,870
Kaneka Corp.		28,705		219,161
Kansai Paint Co., Ltd.		20,962		483,052
Koninklijke DSM NV		18,600		1,358,870
Kuraray Co., Ltd.		36,380		660,954
LANXESS AG		9,383		710,601
Linde AG		19,042		3,616,955
LyondellBasell Industries NV - Class A		22,871		1,930,084
Mitsubishi Chemical Holdings Corp.		146,702		1,218,329
Mitsubishi Gas Chemical Co., Inc.		18,675		395,829
Mitsui Chemicals, Inc.		94,298		500,646
Monsanto Co.		29,080		3,441,909
Mosaic Co. (The)		23,280		531,482
Nippon Paint Holdings Co., Ltd.		16,680		632,866
Nissan Chemical Industries, Ltd.		12,668		419,043
Nitto Denko Corp.		16,923		1,396,022
Novozymes A/S - B Shares		23,644		1,035,441
Orica, Ltd.		38,565		612,225
PPG Industries, Inc.		17,590		1,934,196
Praxair, Inc.		18,825		2,495,254
Sherwin-Williams Co. (The)		5,260		1,846,050
Shin-Etsu Chemical Co., Ltd.		39,870		3,621,869
Sika AG		221		1,422,682

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
Solvay S.A.		7,598	$	1,020,172
Sumitomo Chemical Co., Ltd.		161,229		930,007
Symrise AG		12,657		896,792
Taiyo Nippon Sanso Corp.		13,268		149,390
Teijin, Ltd.		19,289		371,489
Toray Industries, Inc.		150,532		1,261,105
Tosoh Corp.		59,988		616,858
Umicore S.A.		9,760		679,996
Yara International ASA		18,269		686,663
				80,726,783
Commercial Services & Supplies—0.2%
Babcock International Group plc		25,916		297,459
Brambles, Ltd.		162,860		1,217,976
Cintas Corp.		5,830		734,813
Dai Nippon Printing Co., Ltd.		54,416		605,592
Edenred		22,759		594,062
G4S plc		159,068		676,791
ISS A/S		17,131		674,415
Park24 Co., Ltd.		11,275		286,338
Republic Services, Inc.		15,685		999,605
Secom Co., Ltd.		21,525		1,635,467
Securitas AB - B Shares		32,179		543,930
Societe BIC S.A.		2,943		349,286
Sohgo Security Services Co., Ltd.		7,407		333,889
Stericycle, Inc. (a)		5,615		428,537
Toppan Printing Co., Ltd.		53,874		591,861
Waste Management, Inc.		27,335		2,005,022
				11,975,043
Communications Equipment—0.4%
Cisco Systems, Inc. (e)		332,400		10,404,120
F5 Networks, Inc. (a)		4,585		582,570
Harris Corp.		8,190		893,365
Juniper Networks, Inc.		23,220		647,374
Motorola Solutions, Inc.		10,500		910,770
Nokia Oyj		598,307		3,677,130
Telefonaktiebolaget LM Ericsson - B Shares		314,671		2,269,542
				19,384,871
Construction & Engineering—0.3%
ACS Actividades de Construccion y Servicios S.A.		24,195		935,837
Boskalis Westminster		9,381		304,815
Bouygues S.A.		21,831		921,598
CIMIC Group, Ltd.		9,985		297,786
Eiffage S.A.		7,536		685,394
Ferrovial S.A.		49,708		1,104,874
Fluor Corp.		9,095		416,369
HOCHTIEF AG		1,990		364,872
Jacobs Engineering Group, Inc.		8,050		437,840
JGC Corp.		21,182		344,014
Kajima Corp.		92,135		778,006
Obayashi Corp.		66,571		783,587
Quanta Services, Inc. (a)		9,885		325,414
Construction & Engineering—(Continued)
Shimizu Corp.		56,614		601,024
Skanska AB - B Shares		34,904		830,609
Taisei Corp.		105,807		966,902
Vinci S.A.		51,413		4,391,708
				14,490,649
Construction Materials—0.2%
Boral, Ltd.		119,191		636,721
CRH plc		85,371		3,029,036
Fletcher Building, Ltd.		70,559		413,715
HeidelbergCement AG		15,257		1,476,340
Imerys S.A.		3,701		322,203
James Hardie Industries plc		45,195		712,149
LafargeHolcim, Ltd. (a)		46,665		2,680,757
Martin Marietta Materials, Inc.		4,312		959,765
Taiheiyo Cement Corp.		123,825		452,280
Vulcan Materials Co.		8,850		1,121,118
				11,804,084
Consumer Finance—0.3%
Acom Co., Ltd. (a)		40,470		185,054
AEON Financial Service Co., Ltd.		11,647		247,014
American Express Co.		54,080		4,555,699
Capital One Financial Corp.		34,865		2,880,546
Credit Saison Co., Ltd.		16,160		316,217
Discover Financial Services		27,285		1,696,854
Navient Corp.		22,635		376,873
Provident Financial plc		15,150		480,359
Synchrony Financial		55,087		1,642,694
				12,381,310
Containers & Packaging—0.1%
Amcor, Ltd.		118,731		1,479,319
Avery Dennison Corp.		5,900		521,383
Ball Corp.		18,740		791,015
International Paper Co.		27,135		1,536,112
Sealed Air Corp.		12,895		577,180
Toyo Seikan Group Holdings, Ltd.		16,596		280,665
WestRock Co.		16,695		945,939
				6,131,613
Distributors—0.0%
Genuine Parts Co.		9,915		919,715
Jardine Cycle & Carriage, Ltd.		10,200		328,697
LKQ Corp. (a)		20,132		663,349
				1,911,761
Diversified Consumer Services—0.0%
Benesse Holdings, Inc.		7,353		278,007
H&R Block, Inc.		15,555		480,805
				758,812
Diversified Financial Services—0.6%
AMP, Ltd.		303,224		1,208,378

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Financial Services—(Continued)
Berkshire Hathaway, Inc. - Class B (a) (e)		123,824	$	20,972,071
Challenger, Ltd.		58,607		600,929
Eurazeo S.A.		4,502		337,888
EXOR NV		11,193		609,075
First Pacific Co., Ltd.		219,700		162,087
Groupe Bruxelles Lambert S.A.		8,296		799,577
Industrivarden AB - C Shares		16,859		404,358
Investor AB - B Shares		46,696		2,258,739
Kinnevik AB - Class B		24,065		738,766
L E Lundbergforetagen AB - B Shares		3,931		310,350
Leucadia National Corp.		21,975		574,866
Mitsubishi UFJ Lease & Finance Co., Ltd.		45,420		248,963
ORIX Corp.		135,745		2,110,023
Pargesa Holding S.A.		3,958		302,059
Wendel S.A.		2,909		431,047
				32,069,176
Diversified Telecommunication Services—1.3%
AT&T, Inc. (e)		406,380		15,332,708
Bezeq The Israeli Telecommunication Corp., Ltd.		210,348		349,154
BT Group plc		867,965		3,333,110
CenturyLink, Inc. (c)		35,850		856,098
Deutsche Telekom AG		335,630		6,031,843
Elisa Oyj		14,619		566,690
HKT Trust & HKT, Ltd.		384,900		505,821
Iliad S.A.		2,710		641,188
Inmarsat plc		46,000		461,298
Koninklijke KPN NV		350,226		1,123,811
Level 3 Communications, Inc. (a)		19,014		1,127,530
Nippon Telegraph & Telephone Corp.		70,924		3,354,980
Orange S.A.		204,530		3,258,058
PCCW, Ltd.		429,700		244,404
Proximus		15,656		547,696
Singapore Telecommunications, Ltd.		761,400		2,151,420
Singapore Telecommunications, Ltd.		75,600		213,615
Spark New Zealand, Ltd.		187,873		520,928
Swisscom AG		2,656		1,282,609
TDC A/S		83,245		484,977
Telecom Italia S.p.A. (a)		1,168,958		1,083,388
Telecom Italia S.p.A. - Risparmio Shares		617,964		457,180
Telefonica Deutschland Holding AG		75,607		377,838
Telefonica S.A.		464,824		4,806,077
Telenor ASA		76,964		1,276,443
Telia Co. AB		266,349		1,228,679
Telstra Corp., Ltd.		426,751		1,413,093
TPG Telecom, Ltd.		37,920		166,371
Verizon Communications, Inc. (e)		269,120		12,018,899
				65,215,906
Electric Utilities—1.0%
Alliant Energy Corp.		15,144		608,334
American Electric Power Co., Inc.		32,450		2,254,301
AusNet Services		181,254		241,695
Chubu Electric Power Co., Inc.		66,053		878,631
Chugoku Electric Power Co., Inc. (The)		28,234		311,403
Electric Utilities—(Continued)
CK Infrastructure Holdings, Ltd.		67,900		570,088
CLP Holdings, Ltd.		168,282		1,780,550
Contact Energy, Ltd.		72,566		277,079
DONG Energy A/S (144A)		15,084		682,889
Duke Energy Corp.		45,515		3,804,599
Edison International		21,545		1,684,604
EDP - Energias de Portugal S.A.		243,662		797,191
Electricite de France S.A.		56,219		613,974
Endesa S.A.		32,563		752,064
Enel S.p.A.		833,823		4,490,200
Entergy Corp.		11,825		907,805
Eversource Energy		20,965		1,272,785
Exelon Corp.		60,724		2,190,315
FirstEnergy Corp.		27,925		814,293
Fortum Oyj		45,537		716,145
HK Electric Investments & HK Electric Investments, Ltd. (144A)		271,700		250,574
Iberdrola S.A.		596,045		4,732,606
Kansai Electric Power Co., Inc. (The)		72,178		995,352
Kyushu Electric Power Co., Inc.		43,751		531,739
Mercury NZ, Ltd.		70,992		172,866
NextEra Energy, Inc.		30,445		4,266,258
PG&E Corp.		32,545		2,160,012
Pinnacle West Capital Corp.		7,350		625,926
Power Assets Holdings, Ltd.		142,200		1,254,947
PPL Corp.		44,515		1,720,950
Red Electrica Corp. S.A.		44,377		929,306
Southern Co. (The)		60,295		2,886,925
SSE plc		103,725		1,961,640
Terna Rete Elettrica Nazionale S.p.A.		144,243		780,600
Tohoku Electric Power Co., Inc.		46,399		642,791
Tokyo Electric Power Co. Holdings, Inc. (a)		148,275		612,216
Xcel Energy, Inc.		33,510		1,537,439
				51,711,092
Electrical Equipment—0.6%
ABB, Ltd.		204,348		5,055,606
Acuity Brands, Inc. (c)		2,897		588,902
AMETEK, Inc.		15,467		936,836
Eaton Corp. plc		30,338		2,361,207
Emerson Electric Co.		42,495		2,533,552
Fuji Electric Co., Ltd.		56,922		300,862
Gamesa Corp. Technologica S.A.		24,441		523,586
Legrand S.A.		27,174		1,903,271
Mabuchi Motor Co., Ltd.		5,090		253,902
Mitsubishi Electric Corp.		198,116		2,857,535
Nidec Corp.		24,453		2,511,026
OSRAM Licht AG		8,587		685,947
Prysmian S.p.A.		21,107		623,019
Rockwell Automation, Inc.		8,645		1,400,144
Schneider Electric SE (a)		57,706		4,441,743
Vestas Wind Systems A/S		22,713		2,104,433
				29,081,571
Electronic Equipment, Instruments & Components—0.5%
Alps Electric Co., Ltd.		20,320		589,009

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
Amphenol Corp. - Class A		20,270	$	1,496,331
Corning, Inc.		73,440		2,206,872
FLIR Systems, Inc.		9,005		312,113
Hamamatsu Photonics KK		14,656		450,979
Hexagon AB - B Shares		26,504		1,260,730
Hirose Electric Co., Ltd.		3,293		470,381
Hitachi High-Technologies Corp.		7,136		277,979
Hitachi, Ltd.		495,522		3,047,287
Ingenico Group S.A.		5,989		543,411
Keyence Corp.		9,974		4,390,241
Kyocera Corp.		32,907		1,907,827
Murata Manufacturing Co., Ltd.		19,630		2,990,991
Nippon Electric Glass Co., Ltd.		8,672		316,459
Omron Corp.		19,742		858,851
Shimadzu Corp.		25,800		491,823
TDK Corp.		13,286		876,644
TE Connectivity, Ltd.		24,400		1,919,792
Yaskawa Electric Corp.		25,982		552,072
Yokogawa Electric Corp.		23,433		376,702
				25,336,494
Energy Equipment & Services—0.3%
Baker Hughes, Inc.		28,925		1,576,702
Halliburton Co.		56,650		2,419,521
Helmerich & Payne, Inc. (c)		7,105		386,086
National Oilwell Varco, Inc. (c)		24,805		817,077
Petrofac, Ltd.		26,377		152,280
Saipem S.p.A. (a)		62,186		229,866
Schlumberger, Ltd.		91,837		6,046,548
TechnipFMC plc (a)		31,936		868,659
Tenaris S.A. (c)		48,411		754,962
Transocean, Ltd. (a) (c)		22,580		185,833
				13,437,534
Equity Real Estate Investment Trusts—3.7%
Acadia Realty Trust		9,005		250,339
Activia Properties, Inc.		59		252,103
Advance Residence Investment Corp.		131		325,554
Aedifica S.A.		1,927		168,083
AEON REIT Investment Corp.		161		177,387
Agree Realty Corp.		2,700		123,849
Alexander’s, Inc.		228		96,093
Alexandria Real Estate Equities, Inc.		15,812		1,904,872
Allied Properties Real Estate Investment Trust		9,170		275,213
Alstria Office REIT-AG		14,300		193,419
American Assets Trust, Inc.		4,300		169,377
American Campus Communities, Inc.		14,427		682,397
American Homes 4 Rent - Class A		24,403		550,776
American Tower Corp.		28,045		3,710,914
ANF Immobilier		700		16,812
Apartment Investment & Management Co. - Class A		27,165		1,167,280
Apple Hospitality REIT, Inc.		22,600		422,846
Artis Real Estate Investment Trust		16,300		164,659
Ascendas Real Estate Investment Trust		511,700		970,269
Ashford Hospitality Trust, Inc.		8,200		49,856
Equity Real Estate Investment Trusts—(Continued)
Assura plc		176,050		146,314
AvalonBay Communities, Inc.		23,984		4,609,005
Axiare Patrimonio SOCIMI S.A.		6,750		115,448
Befimmo S.A.		2,100		124,864
Beni Stabili S.p.A. SIIQ		110,207		79,611
Big Yellow Group plc		15,700		161,994
Boardwalk Real Estate Investment Trust		4,100		150,335
Boston Properties, Inc.		26,775		3,293,860
Brandywine Realty Trust		18,576		325,637
British Land Co. plc (The)		211,441		1,668,411
Brixmor Property Group, Inc.		32,914		588,502
BWP Trust		52,598		120,379
Camden Property Trust		9,300		795,243
Canadian Apartment Properties REIT		14,600		377,947
Canadian Real Estate Investment Trust		7,900		279,436
Capital & Regional plc		57,600		42,208
CapitaLand Commercial Trust, Ltd.		418,150		504,187
CapitaLand Mall Trust		500,000		717,283
Care Capital Properties, Inc.		8,999		240,273
CareTrust REIT, Inc.		7,700		142,758
CBL & Associates Properties, Inc. (c)		18,050		152,162
CDL Hospitality Trusts		69,800		83,900
Cedar Realty Trust, Inc.		8,850		42,923
Champion REIT		210,400		133,945
Charter Hall Retail REIT		36,450		113,943
Chatham Lodging Trust		4,050		81,365
Chesapeake Lodging Trust		6,307		154,332
Cofinimmo S.A.		2,195		269,942
Colony Starwood Homes		11,950		410,004
Columbia Property Trust, Inc.		13,150		294,297
Cominar Real Estate Investment Trust		19,831		194,365
Corporate Office Properties Trust		10,700		374,821
Cousins Properties, Inc.		44,780		393,616
Crombie Real Estate Investment Trust		9,450		102,239
Cromwell Property Group		160,100		116,871
Crown Castle International Corp.		22,010		2,204,962
CubeSmart		19,371		465,679
Custodian REIT plc		34,050		51,896
Daiwa House REIT Investment Co.		339		804,434
Daiwa Office Investment Corp.		30		151,282
DCT Industrial Trust, Inc.		9,952		531,835
DDR Corp.		33,300		302,031
Derwent London plc		10,850		375,081
Dexus		204,154		1,486,337
DiamondRock Hospitality Co.		21,400		234,330
Digital Realty Trust, Inc. (c)		26,961		3,045,245
Douglas Emmett, Inc.		15,614		596,611
Dream Global Real Estate Investment Trust		14,500		122,101
Dream Office Real Estate Investment Trust		11,150		168,093
Duke Realty Corp.		38,327		1,071,240
DuPont Fabros Technology, Inc.		8,375		512,215
EastGroup Properties, Inc.		3,583		300,255
Education Realty Trust, Inc. (c)		7,866		304,807
Empire State Realty Trust, Inc. - Class A		13,679		284,113
Empiric Student Property plc		52,700		76,695
EPR Properties		6,797		488,500
Equinix, Inc.		4,617		1,981,432

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Equity Commonwealth (a)		12,959	$	409,504
Equity Lifestyle Properties, Inc.		8,769		757,115
Equity Residential		62,580		4,119,641
Essex Property Trust, Inc.		11,400		2,932,878
Eurocommercial Properties NV		5,100		203,809
Extra Space Storage, Inc. (c)		21,403		1,669,434
Federal Realty Investment Trust (c)		12,384		1,565,214
FelCor Lodging Trust, Inc.		13,800		99,498
First Industrial Realty Trust, Inc.		12,450		356,319
First Potomac Realty Trust		6,200		68,882
Fonciere Des Regions		7,665		713,323
Forest City Realty Trust, Inc. - Class A		26,150		632,045
Fortune Real Estate Investment Trust		142,550		176,929
Four Corners Property Trust, Inc.		6,450		161,960
Franklin Street Properties Corp.		11,200		124,096
Frontier Real Estate Investment Corp.		48		197,750
Fukuoka REIT Corp.		68		104,532
Gaming and Leisure Properties, Inc.		21,196		798,453
GCP Student Living plc		36,300		68,559
Gecina S.A.		8,604		1,349,943
Getty Realty Corp.		2,865		71,912
GGP, Inc.		104,861		2,470,525
Global Net Lease, Inc.		7,150		159,016
GLP J-Reit		287		309,033
Goodman Group		373,424		2,256,717
Government Properties Income Trust (c)		7,485		137,050
GPT Group (The)		379,654		1,396,482
Gramercy Property Trust		16,206		481,480
Granite Real Estate Investment Trust		5,050		199,734
Great Portland Estates plc		35,242		274,303
Green REIT plc		74,000		120,518
H&R Real Estate Investment Trust		30,994		526,286
Hamborner REIT AG		8,200		84,168
Hammerson plc		167,104		1,251,038
Hansteen Holdings plc		78,400		127,237
HCP, Inc.		81,375		2,600,745
Healthcare Realty Trust, Inc.		12,360		422,094
Healthcare Trust of America, Inc. (REIT) - Class A		20,375		633,866
Hersha Hospitality Trust		4,112		76,113
Hibernia REIT plc		74,200		116,532
Highwoods Properties, Inc.		10,850		550,203
Hispania Activos Inmobiliarios SOCIMI S.A.		9,550		157,935
Hospitality Properties Trust		17,500		510,125
Host Hotels & Resorts, Inc.		128,435		2,346,507
Hudson Pacific Properties, Inc.		16,813		574,836
Hulic Reit, Inc.		90		140,431
Icade		7,204		606,860
Immobiliare Grande Distribuzione SIIQ S.p.A.		39,546		34,837
Industrial & Infrastructure Fund Investment Corp.		35		158,745
Intervest Offices & Warehouses NV		1,650		42,221
Intu Properties plc		186,084		652,339
Investa Office Fund		60,512		204,246
Investors Real Estate Trust		13,058		81,090
Invincible Investment Corp.		315		135,397
Invitation Homes, Inc.		9,479		205,031
Irish Residential Properties REIT plc		37,850		58,810
Iron Mountain, Inc.		15,849		544,572
Equity Real Estate Investment Trusts—(Continued)
Japan Excellent, Inc.		123		136,803
Japan Hotel REIT Investment Corp.		407		287,678
Japan Logistics Fund, Inc.		90		186,825
Japan Prime Realty Investment Corp.		174		602,519
Japan Real Estate Investment Corp.		261		1,297,167
Japan Rental Housing Investments, Inc.		163		120,263
Japan Retail Fund Investment Corp.		537		990,693
Kenedix Office Investment Corp.		39		208,036
Kenedix Retail REIT Corp.		45		95,036
Keppel REIT		208,500		173,422
Killam Apartment Real Estate Investment Trust		7,950		78,102
Kilroy Realty Corp.		10,434		784,115
Kimco Realty Corp.		71,788		1,317,310
Kite Realty Group Trust		8,862		167,758
Kiwi Property Group, Ltd.		153,163		158,275
Klepierre		44,764		1,835,002
Land Securities Group plc		163,266		2,155,122
Lar Espana Real Estate Socimi S.A.		9,450		87,144
LaSalle Hotel Properties		12,200		363,560
Lexington Realty Trust		25,200		249,732
Liberty Property Trust		15,850		645,253
Life Storage, Inc.		4,931		365,387
Link REIT		465,600		3,542,513
LondonMetric Property plc		69,050		150,567
LTC Properties, Inc.		4,200		215,838
Macerich Co. (The)		23,077		1,339,851
Mack-Cali Realty Corp.		9,707		263,448
Mapletree Commercial Trust		205,494		238,070
Mapletree Industrial Trust		135,750		183,421
Mapletree Logistics Trust		159,100		138,099
Medical Properties Trust, Inc.		38,995		501,866
Mercialys S.A.		4,400		86,117
Merlin Properties Socimi S.A.		36,234		458,052
Mid-America Apartment Communities, Inc.		19,920		2,099,170
Mirvac Group		780,514		1,280,667
Monmouth Real Estate Investment Corp. (c)		7,400		111,370
Monogram Residential Trust, Inc.		18,000		174,780
Mori Hills REIT Investment Corp.		156		191,708
Mori Trust Sogo REIT, Inc.		107		172,777
National Health Investors, Inc.		4,250		336,600
National Retail Properties, Inc.		16,033		626,890
National Storage Affiliates Trust		4,700		108,617
New Senior Investment Group, Inc.		8,750		87,938
NewRiver REIT plc (b)		2,290		444
NewRiver REIT plc (London Exchange)		25,200		114,861
Nippon Accommodations Fund, Inc.		48		200,673
Nippon Building Fund, Inc.		275		1,403,364
Nippon Prologis REIT, Inc.		334		711,208
Nomura Real Estate Master Fund, Inc.		816		1,114,203
Northview Apartment Real Estate Investment Trust		5,400		87,613
NSI NV		1,849		66,819
Omega Healthcare Investors, Inc. (c)		20,970		692,429
Orix JREIT, Inc.		261		384,976
Paramount Group, Inc.		21,374		341,984
Park Hotels & Resorts, Inc.		13,850		373,396
Parkway, Inc.		4,522		103,509
Pebblebrook Hotel Trust		7,350		236,964

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Pennsylvania Real Estate Investment Trust (c)		7,300	$	82,636
Physicians Realty Trust		16,519		332,693
Piedmont Office Realty Trust, Inc. - Class A		15,600		328,848
Premier Investment Corp.		135		131,846
Primary Health Properties plc		61,626		91,307
ProLogis, Inc.		91,570		5,369,665
PS Business Parks, Inc.		2,150		284,638
Public Storage		25,746		5,368,813
Pure Industrial Real Estate Trust		29,150		154,651
QTS Realty Trust, Inc. - Class A		5,050		264,267
Quality Care Properties, Inc. (a)		10,090		184,748
Ramco-Gershenson Properties Trust		8,378		108,076
Realty Income Corp. (c)		45,942		2,535,080
Redefine International plc		130,600		67,770
Regency Centers Corp.		26,028		1,630,394
Regional REIT, Ltd. (144A)		26,650		36,526
Retail Estates NV		550		50,116
Retail Opportunity Investments Corp. (c)		11,585		222,316
Retail Properties of America, Inc. - Class A		25,500		311,355
Rexford Industrial Realty, Inc.		7,050		193,452
RioCan Real Estate Investment Trust		35,088		651,271
RLJ Lodging Trust (c)		13,150		261,291
Ryman Hospitality Properties, Inc.		4,736		303,151
Sabra Health Care REIT, Inc. (c)		6,900		166,290
Safestore Holdings plc		22,000		120,795
Saul Centers, Inc.		1,207		69,982
Scentre Group		1,099,187		3,418,246
Segro plc		209,929		1,338,720
Sekisui House Reit, Inc.		100		119,203
Sekisui House SI Residential Investment Corp.		107		112,600
Select Income REIT		6,755		162,323
Senior Housing Properties Trust		25,350		518,154
Seritage Growth Properties - Class A (c)		2,700		113,265
Shaftesbury plc		24,250		307,230
Shopping Centres Australasia Property Group		80,400		135,240
Simon Property Group, Inc.		54,025		8,739,084
SL Green Realty Corp.		17,340		1,834,572
Smart Real Estate Investment Trust		12,500		309,608
Spirit Realty Capital, Inc.		52,162		386,520
STAG Industrial, Inc.		9,535		263,166
Stockland		509,479		1,714,096
STORE Capital Corp.		18,362		412,227
Summit Hotel Properties, Inc.		10,950		204,218
Sun Communities, Inc.		8,146		714,323
Sunstone Hotel Investors, Inc.		23,656		381,335
Suntec Real Estate Investment Trust		511,500		694,785
Tanger Factory Outlet Centers, Inc.		10,050		261,099
Target Healthcare REIT, Ltd.		25,700		39,407
Taubman Centers, Inc.		6,350		378,142
Terreno Realty Corp.		5,250		176,715
Tier REIT, Inc.		5,100		94,248
Tokyu REIT, Inc.		95		115,401
Tritax Big Box REIT plc		147,350		280,532
UDR, Inc.		46,240		1,801,973
Unibail-Rodamco SE (Paris Exchange)		20,910		5,272,528
UNITE Group plc (The)		23,950		202,556
United Urban Investment Corp.		646		921,833
Equity Real Estate Investment Trusts—(Continued)
Universal Health Realty Income Trust		1,350		107,379
Urban Edge Properties		10,450		247,979
Urstadt Biddle Properties, Inc. - Class A		3,150		62,370
Vastned Retail NV		2,057		86,109
Ventas, Inc.		60,490		4,202,845
VEREIT, Inc.		105,350		857,549
Vicinity Centres		699,564		1,381,177
Vornado Realty Trust		30,230		2,838,597
Warehouses De Pauw SCA		1,767		185,710
Washington Prime Group, Inc.		19,950		166,982
Washington Real Estate Investment Trust		8,244		262,984
Weingarten Realty Investors		12,908		388,531
Welltower, Inc.		62,995		4,715,176
Wereldhave Belgium NV		250		28,551
Wereldhave NV		4,350		213,348
Westfield Corp.		409,676		2,526,778
Weyerhaeuser Co.		49,292		1,651,282
Workspace Group plc		13,000		150,582
WP Carey, Inc.		11,401		752,580
Xenia Hotels & Resorts, Inc.		11,500		222,755
				184,103,204
Food & Staples Retailing—1.0%
Aeon Co., Ltd.		62,572		951,640
Carrefour S.A. (c)		58,147		1,475,949
Casino Guichard Perrachon S.A.		5,724		339,166
Colruyt S.A.		6,149		324,008
Costco Wholesale Corp.		29,095		4,653,163
CVS Health Corp.		72,615		5,842,603
Distribuidora Internacional de Alimentacion S.A.		63,286		395,202
FamilyMart UNY Holdings Co., Ltd.		8,504		487,205
ICA Gruppen AB		8,311		309,843
J Sainsbury plc (c)		168,146		551,649
Jeronimo Martins SGPS S.A.		25,725		503,590
Koninklijke Ahold Delhaize NV		131,357		2,517,760
Kroger Co. (The)		64,360		1,500,875
Lawson, Inc.		5,173		361,511
Metro AG		18,275		617,180
Seven & i Holdings Co., Ltd.		77,246		3,185,132
Sundrug Co., Ltd.		7,600		283,639
Sysco Corp.		34,645		1,743,683
Tesco plc (a)		838,087		1,845,835
Tsuruha Holdings, Inc.		3,799		403,565
Wal-Mart Stores, Inc. (e)		103,674		7,846,048
Walgreens Boots Alliance, Inc.		56,995		4,463,278
Wesfarmers, Ltd.		115,943		3,578,212
Whole Foods Market, Inc.		21,400		901,154
WM Morrison Supermarkets plc		227,465		715,183
Woolworths, Ltd.		132,061		2,594,935
				48,392,008
Food Products—1.3%
Ajinomoto Co., Inc.		55,696		1,203,613
Archer-Daniels-Midland Co.		39,255		1,624,372
Associated British Foods plc		36,523		1,396,968
Barry Callebaut AG (a)		228		313,710

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—(Continued)
Calbee, Inc.		8,277	$	325,594
Campbell Soup Co.		11,890		620,064
Chocoladefabriken Lindt & Spruengli AG		11		766,868
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		105		608,874
Conagra Brands, Inc.		28,640		1,024,166
Danone S.A.		60,518		4,549,100
General Mills, Inc.		39,160		2,169,464
Golden Agri-Resources, Ltd.		715,600		194,926
Hershey Co. (The)		9,465		1,016,257
Hormel Foods Corp.		17,810		607,499
J.M. Smucker Co. (The)		7,885		933,032
Kellogg Co.		16,655		1,156,856
Kerry Group plc - Class A		16,240		1,397,241
Kikkoman Corp.		15,098		482,968
Kraft Heinz Co. (The)		39,323		3,367,622
Marine Harvest ASA (a)		38,805		664,196
McCormick & Co., Inc. (c)		7,670		747,902
MEIJI Holdings Co., Ltd.		12,523		1,015,691
Mondelez International, Inc. - Class A		103,560		4,472,756
Nestle S.A.		319,056		27,792,968
NH Foods, Ltd.		17,875		543,395
Nisshin Seifun Group, Inc.		20,232		332,290
Nissin Foods Holdings Co., Ltd.		6,034		377,262
Orkla ASA		83,568		849,932
Tate & Lyle plc		47,326		408,373
Toyo Suisan Kaisha, Ltd.		9,147		350,796
Tyson Foods, Inc. - Class A		19,350		1,211,891
WH Group, Ltd. (144A)		826,100		833,820
Wilmar International, Ltd.		164,039		399,175
Yakult Honsha Co., Ltd.		9,062		617,193
Yamazaki Baking Co., Ltd.		13,673		272,553
				64,649,387
Gas Utilities—0.1%
APA Group		114,237		804,541
Gas Natural SDG S.A.		35,907		843,706
Hong Kong & China Gas Co., Ltd.		860,448		1,616,971
Osaka Gas Co., Ltd.		192,229		786,598
Toho Gas Co., Ltd.		38,048		277,135
Tokyo Gas Co., Ltd.		200,673		1,045,090
				5,374,041
Health Care Equipment & Supplies—1.1%
Abbott Laboratories		113,570		5,520,638
Align Technology, Inc. (a)		5,199		780,474
Baxter International, Inc.		36,100		2,185,494
Becton Dickinson & Co.		13,977		2,727,052
Boston Scientific Corp. (a)		89,080		2,469,298
C.R. Bard, Inc.		4,885		1,544,197
Cochlear, Ltd.		5,915		707,267
Coloplast A/S - Class B		12,180		1,020,222
ConvaTec Group plc (144A) (a)		120,037		499,186
Cooper Cos., Inc. (The)		3,276		784,340
CYBERDYNE, Inc. (a)		9,856		131,280
Danaher Corp.		39,460		3,330,029
Health Care Equipment & Supplies—(Continued)
DENTSPLY SIRONA, Inc.		15,907		1,031,410
Edwards Lifesciences Corp. (a)		14,160		1,674,278
Essilor International S.A.		21,274		2,720,095
Getinge AB - B Shares		20,519		402,608
Hologic, Inc. (a)		16,263		738,015
Hoya Corp.		39,960		2,081,185
IDEXX Laboratories, Inc. (a)		6,091		983,209
Intuitive Surgical, Inc. (a)		2,520		2,357,132
Medtronic plc		92,879		8,243,011
Olympus Corp.		29,861		1,091,317
Smith & Nephew plc		89,748		1,550,244
Sonova Holding AG		5,366		871,178
Straumann Holding AG		977		557,744
Stryker Corp.		20,670		2,868,583
Sysmex Corp.		16,037		959,076
Terumo Corp.		33,093		1,304,543
Varian Medical Systems, Inc. (a)		6,325		652,677
William Demant Holding A/S (a)		12,280		318,858
Zimmer Biomet Holdings, Inc.		11,835		1,519,614
				53,624,254
Health Care Providers & Services—1.0%
Aetna, Inc.		23,144		3,513,953
Alfresa Holdings Corp.		19,357		373,821
AmerisourceBergen Corp.		12,685		1,199,113
Anthem, Inc.		17,280		3,250,886
Cardinal Health, Inc.		21,730		1,693,201
Centene Corp. (a)		11,209		895,375
Chartwell Retirement Residences		20,750		247,854
Cigna Corp.		16,925		2,833,076
DaVita, Inc. (a)		10,930		707,827
Envision Healthcare Corp. (a)		7,919		496,284
Express Scripts Holding Co. (a)		41,814		2,669,406
Fresenius Medical Care AG & Co. KGaA		22,048		2,121,109
Fresenius SE & Co. KGaA		42,557		3,659,405
HCA Healthcare, Inc. (a)		20,169		1,758,737
Healthscope, Ltd.		176,411		300,051
Henry Schein, Inc. (a)		5,403		988,857
Humana, Inc.		9,800		2,358,076
Laboratory Corp. of America Holdings (a)		6,725		1,036,591
McKesson Corp.		15,155		2,493,604
Mediclinic International plc (c)		37,790		364,895
Medipal Holdings Corp.		17,655		327,033
Miraca Holdings, Inc.		5,960		268,508
Patterson Cos., Inc. (c)		5,480		257,286
Quest Diagnostics, Inc.		9,405		1,045,460
Ramsay Health Care, Ltd.		14,540		823,259
Ryman Healthcare, Ltd.		41,007		249,126
Sonic Healthcare, Ltd.		40,547		754,825
Suzuken Co., Ltd.		7,417		246,612
UnitedHealth Group, Inc.		62,800		11,644,376
Universal Health Services, Inc. - Class B		6,000		732,480
				49,311,086
Health Care Technology—0.0%
Cerner Corp. (a)		19,960		1,326,741

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—(Continued)
M3, Inc.		21,576	$	595,743
				1,922,484
Hotels, Restaurants & Leisure—0.9%
Accor S.A.		18,979		894,351
Aristocrat Leisure, Ltd.		55,644		964,104
Carnival Corp.		29,720		1,948,740
Carnival plc		19,406		1,284,960
Chipotle Mexican Grill, Inc. (a)		2,015		838,441
Compass Group plc		162,085		3,422,345
Crown Resorts, Ltd.		41,071		387,654
Darden Restaurants, Inc. (c)		7,575		685,083
Domino’s Pizza Enterprises, Ltd.		6,429		257,355
Flight Centre Travel Group, Ltd.		5,780		170,278
Galaxy Entertainment Group, Ltd.		240,871		1,462,481
Genting Singapore plc		619,900		488,700
Hilton Worldwide Holdings, Inc.		14,108		872,580
InterContinental Hotels Group plc		18,419		1,023,658
Marriott International, Inc. - Class A		21,507		2,157,367
McDonald’s Corp.		59,540		9,119,146
McDonald’s Holdings Co. Japan, Ltd. (c)		6,917		265,202
Melco Resorts & Entertainment, Ltd. (ADR)		25,261		567,109
Merlin Entertainments plc (144A)		72,897		456,533
MGM China Holdings, Ltd.		97,300		216,401
Oriental Land Co., Ltd.		22,371		1,515,401
Paddy Power Betfair plc		8,186		873,855
Pandox AB		7,236		129,281
Royal Caribbean Cruises, Ltd.		11,214		1,224,905
Sands China, Ltd.		248,135		1,136,271
Shangri-La Asia, Ltd.		125,200		212,646
SJM Holdings, Ltd.		199,356		210,197
Sodexo S.A.		9,402		1,215,611
Starbucks Corp.		97,660		5,694,555
Tabcorp Holdings, Ltd.		84,923		285,246
Tatts Group, Ltd.		135,496		435,936
TUI AG		45,137		658,739
Whitbread plc		18,783		970,592
Wyndham Worldwide Corp.		7,365		739,520
Wynn Macau, Ltd.		158,378		370,214
Wynn Resorts, Ltd.		5,350		717,542
Yum! Brands, Inc.		27,040		1,994,470
				45,867,469
Household Durables—0.5%
Barratt Developments plc		103,232		758,004
Berkeley Group Holdings plc		13,452		565,472
Casio Computer Co., Ltd.		19,916		306,789
D.R. Horton, Inc.		21,650		748,441
Electrolux AB - Series B		24,665		811,113
Garmin, Ltd. (c)		7,770		396,503
Husqvarna AB - B Shares		42,715		425,970
Iida Group Holdings Co., Ltd.		14,955		249,305
Leggett & Platt, Inc.		8,880		466,466
Lennar Corp. - Class A		11,895		634,241
Mohawk Industries, Inc. (a)		4,260		1,029,600
Newell Brands, Inc.		30,095		1,613,694
Household Durables—(Continued)
Nikon Corp.		34,933		559,087
Panasonic Corp.		226,336		3,078,553
Persimmon plc		31,631		924,097
PulteGroup, Inc.		20,980		514,639
Rinnai Corp.		3,475		324,229
SEB S.A.		2,323		417,360
Sekisui Chemical Co., Ltd.		41,869		751,125
Sekisui House, Ltd.		61,843		1,090,550
Sharp Corp. (a) (c)		153,260		570,399
Sony Corp.		129,521		4,940,569
Taylor Wimpey plc		335,351		769,922
Techtronic Industries Co., Ltd.		140,900		647,907
Whirlpool Corp.		5,130		983,011
				23,577,046
Household Products—0.7%
Church & Dwight Co., Inc.		17,202		892,440
Clorox Co. (The)		8,515		1,134,539
Colgate-Palmolive Co.		58,950		4,369,963
Essity AB - Class B (a)		62,382		1,706,773
Henkel AG & Co. KGaA		10,654		1,288,644
Kimberly-Clark Corp.		23,835		3,077,337
Lion Corp.		22,999		476,521
Procter & Gamble Co. (The) (e)		174,906		15,243,058
Reckitt Benckiser Group plc		68,184		6,918,124
Unicharm Corp.		41,371		1,040,614
				36,148,013
Independent Power and Renewable Electricity Producers—0.0%
AES Corp.		43,585		484,229
Electric Power Development Co., Ltd.		15,044		372,207
Meridian Energy, Ltd.		131,378		280,162
NRG Energy, Inc.		20,705		356,540
				1,493,138
Industrial Conglomerates—1.1%
3M Co.		40,045		8,336,969
CK Hutchison Holdings, Ltd.		276,846		3,475,895
DCC plc		9,117		830,870
General Electric Co. (e)		602,372		16,270,068
Honeywell International, Inc.		50,860		6,779,129
Jardine Matheson Holdings, Ltd.		22,000		1,412,828
Jardine Strategic Holdings, Ltd.		22,800		951,306
Keihan Holdings Co., Ltd.		49,314		313,840
Keppel Corp., Ltd.		149,000		680,806
Koninklijke Philips NV		95,307		3,392,593
NWS Holdings, Ltd.		158,100		311,050
Roper Technologies, Inc.		6,690		1,548,936
Seibu Holdings, Inc.		19,291		357,239
Sembcorp Industries, Ltd.		99,600		222,885
Siemens AG		78,428		10,783,627
Smiths Group plc		40,581		845,486
Toshiba Corp. (a) (c)		412,713		999,807
				57,513,334

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—2.3%
Admiral Group plc		20,406	$	532,549
Aegon NV		180,778		928,947
Aflac, Inc.		27,685		2,150,571
Ageas		20,022		806,684
AIA Group, Ltd.		1,235,973		9,033,900
Allianz SE		46,852		9,233,070
Allstate Corp. (The)		24,965		2,207,905
American International Group, Inc.		68,371		4,274,555
Aon plc		17,880		2,377,146
Arthur J. Gallagher & Co.		11,642		666,505
Assicurazioni Generali S.p.A.		127,934		2,113,943
Assurant, Inc.		4,305		446,385
Aviva plc		416,459		2,855,949
AXA S.A.		198,900		5,481,526
Baloise Holding AG		5,149		796,134
Chubb, Ltd.		30,467		4,429,292
Cincinnati Financial Corp.		9,710		703,490
CNP Assurances		17,635		396,052
Dai-ichi Life Holdings, Inc.		110,538		2,007,081
Direct Line Insurance Group plc		140,963		652,984
Everest Re Group, Ltd.		2,828		719,981
Gjensidige Forsikring ASA		20,548		350,684
Hannover Rueck SE		6,206		745,812
Hartford Financial Services Group, Inc. (The)		26,140		1,374,180
Insurance Australia Group, Ltd.		242,716		1,263,501
Japan Post Holdings Co., Ltd.		46,133		572,758
Legal & General Group plc		610,480		2,054,746
Lincoln National Corp.		15,840		1,070,467
Loews Corp.		17,640		825,728
Mapfre S.A.		109,312		382,011
Marsh & McLennan Cos., Inc.		34,450		2,685,722
Medibank Private, Ltd.		280,006		602,222
MetLife, Inc. (f)		72,375		3,976,283
MS&AD Insurance Group Holdings, Inc.		48,694		1,641,845
Muenchener Rueckversicherungs-Gesellschaft AG		16,512		3,331,335
NN Group NV		30,896		1,100,026
Old Mutual plc		505,415		1,273,586
Poste Italiane S.p.A. (144A) (c)		52,984		362,792
Principal Financial Group, Inc.		17,875		1,145,251
Progressive Corp. (The)		38,605		1,702,094
Prudential Financial, Inc.		29,430		3,182,560
Prudential plc		264,619		6,079,201
QBE Insurance Group, Ltd.		140,614		1,276,449
RSA Insurance Group plc		104,529		838,587
Sampo Oyj - A Shares		45,830		2,355,989
SCOR SE		17,714		702,689
Sompo Holdings, Inc.		36,195		1,404,085
Sony Financial Holdings, Inc.		17,970		307,779
St. James’s Place plc		54,079		832,878
Standard Life plc		202,888		1,054,994
Suncorp Group, Ltd.		132,270		1,504,873
Swiss Life Holding AG (a)		3,289		1,111,165
Swiss Re AG		33,223		3,043,602
T&D Holdings, Inc.		55,892		856,213
Tokio Marine Holdings, Inc.		69,895		2,903,965
Torchmark Corp.		7,455		570,308
Insurance—(Continued)
Travelers Cos., Inc. (The)		19,480		2,464,804
Tryg A/S		11,704		256,183
UnipolSai S.p.A.		101,535		222,462
Unum Group		15,695		731,858
Willis Towers Watson plc		9,167		1,333,432
XL Group, Ltd.		19,265		843,807
Zurich Insurance Group AG		15,446		4,497,759
				117,651,334
Internet & Direct Marketing Retail—0.8%
Amazon.com, Inc. (a)		26,450		25,603,600
Expedia, Inc.		7,785		1,159,576
Netflix, Inc. (a)		28,281		4,225,464
Priceline Group, Inc. (The) (a)		3,295		6,163,363
Rakuten, Inc.		95,456		1,125,260
Start Today Co., Ltd.		19,829		488,815
TripAdvisor, Inc. (a) (c)		7,505		286,691
Zalando SE (144A) (a)		11,407		522,934
				39,575,703
Internet Software & Services—1.3%
Akamai Technologies, Inc. (a)		11,610		578,294
Alphabet, Inc. - Class A (a) (e)		19,340		17,980,011
Alphabet, Inc. - Class C (a) (e)		19,666		17,871,084
Auto Trader Group plc (144A)		99,871		494,499
DeNA Co., Ltd.		10,937		245,288
eBay, Inc. (a)		71,575		2,499,399
Facebook, Inc. - Class A (a)		151,646		22,895,513
Kakaku.com, Inc.		14,381		206,733
Mixi, Inc.		4,648		257,791
United Internet AG		12,616		693,762
VeriSign, Inc. (a) (c)		6,335		588,902
Yahoo Japan Corp.		145,972		635,734
				64,947,010
IT Services—1.3%
Accenture plc - Class A		41,495		5,132,102
Alliance Data Systems Corp.		3,950		1,013,925
Amadeus IT Group S.A.		44,988		2,691,271
Atos SE		9,677		1,357,795
Automatic Data Processing, Inc.		30,195		3,093,780
Capgemini SE		16,589		1,723,713
Cognizant Technology Solutions Corp. - Class A		40,250		2,672,600
Computershare, Ltd.		47,607		516,705
CSRA, Inc.		8,955		284,321
DXC Technology Co.		19,428		1,490,516
Fidelity National Information Services, Inc.		18,185		1,552,999
Fiserv, Inc. (a)		14,760		1,805,738
Fujitsu, Ltd.		201,605		1,488,394
Gartner, Inc. (a)		6,159		760,698
Global Payments, Inc.		10,137		915,574
International Business Machines Corp. (e)		58,396		8,983,057
MasterCard, Inc. - Class A		64,800		7,869,960
Nomura Research Institute, Ltd.		13,533		534,089
NTT Data Corp.		65,005		724,470

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Obic Co., Ltd.		6,655	$	409,590
Otsuka Corp.		5,381		334,135
Paychex, Inc.		21,215		1,207,982
PayPal Holdings, Inc. (a)		73,475		3,943,403
Total System Services, Inc.		11,095		646,284
Visa, Inc. - Class A (c)		126,760		11,887,553
Western Union Co. (The)		33,120		630,936
Worldpay Group plc (144A)		205,038		841,015
				64,512,605
Leisure Products—0.1%
Bandai Namco Holdings, Inc.		20,484		698,979
Hasbro, Inc.		7,445		830,192
Mattel, Inc.		22,445		483,241
Sankyo Co., Ltd.		4,604		156,170
Sega Sammy Holdings, Inc.		17,741		239,164
Shimano, Inc.		7,605		1,205,359
Yamaha Corp.		17,189		594,992
				4,208,097
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.		21,635		1,283,172
Eurofins Scientific SE		1,124		633,694
Illumina, Inc. (a)		9,719		1,686,441
Lonza Group AG (a)		7,635		1,651,185
Mettler-Toledo International, Inc. (a)		1,789		1,052,898
PerkinElmer, Inc.		7,190		489,927
QIAGEN NV (a)		22,481		748,560
Thermo Fisher Scientific, Inc.		26,230		4,576,348
Waters Corp. (a)		5,390		990,898
				13,113,123
Machinery—1.2%
Alfa Laval AB		30,135		617,464
Alstom S.A. (a)		15,816		553,482
Amada Holdings Co., Ltd.		34,599		400,594
Andritz AG		7,457		449,745
Atlas Copco AB - A Shares		68,843		2,651,460
Atlas Copco AB - B Shares		40,005		1,384,697
Caterpillar, Inc.		38,485		4,135,598
CNH Industrial NV		104,699		1,191,608
Cummins, Inc.		10,695		1,734,943
Deere & Co.		19,815		2,448,936
Dover Corp.		10,200		818,244
FANUC Corp.		19,876		3,838,133
Flowserve Corp.		8,580		398,369
Fortive Corp.		19,730		1,249,895
GEA Group AG		18,800		771,470
Hino Motors, Ltd.		26,541		295,201
Hitachi Construction Machinery Co., Ltd.		10,958		274,413
Hoshizaki Corp.		5,568		504,030
IHI Corp. (a)		158,576		541,290
Illinois Tool Works, Inc.		21,600		3,094,200
IMI plc		27,792		432,836
Ingersoll-Rand plc		16,965		1,550,431
Machinery—(Continued)
JTEKT Corp.		22,950		336,923
Kawasaki Heavy Industries, Ltd.		154,160		456,886
Komatsu, Ltd.		94,663		2,413,280
Kone Oyj - Class B		34,597		1,764,308
Kubota Corp.		108,153		1,822,555
Kurita Water Industries, Ltd.		10,510		286,804
Makita Corp.		22,966		850,427
MAN SE		3,616		387,626
Metso Oyj		11,571		401,744
Minebea Mitsumi, Inc.		39,406		636,021
Mitsubishi Heavy Industries, Ltd.		328,570		1,348,160
Nabtesco Corp.		11,620		338,440
NGK Insulators, Ltd.		26,892		537,426
NSK, Ltd.		39,561		497,022
PACCAR, Inc.		23,195		1,531,798
Parker-Hannifin Corp.		8,935		1,427,992
Pentair plc		11,973		796,683
Sandvik AB		115,739		1,822,555
Schindler Holding AG		2,065		428,250
Schindler Holding AG (Participation Certificate)		4,180		884,797
SKF AB - B Shares		38,665		787,081
SMC Corp.		5,871		1,788,031
Snap-on, Inc.		3,810		601,980
Stanley Black & Decker, Inc.		10,040		1,412,929
Sumitomo Heavy Industries, Ltd.		59,850		396,106
THK Co., Ltd.		12,430		353,313
Volvo AB - B Shares		159,325		2,721,411
Wartsila Oyj Abp		15,191		897,954
Weir Group plc (The)		22,386		505,989
Xylem, Inc.		11,740		650,748
Yangzijiang Shipbuilding Holdings, Ltd.		235,990		204,002
				58,626,280
Marine—0.1%
AP Moller - Maersk A/S - Class A		388		741,515
AP Moller - Maersk A/S - Class B		671		1,355,860
Kuehne & Nagel International AG		5,545		926,892
Mitsui OSK Lines, Ltd.		115,913		341,277
Nippon Yusen KK (a)		162,984		303,843
				3,669,387
Media—1.2%
Altice NV - Class A (a) (c)		39,874		927,271
Altice NV - Class B (a)		9,582		221,128
Axel Springer SE		4,978		299,047
CBS Corp. - Class B		27,850		1,776,273
Charter Communications, Inc. - Class A (a)		14,457		4,869,840
Comcast Corp. - Class A		321,404		12,509,044
Dentsu, Inc.		22,176		1,062,307
Discovery Communications, Inc. - Class A (a) (c)		9,850		254,426
Discovery Communications, Inc. - Class C (a)		15,650		394,536
DISH Network Corp. - Class A (a)		14,194		890,815
Eutelsat Communications S.A.		17,898		457,549
Hakuhodo DY Holdings, Inc.		23,901		317,803
Interpublic Group of Cos., Inc. (The)		26,525		652,515
ITV plc		371,413		878,417

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
JCDecaux S.A.		7,705	$	253,067
Lagardere SCA		12,130		383,612
News Corp. - Class A		25,021		342,788
News Corp. - Class B		7,056		99,842
Omnicom Group, Inc. (c)		15,785		1,308,576
Pearson plc		84,330		759,530
ProSiebenSat.1 Media SE		23,887		999,605
Publicis Groupe S.A.		20,841		1,561,378
REA Group, Ltd.		5,478		279,973
RTL Group S.A.		328		24,807
RTL Group S.A. (Brussels Exchange)		3,657		277,236
Schibsted ASA - B Shares		9,063		200,418
Schibsted ASA - Class A		7,700		186,125
Scripps Networks Interactive, Inc. - Class A		6,250		426,937
SES S.A.		37,382		876,598
Singapore Press Holdings, Ltd.		162,000		380,114
Sky plc		105,739		1,368,945
Telenet Group Holding NV (a)		5,440		342,747
Time Warner, Inc.		52,155		5,236,884
Toho Co., Ltd.		11,662		359,441
Twenty-First Century Fox, Inc. - Class A		73,958		2,095,970
Twenty-First Century Fox, Inc. - Class B		28,425		792,205
Viacom, Inc. - Class B		22,870		767,746
Vivendi S.A.		105,561		2,349,892
Walt Disney Co. (The)		99,179		10,537,769
WPP plc		131,312		2,762,809
				60,485,985
Metals & Mining—0.8%
Alumina, Ltd.		250,953		369,803
Anglo American plc (a)		136,569		1,830,281
Antofagasta plc		40,468		422,558
ArcelorMittal (a)		68,097		1,549,972
BHP Billiton plc		216,528		3,317,323
BHP Billiton, Ltd.		329,260		5,873,099
BlueScope Steel, Ltd.		58,703		595,199
Boliden AB		28,081		767,352
Fortescue Metals Group, Ltd.		159,611		639,284
Freeport-McMoRan, Inc. (a)		82,700		993,227
Fresnillo plc		22,800		442,458
Glencore plc (a)		1,254,376		4,708,177
Hitachi Metals, Ltd.		21,804		304,297
JFE Holdings, Inc.		53,543		931,425
Kobe Steel, Ltd. (a)		31,751		327,310
Maruichi Steel Tube, Ltd.		5,868		170,750
Mitsubishi Materials Corp.		11,544		350,406
Newcrest Mining, Ltd.		78,605		1,220,318
Newmont Mining Corp.		34,935		1,131,545
Nippon Steel & Sumitomo Metal Corp.		77,941		1,764,208
Norsk Hydro ASA		137,872		765,658
Nucor Corp.		20,940		1,211,798
Randgold Resources, Ltd.		9,637		852,904
Rio Tinto plc		126,860		5,348,885
Rio Tinto, Ltd.		43,488		2,112,053
South32, Ltd.		545,787		1,122,136
Sumitomo Metal Mining Co., Ltd.		50,684		678,509
Metals & Mining—(Continued)
ThyssenKrupp AG		37,713		1,072,012
Voestalpine AG (c)		11,738		547,724
				41,420,671
Multi-Utilities—0.6%
AGL Energy, Ltd.		68,898		1,351,397
Ameren Corp.		15,960		872,533
CenterPoint Energy, Inc.		28,400		777,592
Centrica plc		562,711		1,466,790
CMS Energy Corp.		18,255		844,294
Consolidated Edison, Inc.		19,345		1,563,463
Dominion Energy, Inc.		39,390		3,018,456
DTE Energy Co.		11,830		1,251,496
E.ON SE		225,654		2,129,599
Engie S.A.		174,764		2,653,235
Innogy SE (144A)		14,244		560,602
National Grid plc		352,359		4,373,393
NiSource, Inc.		21,050		533,828
Public Service Enterprise Group, Inc.		33,370		1,435,244
RWE AG (a)		53,123		1,059,307
SCANA Corp.		9,440		632,574
Sempra Energy		15,620		1,761,155
Suez		37,730		699,243
Veolia Environnement S.A.		49,092		1,042,487
WEC Energy Group, Inc.		20,829		1,278,484
				29,305,172
Multiline Retail—0.2%
Dollar General Corp.		19,180		1,382,686
Dollar Tree, Inc. (a)		15,513		1,084,669
Don Quijote Holdings Co., Ltd.		12,228		464,005
Harvey Norman Holdings, Ltd.		55,438		162,669
Isetan Mitsukoshi Holdings, Ltd.		34,477		346,383
J Front Retailing Co., Ltd.		24,534		377,603
Kohl’s Corp.		12,525		484,342
Macy’s, Inc.		20,410		474,328
Marks & Spencer Group plc		166,565		723,082
Marui Group Co., Ltd.		20,361		300,622
Next plc		15,076		757,162
Nordstrom, Inc. (c)		8,440		403,685
Ryohin Keikaku Co., Ltd.		2,447		611,616
Takashimaya Co., Ltd.		30,980		295,283
Target Corp.		39,790		2,080,619
				9,948,754
Oil, Gas & Consumable Fuels—2.7%
Anadarko Petroleum Corp.		33,535		1,520,477
Apache Corp.		24,995		1,198,010
BP plc		2,005,303		11,584,750
Cabot Oil & Gas Corp.		30,190		757,165
Caltex Australia, Ltd.		26,738		648,881
Chesapeake Energy Corp. (a) (c)		34,135		169,651
Chevron Corp. (e)		124,400		12,978,652
Cimarex Energy Co.		6,315		593,673
Concho Resources, Inc. (a)		8,505		1,033,613

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
ConocoPhillips		81,620	$	3,588,015
Devon Energy Corp.		33,620		1,074,831
Enagas S.A.		23,251		653,175
Eni S.p.A.		260,801		3,935,738
EOG Resources, Inc.		36,290		3,284,971
EQT Corp.		11,210		656,794
Exxon Mobil Corp. (e)		291,748		23,552,816
Galp Energia SGPS S.A.		51,389		780,557
Hess Corp. (c)		17,470		766,409
Idemitsu Kosan Co., Ltd.		9,055		256,564
Inpex Corp.		97,445		939,776
JXTG Holdings, Inc.		315,968		1,382,470
Kinder Morgan, Inc.		120,830		2,315,103
Koninklijke Vopak NV		7,230		335,645
Lundin Petroleum AB (a)		19,145		368,848
Marathon Oil Corp.		55,680		659,808
Marathon Petroleum Corp.		34,910		1,826,840
Murphy Oil Corp. (c)		10,585		271,294
Neste Oyj		13,158		519,055
Newfield Exploration Co. (a)		13,000		369,980
Noble Energy, Inc.		28,300		800,890
Occidental Petroleum Corp.		50,445		3,020,142
Oil Search, Ltd.		140,494		736,584
OMV AG		15,119		785,981
ONEOK, Inc.		26,167		1,364,871
Origin Energy, Ltd. (a)		179,922		947,255
Phillips 66		31,040		2,566,698
Pioneer Natural Resources Co.		10,765		1,717,879
Range Resources Corp.		11,105		257,303
Repsol S.A.		122,728		1,882,804
Royal Dutch Shell plc - A Shares		454,048		12,060,902
Royal Dutch Shell plc - B Shares		383,984		10,313,527
Santos, Ltd. (a)		192,214		447,064
Showa Shell Sekiyu KK		19,100		177,473
Snam S.p.A.		233,273		1,020,287
Statoil ASA		116,438		1,935,204
Tesoro Corp.		7,825		732,420
Total S.A.		238,962		11,839,734
Valero Energy Corp.		31,015		2,092,272
Williams Cos., Inc. (The)		39,465		1,195,000
Woodside Petroleum, Ltd.		77,730		1,781,871
				135,699,722
Paper & Forest Products—0.1%
Mondi plc		37,649		988,030
OJI Holdings Corp.		88,394		457,405
Stora Enso Oyj - R Shares		56,478		730,296
UPM-Kymmene Oyj		54,718		1,560,556
				3,736,287
Personal Products—0.6%
Beiersdorf AG		10,334		1,088,376
Coty, Inc. - Class A (c)		31,719		595,048
Estee Lauder Cos., Inc. (The) - Class A		14,620		1,403,228
Kao Corp.		50,747		3,016,229
Kose Corp.		3,122		341,581
Personal Products—(Continued)
L’Oreal S.A.		25,825		5,382,397
Pola Orbis Holdings, Inc.		9,396		248,146
Shiseido Co., Ltd.		38,958		1,387,866
Unilever NV		167,003		9,229,420
Unilever plc		131,580		7,127,252
				29,819,543
Pharmaceuticals—3.6%
Allergan plc (c)		23,108		5,617,324
Astellas Pharma, Inc.		220,808		2,703,612
AstraZeneca plc		129,716		8,693,432
Bayer AG		84,778		10,968,920
Bristol-Myers Squibb Co.		110,235		6,142,294
Chugai Pharmaceutical Co., Ltd.		22,955		860,254
Daiichi Sankyo Co., Ltd.		58,150		1,371,399
Eisai Co., Ltd.		27,364		1,512,726
Eli Lilly & Co.		64,330		5,294,359
GlaxoSmithKline plc		503,410		10,723,205
H Lundbeck A/S		7,092		399,390
Hikma Pharmaceuticals plc		14,688		281,321
Hisamitsu Pharmaceutical Co., Inc.		6,350		304,417
Ipsen S.A.		3,856		528,051
Johnson & Johnson (e)		182,320		24,119,113
Kyowa Hakko Kirin Co., Ltd.		26,502		493,177
Mallinckrodt plc (a)		7,370		330,250
Merck & Co., Inc. (e)		183,335		11,749,940
Merck KGaA		13,250		1,604,027
Mitsubishi Tanabe Pharma Corp.		23,025		533,297
Mylan NV (a)		27,185		1,055,322
Novartis AG		228,931		19,117,791
Novo Nordisk A/S - Class B		185,694		7,965,351
Ono Pharmaceutical Co., Ltd.		42,286		923,730
Orion Oyj - Class B		10,576		675,320
Otsuka Holdings Co., Ltd.		40,032		1,707,263
Perrigo Co. plc		9,653		728,995
Pfizer, Inc.		399,506		13,419,407
Recordati S.p.A.		10,720		436,182
Roche Holding AG		72,027		18,391,091
Sanofi		119,212		11,457,712
Santen Pharmaceutical Co., Ltd.		37,446		508,583
Shionogi & Co., Ltd.		30,400		1,695,703
Sumitomo Dainippon Pharma Co., Ltd.		16,428		224,426
Taisho Pharmaceutical Holdings Co., Ltd.		3,235		246,424
Takeda Pharmaceutical Co., Ltd.		72,930		3,708,000
Taro Pharmaceutical Industries, Ltd. (a) (c)		1,262		141,420
Teva Pharmaceutical Industries, Ltd. (ADR)		93,592		3,109,126
UCB S.A.		12,963		892,042
Vifor Pharma AG		4,998		552,526
Zoetis, Inc.		30,140		1,880,133
				183,067,055
Professional Services—0.4%
Adecco Group AG		16,561		1,260,802
Bureau Veritas S.A.		27,191		602,323
Capita plc		68,394		616,087
Equifax, Inc.		7,815		1,073,937

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—(Continued)
Experian plc		96,819	$	1,988,255
IHS Markit, Ltd. (a)		21,760		958,310
Intertek Group plc		16,577		911,752
Nielsen Holdings plc		23,833		921,384
Randstad Holding NV		12,248		716,232
Recruit Holdings Co., Ltd.		113,016		1,944,890
RELX NV		99,031		2,037,835
RELX plc		110,776		2,397,185
Robert Half International, Inc.		8,620		413,157
Seek, Ltd.		33,907		440,534
SGS S.A.		562		1,362,473
Verisk Analytics, Inc. (a)		10,201		860,658
Wolters Kluwer NV		30,951		1,311,621
				19,817,435
Real Estate Management & Development—1.2%
ADLER Real Estate AG (a) (c)		2,969		46,120
ADO Properties S.A. (144A)		3,148		133,209
Aeon Mall Co., Ltd.		24,563		483,968
Allreal Holding AG (a)		1,550		280,432
Azrieli Group, Ltd.		7,549		419,394
BUWOG AG (a)		11,600		333,428
CA Immobilien Anlagen AG		7,482		182,498
Capital & Counties Properties plc		79,000		301,264
CapitaLand, Ltd.		534,650		1,359,305
Castellum AB		29,127		428,646
CBRE Group, Inc. - Class A (a)		19,115		695,786
Cheung Kong Property Holdings, Ltd.		566,996		4,441,332
City Developments, Ltd.		92,400		720,193
Citycon Oyj		41,500		109,119
D Carnegie & Co. AB (a)		3,800		52,758
Daejan Holdings plc		500		40,211
Daito Trust Construction Co., Ltd.		7,206		1,121,436
Daiwa House Industry Co., Ltd.		58,057		1,986,400
Deutsche Euroshop AG		5,250		207,109
Deutsche Wohnen AG		74,433		2,849,188
DIC Asset AG		4,650		50,970
Dios Fastigheter AB		9,082		50,337
Entra ASA (144A)		11,818		147,381
Fabege AB		14,250		274,072
Fastighets AB Balder - B Shares (a)		10,500		254,273
First Capital Realty, Inc.		16,000		243,800
Global Logistic Properties, Ltd.		273,068		567,513
Grainger plc		44,300		151,791
Grand City Properties S.A.		11,000		220,492
Hang Lung Group, Ltd.		90,700		375,251
Hang Lung Properties, Ltd.		426,500		1,065,308
Helical plc		10,600		41,550
Hemfosa Fastigheter AB		16,224		175,611
Henderson Land Development Co., Ltd.		255,149		1,423,289
Hongkong Land Holdings, Ltd.		246,700		1,815,790
Hufvudstaden AB - A Shares		11,850		196,671
Hulic Co., Ltd.		68,755		702,771
Hysan Development Co., Ltd.		130,700		624,263
Inmobiliaria Colonial S.A.		27,950		243,878
Kennedy Wilson Europe Real Estate plc		10,500		151,990
Real Estate Management & Development—(Continued)
Kerry Properties, Ltd.		65,700		223,017
Klovern AB - B Shares		60,950		66,805
Kungsleden AB		20,370		124,771
LEG Immobilien AG		6,850		644,449
Lend Lease Group		56,779		726,640
Mitsubishi Estate Co., Ltd.		255,965		4,781,768
Mitsui Fudosan Co., Ltd.		193,676		4,630,297
Mobimo Holding AG (a)		650		182,431
New World Development Co., Ltd.		1,182,425		1,500,955
Nomura Real Estate Holdings, Inc.		25,740		504,407
Norwegian Property ASA		18,150		22,415
NTT Urban Development Corp.		11,596		111,762
Phoenix Spree Deutschland, Ltd.		8,500		32,499
PSP Swiss Property AG		4,209		393,577
Sino Land Co., Ltd.		641,250		1,051,382
Sponda Oyj		22,748		131,724
Sumitomo Realty & Development Co., Ltd.		83,256		2,573,383
Sun Hung Kai Properties, Ltd.		302,028		4,437,384
Swire Pacific, Ltd. - Class A		51,000		498,096
Swire Properties, Ltd.		232,600		768,230
Swiss Prime Site AG (a)		14,979		1,360,637
TAG Immobilien AG		15,850		249,251
Technopolis Oyj		15,250		64,382
TLG Immobilien AG		7,142		146,184
Tokyo Tatemono Co., Ltd.		43,156		566,340
Tokyu Fudosan Holdings Corp.		52,123		308,619
UOL Group, Ltd.		100,200		556,275
Vonovia SE		98,557		3,916,134
Wallenstam AB - B Shares		20,700		199,429
WCM Beteiligungs & Grundbesitz-AG (a)		9,300		33,709
Wharf Holdings, Ltd. (The)		255,650		2,119,181
Wheelock & Co., Ltd.		83,400		629,345
Wihlborgs Fastigheter AB		7,200		152,137
				58,676,412
Road & Rail—0.6%
Aurizon Holdings, Ltd.		210,343		865,651
Central Japan Railway Co.		14,784		2,412,121
ComfortDelGro Corp., Ltd.		221,100		369,813
CSX Corp.		63,570		3,468,379
DSV A/S		19,479		1,200,450
East Japan Railway Co.		33,934		3,247,908
Hankyu Hanshin Holdings, Inc.		24,766		891,290
J.B. Hunt Transport Services, Inc.		5,896		538,776
Kansas City Southern		7,190		752,434
Keikyu Corp.		48,060		579,665
Keio Corp.		58,815		492,531
Keisei Electric Railway Co., Ltd.		14,119		377,499
Kintetsu Group Holdings Co., Ltd.		185,691		716,017
Kyushu Railway Co.		16,403		532,466
MTR Corp., Ltd.		151,300		852,546
Nagoya Railroad Co., Ltd.		94,294		439,887
Nippon Express Co., Ltd.		84,428		529,244
Norfolk Southern Corp.		19,740		2,402,358
Odakyu Electric Railway Co., Ltd.		30,254		610,762
Tobu Railway Co., Ltd.		99,237		541,713

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Road & Rail—(Continued)
Tokyu Corp.		108,903	$	831,660
Union Pacific Corp.		55,890		6,086,980
West Japan Railway Co.		16,883		1,193,805
				29,933,955
Semiconductors & Semiconductor Equipment—1.2%
Advanced Micro Devices, Inc. (a) (c)		52,778		658,669
Analog Devices, Inc.		24,102		1,875,136
Applied Materials, Inc.		74,660		3,084,205
ASM Pacific Technology, Ltd.		27,200		367,201
ASML Holding NV		38,273		4,983,186
Broadcom, Ltd.		24,495		5,708,560
Disco Corp.		2,942		470,945
Infineon Technologies AG		116,261		2,463,751
Intel Corp. (e)		312,070		10,529,242
KLA-Tencor Corp.		9,070		829,996
Lam Research Corp.		10,447		1,477,519
Microchip Technology, Inc. (c)		14,030		1,082,835
Micron Technology, Inc. (a)		68,470		2,044,514
NVIDIA Corp.		33,670		4,867,335
NXP Semiconductors NV (a)		35,472		3,882,410
Qorvo, Inc. (a)		8,523		539,676
QUALCOMM, Inc. (c)		98,705		5,450,490
Rohm Co., Ltd.		9,691		746,587
Skyworks Solutions, Inc.		12,671		1,215,783
STMicroelectronics NV		65,345		937,009
Texas Instruments, Inc.		66,430		5,110,460
Tokyo Electron, Ltd.		16,091		2,179,919
Xilinx, Inc. (c)		16,880		1,085,722
				61,591,150
Software—1.8%
Activision Blizzard, Inc.		45,854		2,639,815
Adobe Systems, Inc. (a)		32,920		4,656,205
ANSYS, Inc. (a)		5,887		716,330
Autodesk, Inc. (a)		14,815		1,493,648
CA, Inc.		19,545		673,716
Check Point Software Technologies, Ltd. (a)		13,448		1,466,908
Citrix Systems, Inc. (a)		10,170		809,329
Dassault Systemes SE		13,187		1,181,809
Electronic Arts, Inc. (a)		20,380		2,154,574
Gemalto NV		8,373		505,674
Intuit, Inc.		16,995		2,257,106
Konami Holdings Corp.		9,604		534,342
LINE Corp. (a) (c)		4,541		157,546
Microsoft Corp. (e)		522,555		36,019,716
Mobileye NV (a)		20,460		1,284,888
Nexon Co., Ltd. (a)		20,064		397,277
Nice, Ltd.		6,195		491,416
Nintendo Co., Ltd.		11,619		3,888,765
Oracle Corp. (e)		208,110		10,434,635
Oracle Corp. Japan		3,933		255,596
Red Hat, Inc. (a)		12,035		1,152,351
Sage Group plc (The)		110,746		993,109
Salesforce.com, Inc. (a)		41,660		3,607,756
SAP SE		100,757		10,531,036
Software—(Continued)
Symantec Corp.		40,200		1,135,650
Synopsys, Inc. (a)		10,322		752,783
Trend Micro, Inc.		12,226		630,780
				90,822,760
Specialty Retail—0.9%
ABC-Mart, Inc.		3,400		200,329
Advance Auto Parts, Inc.		4,820		561,964
AutoNation, Inc. (a) (c)		4,805		202,579
AutoZone, Inc. (a)		2,035		1,160,886
Bed Bath & Beyond, Inc.		10,775		327,560
Best Buy Co., Inc. (c)		18,545		1,063,185
CarMax, Inc. (a) (c)		12,850		810,321
Dixons Carphone plc		99,261		367,014
Dufry AG (a)		3,590		590,750
Fast Retailing Co., Ltd.		5,438		1,814,065
Foot Locker, Inc. (c)		9,044		445,688
Gap, Inc. (The) (c)		14,940		328,531
Hennes & Mauritz AB - B Shares		97,336		2,431,035
Hikari Tsushin, Inc.		2,200		231,677
Home Depot, Inc. (The)		83,770		12,850,318
Industria de Diseno Textil S.A.		111,831		4,306,538
Kingfisher plc		229,633		899,361
L Brands, Inc.		16,840		907,508
Lowe’s Cos., Inc.		60,420		4,684,362
Nitori Holdings Co., Ltd.		8,213		1,099,079
O’Reilly Automotive, Inc. (a)		6,465		1,414,154
Ross Stores, Inc.		26,680		1,540,236
Shimamura Co., Ltd.		2,292		280,508
Signet Jewelers, Ltd.		5,225		330,429
Staples, Inc.		42,585		428,831
Tiffany & Co.		7,320		687,128
TJX Cos., Inc. (The)		44,250		3,193,522
Tractor Supply Co.		8,835		478,945
Ulta Salon Cosmetics & Fragrance, Inc. (a)		4,279		1,229,528
USS Co., Ltd.		22,485		447,327
Yamada Denki Co., Ltd.		63,710		316,586
				45,629,944
Technology Hardware, Storage & Peripherals—1.3%
Apple, Inc. (e)		358,952		51,696,267
Brother Industries, Ltd.		24,185		559,651
Canon, Inc.		109,389		3,722,441
FUJIFILM Holdings Corp.		42,207		1,519,332
Hewlett Packard Enterprise Co.		113,410		1,881,472
HP, Inc. (c)		114,010		1,992,895
Konica Minolta, Inc.		48,956		407,493
NEC Corp.		267,034		709,293
NetApp, Inc.		19,070		763,753
Ricoh Co., Ltd.		72,549		641,874
Seagate Technology plc (c)		19,560		757,950
Seiko Epson Corp.		28,679		639,242
Western Digital Corp.		18,524		1,641,226
Xerox Corp.		15,715		451,492
				67,384,381

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—0.7%
adidas AG		19,304	$	3,700,577
Asics Corp.		16,265		302,024
Burberry Group plc		45,032		975,628
Christian Dior SE		5,554		1,588,095
Cie Financiere Richemont S.A.		53,515		4,415,927
Coach, Inc.		18,250		863,955
Hanesbrands, Inc. (c)		25,822		598,038
Hermes International		2,689		1,329,733
Hugo Boss AG		6,496		455,949
Kering		7,768		2,659,683
Li & Fung, Ltd.		596,300		217,235
Luxottica Group S.p.A.		17,377		1,008,278
LVMH Moet Hennessy Louis Vuitton SE		28,587		7,171,390
Michael Kors Holdings, Ltd. (a)		11,797		427,641
NIKE, Inc. - Class B		89,180		5,261,620
Pandora A/S		11,401		1,068,902
PVH Corp.		5,408		619,216
Ralph Lauren Corp.		3,795		280,071
Swatch Group AG (The)		5,723		418,083
Swatch Group AG (The) - Bearer Shares		3,162		1,168,987
Under Armour, Inc. - Class A (a) (c)		11,972		260,511
Under Armour, Inc. - Class C (a) (c)		12,056		243,049
VF Corp. (c)		22,400		1,290,240
Yue Yuen Industrial Holdings, Ltd.		75,100		311,666
				36,636,498
Tobacco—0.9%
Altria Group, Inc.		129,325		9,630,833
British American Tobacco plc		191,134		13,012,811
Imperial Brands plc		98,287		4,419,688
Japan Tobacco, Inc.		112,771		3,963,648
Philip Morris International, Inc. (e)		102,405		12,027,467
Reynolds American, Inc.		54,664		3,555,347
Swedish Match AB		19,351		682,295
				47,292,089
Trading Companies & Distributors—0.4%
AerCap Holdings NV (a)		15,359		713,118
Ashtead Group plc		51,180		1,061,620
Brenntag AG		15,842		917,272
Bunzl plc		34,407		1,026,328
Fastenal Co.		19,050		829,247
ITOCHU Corp.		153,430		2,283,560
Marubeni Corp.		169,263		1,095,834
MISUMI Group, Inc.		28,179		644,150
Mitsubishi Corp.		154,863		3,253,219
Mitsui & Co., Ltd.		174,968		2,504,798
Rexel S.A.		31,043		508,789
Sumitomo Corp.		121,800		1,587,895
Toyota Tsusho Corp.		21,858		656,384
Travis Perkins plc		25,721		487,779
United Rentals, Inc. (a)		6,000		676,260
Wolseley plc		25,929		1,594,560
Trading Companies & Distributors—(Continued)
WW Grainger, Inc. (c)		3,820		689,625
				20,530,438
Transportation Infrastructure—0.2%
Abertis Infraestructuras S.A.		71,073		1,317,811
Aena S.A. (144A)		6,921		1,352,324
Aeroports de Paris		3,054		493,328
Atlantia S.p.A.		46,562		1,314,971
Auckland International Airport, Ltd.		97,671		510,374
Fraport AG Frankfurt Airport Services Worldwide		4,297		380,113
Groupe Eurotunnel SE		47,927		511,431
Hutchison Port Holdings Trust - Class U		535,802		230,406
Japan Airport Terminal Co., Ltd.		4,825		184,824
Kamigumi Co., Ltd.		23,677		248,477
SATS, Ltd.		68,300		253,598
Sydney Airport		113,018		615,635
Transurban Group		210,398		1,914,973
				9,328,265
Water Utilities—0.1%
American Water Works Co., Inc.		11,776		917,939
Severn Trent plc		24,232		689,164
United Utilities Group plc		69,906		790,401
				2,397,504
Wireless Telecommunication Services—0.5%
KDDI Corp.		188,056		4,981,996
Millicom International Cellular S.A.		6,786		401,357
NTT DoCoMo, Inc.		142,039		3,352,851
SoftBank Group Corp.		84,629		6,875,646
StarHub, Ltd.		61,000		120,671
Tele2 AB - B Shares		36,703		385,715
Vodafone Group plc		2,728,949		7,744,185
				23,862,421
Total Common Stocks (Cost $2,148,325,252)				2,948,220,029
U.S. Treasury & Government Agencies—19.9%
Federal Agencies—0.8%
Federal Home Loan Mortgage Corp. 2.375%, 01/13/22		8,925,000		9,112,318
6.250%, 07/15/32		2,480,000		3,525,424
Federal National Mortgage Association 0.875%, 02/08/18		20,645,000		20,604,722
6.625%, 11/15/30		1,650,000		2,358,942
7.250%, 05/15/30 (c)		1,941,000		2,877,139
				38,478,545

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—19.1%
U.S. Treasury Bonds 2.250%, 08/15/46		11,613,000	$	10,223,981
2.500%, 02/15/45		5,830,000		5,440,801
2.750%, 08/15/42		5,415,000		5,355,771
2.875%, 05/15/43		5,779,000		5,834,987
2.875%, 08/15/45		29,325,000		29,488,809
3.000%, 05/15/45 (c)		1,395,000		1,437,450
3.000%, 02/15/47 (c)		3,410,000		3,517,626
3.000%, 05/15/47		949,000		979,397
3.125%, 11/15/41 (c)		7,070,000		7,486,465
3.125%, 02/15/42		5,645,000		5,977,745
3.125%, 02/15/43		8,925,000		9,429,120
3.625%, 08/15/43 (c)		25,457,000		29,285,504
3.750%, 08/15/41		8,025,000		9,395,831
4.250%, 05/15/39		1,235,000		1,547,078
4.375%, 05/15/40 (c)		6,650,000		8,487,063
4.375%, 05/15/41		7,495,000		9,607,361
4.750%, 02/15/41		1,780,000		2,396,742
6.000%, 02/15/26		33,774,000		43,786,133
6.250%, 08/15/23		4,620,000		5,749,553
6.250%, 05/15/30 (c)		1,815,000		2,587,155
6.875%, 08/15/25 (c)		2,640,000		3,566,165
8.875%, 02/15/19 (c)		2,158,000		2,418,984
U.S. Treasury Notes 0.750%, 10/31/18 (c)		25,820,700		25,621,003
1.125%, 02/28/21		10,400,000		10,188,755
1.125%, 09/30/21		7,998,000		7,779,927
1.250%, 11/30/18		16,530,000		16,508,048
1.250%, 01/31/19		6,545,000		6,533,494
1.250%, 04/30/19		8,909,000		8,887,075
1.250%, 03/31/21		24,650,000		24,241,747
1.250%, 10/31/21		21,327,200		20,832,345
1.375%, 12/31/18		10,073,700		10,077,639
1.375%, 03/31/20		9,890,000		9,853,298
1.375%, 08/31/20		17,945,000		17,818,829
1.375%, 10/31/20		27,166,000		26,943,157
1.375%, 05/31/21		6,338,000		6,250,111
1.500%, 08/31/18		42,841,000		42,938,078
1.500%, 01/31/19		5,070,000		5,080,297
1.500%, 05/31/19		10,656,000		10,679,731
1.500%, 11/30/19		29,340,000		29,367,521
1.500%, 05/31/20		9,830,000		9,815,412
1.625%, 06/30/20		13,695,000		13,719,076
1.625%, 07/31/20		7,875,000		7,884,230
1.625%, 11/15/22 (g)		41,304,000		40,616,660
1.625%, 02/15/26		11,320,000		10,758,426
1.750%, 03/31/22		6,370,000		6,337,156
1.750%, 05/15/22		8,447,000		8,400,803
1.750%, 05/31/22		6,444,000		6,406,245
1.750%, 05/15/23 (g)		47,565,000		46,858,945
1.875%, 11/30/21		13,250,100		13,284,259
2.000%, 02/15/22		22,105,600		22,271,392
2.000%, 02/15/23		9,615,000		9,619,509
2.000%, 08/15/25		17,740,000		17,438,562
2.000%, 11/15/26 (c)		4,620,000		4,504,860
2.125%, 08/15/21		19,150,000		19,419,287
U.S. Treasury—(Continued)
U.S. Treasury Notes 2.125%, 05/15/25		36,853,000		36,621,232
2.250%, 11/15/24		15,206,500		15,290,257
2.250%, 02/15/27		10,237,000		10,189,418
2.375%, 05/15/27		3,375,000		3,396,357
2.625%, 08/15/20		7,910,000		8,158,113
2.625%, 11/15/20		28,794,000		29,718,547
2.750%, 02/15/19 (c)		43,873,000		44,849,876
2.750%, 11/15/23		9,125,000		9,498,559
3.500%, 05/15/20		9,995,000		10,544,335
3.625%, 02/15/20		29,095,000		30,678,175
3.625%, 02/15/21		37,121,000		39,648,420
				959,528,887
Total U.S. Treasury & Government Agencies (Cost $993,577,633)				998,007,432
Foreign Government—8.2%
Sovereign—8.2%
Australia Government Bonds 2.750%, 04/21/24 (AUD)		7,630,000		5,988,608
3.750%, 04/21/37 (AUD)		2,170,000		1,804,485
5.250%, 03/15/19 (AUD)		510,000		414,914
5.750%, 05/15/21 (AUD)		2,345,000		2,048,242
Austria Government Bonds 0.750%, 10/20/26 (144A) (EUR)		1,805,000		2,082,794
3.150%, 06/20/44 (144A) (EUR)		530,000		826,639
3.400%, 11/22/22 (144A) (EUR)		1,740,000		2,351,183
4.150%, 03/15/37 (144A) (EUR)		380,000		652,395
Belgium Government Bonds 2.600%, 06/22/24 (144A) (EUR)		905,000		1,199,028
3.750%, 09/28/20 (144A) (EUR)		3,495,000		4,527,203
4.250%, 09/28/21 (144A) (EUR)		900,000		1,223,723
4.250%, 03/28/41 (144A) (EUR)		1,125,000		1,973,051
5.000%, 03/28/35 (144A) (EUR)		355,000		647,314
5.500%, 09/28/17 (144A) (EUR)		900,000		1,042,640
5.500%, 03/28/28 (EUR)		2,980,000		5,072,939
Bundesobligation 0.250%, 04/13/18 (EUR)		8,955,000		10,301,213
Bundesrepublik Deutschland 0.500%, 02/15/26 (EUR)		5,290,000		6,138,039
1.500%, 05/15/23 (EUR)		885,000		1,104,271
1.500%, 05/15/24 (EUR)		1,965,000		2,465,641
2.000%, 01/04/22 (EUR)		1,505,000		1,896,653
2.000%, 08/15/23 (EUR)		1,170,000		1,503,568
2.500%, 01/04/21 (EUR)		2,715,000		3,421,641
2.500%, 07/04/44 (EUR)		1,615,000		2,384,725
3.250%, 07/04/42 (EUR)		135,000		224,079
4.250%, 07/04/39 (EUR)		1,955,000		3,626,153
5.500%, 01/04/31 (EUR)		1,505,000		2,769,291
Canadian Government Bonds 1.500%, 06/01/26 (CAD)		2,675,000		2,028,507
2.750%, 06/01/22 (CAD)		1,870,000		1,533,435
3.500%, 06/01/20 (CAD)		420,000		345,149

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Canadian Government Bonds 3.500%, 12/01/45 (CAD)		1,275,000	$	1,258,404
4.000%, 06/01/41 (CAD)		975,000		1,010,465
5.750%, 06/01/29 (CAD)		385,000		418,771
5.750%, 06/01/33 (CAD)		245,000		285,799
Denmark Government Bonds 1.500%, 11/15/23 (DKK)		5,745,000		960,442
4.000%, 11/15/19 (DKK)		3,690,000		625,311
4.500%, 11/15/39 (DKK)		4,060,000		1,035,102
Finland Government Bonds 0.500%, 04/15/26 (144A) (EUR)		495,000		565,031
3.500%, 04/15/21 (144A) (EUR)		1,500,000		1,959,963
France Government Bond OAT Zero Coupon, 05/25/21 (EUR)		11,420,000		13,156,435
Zero Coupon, 05/25/22 (EUR)		1,450,000		1,658,962
0.500%, 05/25/26 (EUR)		3,470,000		3,908,368
1.000%, 11/25/25 (EUR)		7,220,000		8,542,775
1.750%, 05/25/23 (EUR)		545,000		682,754
2.250%, 05/25/24 (EUR)		3,550,000		4,603,328
2.500%, 05/25/30 (EUR)		3,205,000		4,278,563
3.250%, 05/25/45 (EUR)		4,605,000		6,985,084
Ireland Government Bonds 2.000%, 02/18/45 (EUR)		190,000		220,175
4.500%, 10/18/18 (EUR)		3,420,000		4,152,396
4.500%, 04/18/20 (EUR)		415,000		537,251
5.400%, 03/13/25 (EUR)		1,625,000		2,517,933
Italy Buoni Poliennali Del Tesoro 2.000%, 12/01/25 (EUR)		1,190,000		1,371,855
3.250%, 09/01/46 (144A) (EUR)		1,430,000		1,625,843
3.750%, 03/01/21 (EUR)		6,625,000		8,491,700
3.750%, 09/01/24 (EUR)		13,635,000		17,802,017
5.000%, 08/01/39 (EUR)		2,790,000		4,167,177
5.250%, 08/01/17 (EUR)		15,815,000		18,141,491
5.250%, 11/01/29 (EUR)		4,420,000		6,565,417
5.500%, 11/01/22 (EUR)		1,215,000		1,707,010
Japan Government Five Year Bonds 0.100%, 12/20/19 (JPY)		139,400,000		1,245,051
0.300%, 09/20/18 (JPY)		2,243,100,000		20,043,013
Japan Government Forty Year Bonds 1.700%, 03/20/54 (JPY)		25,750,000		280,827
Japan Government Ten Year Bonds 0.100%, 09/20/26 (JPY)		1,656,450,000		14,778,818
0.500%, 12/20/24 (JPY)		555,750,000		5,124,017
0.800%, 09/20/22 (JPY)		1,675,100,000		15,547,639
0.800%, 12/20/22 (JPY)		317,250,000		2,950,545
0.800%, 09/20/23 (JPY)		252,300,000		2,358,845
Japan Government Thirty Year Bonds 0.500%, 09/20/46 (JPY)		638,300,000		5,194,931
1.800%, 09/20/43 (JPY)		498,100,000		5,508,041
1.900%, 09/20/42 (JPY)		325,250,000		3,656,941
2.300%, 03/20/40 (JPY)		387,100,000		4,604,038
Japan Government Twenty Year Bonds 0.500%, 09/20/36 (JPY)		1,237,450,000		10,895,061
1.400%, 12/20/22 (JPY)		764,200,000		7,330,545
1.500%, 03/20/33 (JPY)		230,600,000		2,405,416
1.700%, 12/20/31 (JPY)		561,250,000		5,979,464
Sovereign—(Continued)
Japan Government Twenty Year Bonds 1.700%, 09/20/32 (JPY)		182,400,000		1,949,033
1.700%, 09/20/33 (JPY)		418,500,000		4,480,136
2.100%, 06/20/29 (JPY)		555,050,000		6,058,151
2.100%, 12/20/29 (JPY)		121,550,000		1,333,349
2.500%, 12/21/20 (JPY)		808,300,000		7,826,874
Mexican Bonos 6.500%, 06/10/21 (MXN)		43,260,000		2,374,363
7.750%, 11/13/42 (MXN)		3,375,000		196,638
10.000%, 11/20/36 (MXN)		17,380,000		1,246,840
Netherlands Government Bonds 2.250%, 07/15/22 (144A) (EUR)		2,130,000		2,725,189
3.750%, 01/15/42 (144A) (EUR)		1,130,000		1,990,914
5.500%, 01/15/28 (EUR)		2,640,000		4,516,128
Norway Government Bonds 3.000%, 03/14/24 (144A) (NOK)		3,240,000		428,982
Poland Government Bonds 5.500%, 10/25/19 (PLN)		3,610,000		1,051,383
5.750%, 04/25/29 (PLN)		3,940,000		1,318,972
Republic of South Africa Government Bonds 6.500%, 02/28/41 (ZAR)		6,815,000		363,553
8.250%, 09/15/17 (ZAR)		12,430,000		950,884
10.500%, 12/21/26 (ZAR)		29,175,000		2,473,603
Singapore Government Bonds 2.125%, 06/01/26 (SGD)		815,000		597,302
2.250%, 06/01/21 (SGD)		865,000		646,260
Spain Government Bonds 1.950%, 04/30/26 (144A) (EUR)		5,390,000		6,470,848
2.750%, 10/31/24 (144A) (EUR)		2,425,000		3,108,726
2.900%, 10/31/46 (144A) (EUR)		365,000		421,195
4.000%, 04/30/20 (144A) (EUR)		8,535,000		10,888,324
4.200%, 01/31/37 (144A) (EUR)		1,045,000		1,521,772
4.400%, 10/31/23 (144A) (EUR)		445,000		624,279
4.700%, 07/30/41 (144A) (EUR)		1,305,000		2,035,128
5.850%, 01/31/22 (144A) (EUR)		1,680,000		2,411,451
6.000%, 01/31/29 (EUR)		995,000		1,642,268
Sweden Government Bonds 1.000%, 11/12/26 (SEK)		14,580,000		1,785,729
1.500%, 11/13/23 (144A) (SEK)		3,330,000		426,412
5.000%, 12/01/20 (SEK)		8,685,000		1,218,510
Switzerland Government Bonds 4.000%, 02/11/23 (CHF)		415,000		540,898
United Kingdom Gilt 2.000%, 09/07/25 (GBP)		4,080,000		5,706,433
2.250%, 09/07/23 (GBP)		1,170,000		1,654,690
2.750%, 09/07/24 (GBP)		1,425,000		2,090,235
3.250%, 01/22/44 (GBP)		3,265,000		5,428,960
3.750%, 09/07/20 (GBP)		4,235,000		6,100,116
4.250%, 09/07/39 (GBP)		2,035,000		3,792,595
4.250%, 12/07/46 (GBP)		4,100,000		8,181,855
4.500%, 12/07/42 (GBP)		275,000		547,415
8.000%, 06/07/21 (GBP)		1,170,000		1,971,916
Total Foreign Government (Cost $416,752,650)				409,834,846

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Funds—8.1%

Security Description	Shares		Value
Investment Company Securities—8.1%
F&C Commercial Property Trust, Ltd.		56,900	$	107,709
F&C UK Real Estate Investment, Ltd.		25,900		36,009
iShares Core MSCI Emerging Markets ETF (c)		758,434		37,952,037
iShares Russell 2000 ETF (c)		621,318		87,556,133
MedicX Fund, Ltd.		46,083		53,260
Picton Property Income, Ltd.		58,350		63,282
Schroder Real Estate Investment Trust, Ltd.		56,050		46,755
Standard Life Investment Property Income Trust, Ltd.		42,040		48,870
UK Commercial Property Trust, Ltd.		70,600		84,777
Vanguard Global ex-U.S. Real Estate ETF (c)		929,342		52,275,488
Vanguard Mid-Cap ETF		613,019		87,367,468
Vanguard REIT ETF (c)		608,040		50,607,169
Vanguard Small-Cap ETF (c)		670,924		90,937,039
Total Mutual Funds (Cost $394,963,858)				407,135,996
Preferred Stocks – 0.1%
Auto Components—0.0%
Schaeffler AG		16,952		242,815
Automobiles—0.1%
Bayerische Motoren Werke (BMW) AG		5,636		465,036
Porsche Automobil Holding SE		15,705		882,398
Volkswagen AG		19,026		2,901,821
				4,249,255
Chemicals—0.0%
FUCHS Petrolub SE		7,151		390,763
Household Products—0.0%
Henkel AG & Co. KGaA		18,266		2,513,975
Total Preferred Stocks (Cost $6,979,561)				7,396,808
Rights—0.0%
Construction & Engineering—0.0%
ACS Actividades de Construccion y Servicios S.A., Expires 07/17/17 (a)		24,195		19,344
Equity Real Estate Investment Trusts—0.0%
Kiwi Property Group, Ltd., Expires 07/10/17 (a)		12,763		467
Total Rights (Cost $20,577)				19,811
Short-Term Investments—4.8%
Security Description	Principal Amount*		Value
Repurchase Agreement—3.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $189,795,038 on 07/03/17, collateralized by $183,800,000 U.S. Treasury Notes with rates ranging from 1.375% - 3.625%, maturity dates ranging from 02/15/20 - 02/29/20, with a value of $193,591,694.		189,793,140	$	189,793,140
U.S. Treasury—1.0%
U.S. Treasury Bills 0.908%, 08/24/17 (h)		50,000,000		49,933,700
Total Short-Term Investments (Cost $239,724,852)				239,726,840
Securities Lending Reinvestments(i)—4.8%
Certificates of Deposit—2.5%
ABN AMRO Bank NV Zero Coupon, 09/05/17		1,991,635		1,995,800
Banco Del Estado De Chile New York 1.429%, 10/19/17 (j)		5,000,000		5,001,190
Bank of Montreal 1.210%, 07/17/17		7,000,000		7,000,000
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (j)		10,000,000		10,009,760
Cooperative Rabobank UA New York 1.555%, 10/13/17 (j)		1,500,000		1,501,730
1.558%, 10/13/17 (j)		1,000,000		1,001,357
Credit Suisse AG New York 1.466%, 10/25/17 (j)		11,000,000		11,000,651
DNB NOR Bank ASA 1.412%, 07/28/17 (j)		2,200,000		2,200,275
KBC Bank NV Zero Coupon, 08/22/17		9,967,396		9,983,900
1.200%, 07/18/17		4,000,000		4,000,000
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (j)		7,500,000		7,501,680
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (j)		13,850,000		13,849,543
1.469%, 10/18/17 (j)		2,000,000		1,999,864
Norinchukin Bank New York 1.377%, 10/13/17 (j)		2,000,000		2,001,375
1.584%, 08/21/17 (j)		12,000,000		12,004,428
Royal Bank of Canada New York 1.555%, 10/13/17 (j)		2,000,000		2,002,022
Shizuoka Bank New York 1.220%, 07/17/17		7,000,000		7,000,028
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (j)		2,500,000		2,499,772
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (j)		2,000,000		1,999,854
1.377%, 10/11/17 (j)		2,650,000		2,651,867
1.552%, 08/16/17 (j)		12,000,000		12,003,612

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-24

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments(i)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
UBS, Stamford 1.722%, 07/31/17 (j)		2,002,044	$	2,001,142
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (j)		2,000,000		2,001,788
				123,211,638
Commercial Paper—1.1%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		7,976,340		7,997,104
Barton Capital S.A. 1.210%, 07/10/17		13,955,768		13,995,436
ING Funding LLC 1.234%, 12/07/17 (j)		10,000,000		10,003,453
1.277%, 11/13/17 (j)		2,500,000		2,499,817
LMA S.A. & LMA Americas 1.170%, 07/20/17		1,994,410		1,998,726
1.180%, 07/11/17		3,988,200		3,998,672
Ridgefield Funding Co. LLC 1.604%, 08/21/17 (j)		5,000,000		5,002,105
Sheffield Receivables Co. 1.220%, 08/15/17		1,993,764		1,996,744
1.230%, 07/07/17		9,968,908		9,997,660
				57,489,717
Repurchase Agreements—0.9%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $99,705 on 07/03/17, collateralized by $103,782 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $101,690.		99,696		99,696
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $7,589,063 on 10/02/17, collateralized by various Common Stock with a value of $8,250,000.		7,500,000		7,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $8,541,183 on 09/29/17, collateralized by various Common Stock with a value of $9,350,002.		8,500,000		8,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $20,018,528 on 07/07/17, collateralized by $18,033,653 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $20,413,319.		20,000,000		20,000,000
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,048,593 on 10/02/17, collateralized by various Common Stock with a value of $3,300,000.		3,000,000		3,000,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $5,038,238 on 10/02/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
				44,099,696
Time Deposits—0.3%
ABN AMRO Bank NV 1.180%, 07/07/17		2,000,000		2,000,000
Credit Industriel et Commercial 1.100%, 07/03/17		3,500,000		3,500,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		400,000		400,000
Shinkin Central Bank 1.330%, 07/25/17		2,250,000		2,250,000
Standard Chartered plc 1.200%, 07/03/17		8,135,000		8,135,000
				16,285,000
Total Securities Lending Reinvestments (Cost $241,051,055)				241,086,051
Total Investments—104.6% (Cost $4,441,395,438) (k)				5,251,427,813
Other assets and liabilities (net)—(4.6)%				(229,020,076	)
Net Assets—100.0%			$	5,022,407,737

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	Illiquid security. As of June 30, 2017, these securities represent 0.0% of net assets.
(c)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $235,231,338 and the collateral received consisted of cash in the amount of $240,923,161. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent less than 0.05% of net assets.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $125,198,435.
(f)	Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)
(g)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2017, the market value of securities pledged was $68,898,025.
(h)	The rate shown represents current yield to maturity.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-25

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

(i)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(j)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(k)	As of June 30, 2017, the aggregate cost of investments was $4,441,395,438. The aggregate unrealized appreciation and depreciation of investments were $966,935,668 and $(156,903,293), respectively, resulting in net unrealized appreciation of $810,032,375.
(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 June 30, 2017, the market value of 144A securities was $62,353,994, which is 1.2% 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
(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)
CHF	31,711,000	Morgan Stanley & Co. International		09/15/17	$	33,010,470	$	210,419
EUR	1,221,522	BNP Paribas S.A.		07/13/17		1,301,611		94,122
EUR	1,203,887	State Street Bank and Trust		07/13/17		1,351,131		24,452
EUR	2,080,276	State Street Bank and Trust		07/13/17		2,374,572		2,388
EUR	2,430,607	State Street Bank and Trust		07/13/17		2,719,298		57,958
EUR	29,116,000	Citibank N.A.		09/15/17		32,830,590		548,835
EUR	26,590,000	Credit Suisse International		09/15/17		30,109,215		374,331
EUR	70,228,668	Credit Suisse International		09/15/17		77,008,684		3,503,494
JPY	137,547,452	State Street Bank and Trust		07/14/17		1,233,853		(10,465	)
JPY	3,200,132,151	Citibank N.A.		09/15/17		29,364,474		(824,779	)
JPY	4,187,671,000	JPMorgan Chase Bank N.A.		09/15/17		37,791,641		(444,792	)
SEK	126,114,937	Credit Suisse International		09/15/17		14,569,233		460,942
SEK	206,327,000	JPMorgan Chase Bank N.A.		09/15/17		23,959,578		630,140
Contracts to Deliver
AUD	12,532,664	Goldman Sachs International		07/10/17		9,449,252		(182,725	)
AUD	589,664	State Street Bank and Trust		07/10/17		443,505		(9,682	)
AUD	124,598,414	Barclays Bank plc		09/15/17		94,037,663		(1,642,693	)
CAD	8,924,514	HSBC Bank USA		08/24/17		6,734,364		(153,384	)
CAD	9,896,332	Barclays Bank plc		09/15/17		7,375,811		(264,315	)
CHF	517,800	State Street Bank and Trust		09/14/17		537,734		(4,684	)
CHF	47,022,000	Credit Suisse International		09/15/17		48,750,043		(510,866	)
CHF	33,570,231	State Street Bank and Trust		09/15/17		34,982,619		(186,027	)
DKK	17,164,748	Goldman Sachs International		07/14/17		2,521,876		(115,933	)
EUR	1,211,224	BNP Paribas S.A.		07/13/17		1,351,913		(32,053	)
EUR	959,860	Barclays Bank plc		07/13/17		1,076,675		(20,078	)
EUR	186,495,055	Royal Bank of Scotland plc		07/13/17		198,490,790		(14,601,826	)
EUR	958,820	State Street Bank and Trust		07/13/17		1,075,755		(19,809	)
EUR	669,832	State Street Bank and Trust		07/13/17		734,441		(30,920	)
EUR	548,642	State Street Bank and Trust		07/13/17		603,949		(22,939	)
EUR	1,491,241	UBS AG		07/13/17		1,587,765		(116,153	)
GBP	27,831,624	Goldman Sachs International		07/21/17		35,976,994		(290,851	)
GBP	16,039,128	BNP Paribas S.A.		09/15/17		20,689,670		(246,354	)
GBP	36,629,000	Credit Suisse International		09/15/17		46,888,687		(923,491	)
JPY	14,728,007,869	Goldman Sachs International		07/14/17		129,495,435		(1,499,876	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-26

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
JPY	113,654,055	State Street Bank and Trust		07/14/17	$	1,022,583	$	11,710
JPY	3,792,224,000	Morgan Stanley & Co. International		09/15/17		33,911,772		91,633
MXN	66,854,788	HSBC Bank USA		08/03/17		3,700,074		33,283
NOK	3,194,907	State Street Bank and Trust		07/14/17		368,616		(14,143	)
NOK	73,590,422	Citibank N.A.		09/15/17		8,708,270		(118,672	)
NZD	6,872,000	Barclays Bank plc		09/15/17		5,008,719		(20,484	)
PLN	8,341,044	Citibank N.A.		07/20/17		2,146,683		(104,049	)
SEK	27,396,001	HSBC Bank USA		07/14/17		3,095,104		(158,383	)
SGD	1,674,868	Barclays Bank plc		08/17/17		1,199,924		(17,419	)
ZAR	47,598,161	Citibank N.A.		07/11/17		3,579,563		(55,002	)
Net Unrealized Depreciation							$	(16,599,140	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro Stoxx 50 Index Futures		09/15/17		437			EUR	15,476,814		$	(552,051	)
Euro-Bund Futures		09/07/17		276			EUR	45,421,431			(851,257	)
FTSE 100 Index Futures		09/15/17		512			GBP	37,946,540			(1,126,540	)
Japanese Government 10 Year Bond Futures		09/12/17		23			JPY	3,457,030,180			(40,010	)
MSCI EAFE Mini Index Futures		09/15/17		91			USD	8,633,262			(35,582	)
S&P Midcap 400 Index E-Mini Futures		09/15/17		503			USD	88,387,856			(559,026	)
TOPIX Index Futures		09/07/17		272			JPY	4,396,196,838			(114,842	)
U.S. Treasury Note 10 Year Futures		09/20/17		2,281			USD	287,252,905			(916,124	)
U.S. Treasury Note 5 Year Futures		09/29/17		710			USD	83,850,376			(186,860	)
U.S. Treasury Ultra Long Bond Futures		09/20/17		451			USD	73,277,706			1,531,919
Futures Contracts—Short
Australian 10 Year Treasury Bond Futures		09/15/17		(89	)		AUD	(11,671,149	)		128,380
Canada Government Bond 10 Year Futures		09/20/17		(62	)		CAD	(8,954,099	)		185,070
Hang Seng Index Futures		07/28/17		(403	)		HKD	(515,721,542	)		23,541
S&P 500 Index E-Mini Futures		09/15/17		(480	)		USD	(58,036,928	)		(64,672	)
SPI 200 Index Futures		09/21/17		(154	)		AUD	(21,671,219	)		(59,514	)
United Kingdom Long Gilt Bond Futures		09/27/17		(334	)		GBP	(42,579,089	)		831,887
Net Unrealized Depreciation										$	(1,805,681	)

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

3M LIBOR

1.000

%

09/20/17

Deutsche Bank AG

S&P 500 Total Return

USD

204,760,927

$

873,320

$

—

$

873,320

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Unrealized Depreciation
Pay	3M LIBOR		2.135	%	06/28/27		USD	1,267,000,000	$	(16,910,143	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-27

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

(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
(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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	33,583,069	$	17,126,851	$	—	$	50,709,920
Air Freight & Logistics		10,045,709		5,456,276		—		15,501,985
Airlines		10,018,676		2,755,819		—		12,774,495
Auto Components		2,832,460		17,951,961		—		20,784,421
Automobiles		6,775,618		43,473,638		—		50,249,256
Banks		91,774,443		179,250,641		0		271,025,084
Beverages		29,139,824		30,855,886		—		59,995,710
Biotechnology		41,300,973		12,181,840		—		53,482,813
Building Products		4,727,317		11,495,547		—		16,222,864
Capital Markets		42,845,260		32,546,078		—		75,391,338
Chemicals		29,046,426		51,680,357		—		80,726,783
Commercial Services & Supplies		4,167,977		7,807,066		—		11,975,043
Communications Equipment		13,438,199		5,946,672		—		19,384,871
Construction & Engineering		1,179,623		13,311,026		—		14,490,649
Construction Materials		2,080,883		9,723,201		—		11,804,084
Consumer Finance		11,152,666		1,228,644		—		12,381,310

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-28

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Containers & Packaging	$	4,371,629	$	1,759,984	$	—	$	6,131,613
Distributors		1,583,064		328,697		—		1,911,761
Diversified Consumer Services		480,805		278,007		—		758,812
Diversified Financial Services		21,546,937		10,522,239		—		32,069,176
Diversified Telecommunication Services		29,335,235		35,880,671		—		65,215,906
Electric Utilities		26,734,546		24,976,546		—		51,711,092
Electrical Equipment		7,820,641		21,260,930		—		29,081,571
Electronic Equipment, Instruments & Components		5,935,108		19,401,386		—		25,336,494
Energy Equipment & Services		12,300,426		1,137,108		—		13,437,534
Equity Real Estate Investment Trusts		125,196,342		58,906,862		—		184,103,204
Food & Staples Retailing		26,950,804		21,441,204		—		48,392,008
Food Products		19,718,749		44,930,638		—		64,649,387
Gas Utilities		—		5,374,041		—		5,374,041
Health Care Equipment & Supplies		39,409,451		14,214,803		—		53,624,254
Health Care Providers & Services		39,822,442		9,488,644		—		49,311,086
Health Care Technology		1,326,741		595,743		—		1,922,484
Hotels, Restaurants & Leisure		26,559,458		19,308,011		—		45,867,469
Household Durables		6,386,595		17,190,451		—		23,577,046
Household Products		26,424,110		9,723,903		—		36,148,013
Independent Power and Renewable Electricity Producers		840,769		652,369		—		1,493,138
Industrial Conglomerates		32,935,102		24,578,232		—		57,513,334
Insurance		39,882,324		77,769,010		—		117,651,334
Internet & Direct Marketing Retail		37,438,694		2,137,009		—		39,575,703
Internet Software & Services		62,413,203		2,533,807		—		64,947,010
IT Services		53,891,428		10,621,177		—		64,512,605
Leisure Products		1,313,433		2,894,664		—		4,208,097
Life Sciences Tools & Services		10,079,684		3,033,439		—		13,113,123
Machinery		21,852,746		36,773,534		—		58,626,280
Marine		—		3,669,387		—		3,669,387
Media		42,956,166		17,529,819		—		60,485,985
Metals & Mining		3,336,570		38,084,101		—		41,420,671
Multi-Utilities		13,969,119		15,336,053		—		29,305,172
Multiline Retail		5,910,329		4,038,425		—		9,948,754
Oil, Gas & Consumable Fuels		70,365,577		65,334,145		—		135,699,722
Paper & Forest Products		—		3,736,287		—		3,736,287
Personal Products		1,998,276		27,821,267		—		29,819,543
Pharmaceuticals		73,587,683		109,479,372		—		183,067,055
Professional Services		4,227,446		15,589,989		—		19,817,435
Real Estate Management & Development		939,586		57,736,826		—		58,676,412
Road & Rail		13,248,927		16,685,028		—		29,933,955
Semiconductors & Semiconductor Equipment		49,442,552		12,148,598		—		61,591,150
Software		71,255,410		19,567,350		—		90,822,760
Specialty Retail		32,645,675		12,984,269		—		45,629,944
Technology Hardware, Storage & Peripherals		59,185,055		8,199,326		—		67,384,381
Textiles, Apparel & Luxury Goods		11,432,436		25,204,062		—		36,636,498
Tobacco		25,213,647		22,078,442		—		47,292,089
Trading Companies & Distributors		2,908,250		17,622,188		—		20,530,438
Transportation Infrastructure		—		9,328,265		—		9,328,265
Water Utilities		917,939		1,479,565		—		2,397,504
Wireless Telecommunication Services		—		23,862,421		—		23,862,421
Total Common Stocks		1,500,200,232		1,448,019,797		—		2,948,220,029
Total U.S. Treasury & Government Agencies*		—		998,007,432		—		998,007,432
Total Foreign Government*		—		409,834,846		—		409,834,846
Mutual Funds
Investment Company Securities		406,695,334		440,662		—		407,135,996
Total Preferred Stocks*		—		7,396,808		—		7,396,808

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-29

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Rights
Construction & Engineering	$	19,344		$	—		$	—	$	19,344
Equity Real Estate Investment Trusts		—			467			—		467
Total Rights		19,344			467			—		19,811
Total Short-Term Investments*		—			239,726,840			—		239,726,840
Total Securities Lending Reinvestments*		—			241,086,051			—		241,086,051
Total Investments	$	1,906,914,910		$	3,344,512,903		$	—	$	5,251,427,813
Collateral for Securities Loaned (Liability)	$	—		$	(240,923,161	)	$	—	$	(240,923,161	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	6,043,707		$	—	$	6,043,707
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(22,642,847	)		—		(22,642,847	)
Total Forward Contracts	$	—		$	(16,599,140	)	$	—	$	(16,599,140	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	2,700,797		$	—		$	—	$	2,700,797
Futures Contracts (Unrealized Depreciation)		(4,506,478	)		—			—		(4,506,478	)
Total Futures Contracts	$	(1,805,681	)	$	—		$	—	$	(1,805,681	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(16,910,143	)	$	—	$	(16,910,143	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	873,320		$	—	$	873,320

* 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 June 30, 2017 is not presented.

Transfers from Level 2 to Level 1 in the amount of $2,650,862 were due to the discontinuation of a systematic fair valuation model factor.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-30

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	5,247,451,530
Affiliated investments at value (c)		3,976,283
Cash		13,700,273
Cash denominated in foreign currencies (d)		9,794,550
Cash collateral for centrally cleared swap contracts		218,566
OTC swap contracts at market value		873,320
Unrealized appreciation on forward foreign currency exchange contracts		6,043,707
Receivable for:
Investments sold		17,206,642
Fund shares sold		406,939
Dividends and interest		16,994,373
Variation margin on futures contracts		1,160,765
Total Assets		5,317,826,948
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		22,642,847
Collateral for securities loaned		240,923,161
Payables for:
Investments purchased		22,168,338
Fund shares redeemed		381,419
Variation margin on futures contracts		2,037,789
Variation margin on centrally cleared swap contracts		2,666,627
Accrued Expenses:
Management fees		2,470,044
Distribution and service fees		1,043,074
Deferred trustees’ fees		98,903
Other expenses		987,009
Total Liabilities		295,419,211
Net Assets	$	5,022,407,737
Net Assets Consist of:
Paid in surplus	$	4,173,501,769
Undistributed net investment income		17,645,052
Accumulated net realized gain		55,481,196
Unrealized appreciation on investments, affiliated investments, futures contracts, swap contracts and foreign currency transactions		775,779,720
Net Assets	$	5,022,407,737
Net Assets
Class B	$	5,022,407,737
Capital Shares Outstanding*
Class B		424,084,921
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.84

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $4,438,755,921.
(b)	Includes securities loaned at value of $235,231,338.
(c)	Identified cost of affiliated investments was $2,639,517.
(d)	Identified cost of cash denominated in foreign currencies was $9,659,699.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	47,010,185
Dividends from affiliated investments		57,900
Interest		11,151,773
Securities lending income		1,034,334
Total investment income		59,254,192
Expenses
Management fees		15,128,136
Administration fees		101,924
Custodian and accounting fees		336,371
Distribution and service fees—Class B		6,200,079
Interest expense		45,593
Audit and tax services		47,732
Legal		20,763
Trustees’ fees and expenses		26,454
Shareholder reporting		98,208
Insurance		17,321
Miscellaneous		53,957
Total expenses		22,076,538
Less management fee waiver		(435,087	)
Net expenses		21,641,451
Net Investment Income		37,612,741
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		14,394,600
Futures contracts		(24,584,715	)
Swap contracts		74,880,689
Foreign currency transactions		7,304,493
Net realized gain		71,995,067
Net change in unrealized appreciation (depreciation) on:
Investments		312,578,901
Affiliated investments		75,994
Futures contracts		(219,785	)
Swap contracts		(53,495,173	)
Foreign currency transactions		(20,837,794	)
Net change in unrealized appreciation		238,102,143
Net realized and unrealized gain		310,097,210
Net Increase in Net Assets From Operations	$	347,709,951

(a) Net of foreign withholding taxes of $2,819,098.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-31

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	37,612,741		$	59,009,090
Net realized gain (loss)		71,995,067			(259,478	)
Net change in unrealized appreciation		238,102,143			117,567,827
Increase in net assets from operations		347,709,951			176,317,439
From Distributions to Shareholders
Net investment income
Class B		(74,207,879	)		(79,569,686	)
Net realized capital gains
Class B		0			(51,278,242	)
Total distributions		(74,207,879	)		(130,847,928	)
Decrease in net assets from capital share transactions		(174,874,823	)		(113,448,688	)
Total increase (decrease) in net assets		98,627,249			(67,979,177	)
Net Assets
Beginning of period		4,923,780,488			4,991,759,665
End of period	$	5,022,407,737		$	4,923,780,488
Undistributed net investment income
End of period	$	17,645,052		$	54,240,190

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		913,138		$	10,660,015			11,925,620		$	133,599,200
Reinvestments		6,230,721			74,207,879			11,809,380			130,847,928
Redemptions		(22,290,036	)		(259,742,717	)		(33,751,538	)		(377,895,816	)
Net decrease		(15,146,177	)	$	(174,874,823	)		(10,016,538	)	$	(113,448,688	)
Decrease derived from capital shares transactions				$	(174,874,823	)				$	(113,448,688	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-32

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.21		$	11.11		$	11.84		$	11.48		$	10.70		$	9.73
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.13			0.10			0.13			0.08			0.05
Net realized and unrealized gain (loss) on investments		0.72			0.27			(0.01	)		0.69			1.09			0.93
Total from investment operations		0.81			0.40			0.09			0.82			1.17			0.98
Less Distributions
Distributions from net investment income		(0.18	)		(0.18	)		(0.40	)		(0.23	)		(0.15	)		(0.01	)
Distributions from net realized capital gains		0.00			(0.12	)		(0.42	)		(0.23	)		(0.24	)		(0.00	)(b)
Total distributions		(0.18	)		(0.30	)		(0.82	)		(0.46	)		(0.39	)		(0.01	)
Net Asset Value, End of Period	$	11.84		$	11.21		$	11.11		$	11.84		$	11.48		$	10.70
Total Return (%) (c)		7.19	(d)		3.60			0.58			7.35			11.15			10.09
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(e)		0.89			0.89			0.90			0.89			0.91
Net ratio of expenses to average net assets (%) (f)		0.87	(e)		0.87			0.87			0.88			0.88			0.91
Ratio of net investment income to average net assets (%)		1.52	(e)		1.18			0.88			1.15			0.74			0.52
Portfolio turnover rate (%)		23	(d)		34			34			37			29			35
Net assets, end of period (in millions)	$	5,022.4		$	4,923.8		$	4,991.8		$	5,195.3		$	5,064.3		$	4,142.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from net realized capital gains were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-33

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is AB Global Dynamic Allocation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—AllianceBernstein Global Dynamic Allocation Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the AllianceBernstein Global Dynamic Allocation Portfolio, Ltd. which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary’s inception date was May 2, 2012 and it invests primarily in commodity derivatives, exchange-traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by AllianceBernstein L.P. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $63,629,695 in the Subsidiary, representing 1.2% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

BHFTI-34

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a 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 its 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 NAV 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 options on swaps (“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.

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

BHFTI-35

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to futures transactions, foreign currency transactions, swap transactions, premium amortization adjustments, real estate investment trust (“REIT”) adjustments, passive foreign investment companies (“PFICs”), controlled foreign corporations, distribution re-designations and adjustments to prior period accumulated balances. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-36

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $189,793,140. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $44,099,696. The combined value of all repurchase agreements is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Consolidated Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(62,427,908	)	$	—	$	—	$	—	$	(62,427,908	)
Mutual Funds		(128,494,984	)		—		—		—		(128,494,984	)
U.S. Treasury & Government Agencies		(50,000,269	)		—		—		—		(50,000,269	)
Total	$	(240,923,161	)	$	—	$	—	$	—	$	(240,923,161	)
Total Borrowings	$	(240,923,161	)	$	—	$	—	$	—	$	(240,923,161	)
Gross amount of recognized liabilities for securities lending transactions										$	(240,923,161	)

BHFTI-37

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

BHFTI-38

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The

BHFTI-39

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer 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 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). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either 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 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). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally 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 particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced

BHFTI-40

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate				Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	16,910,143
	Unrealized appreciation on futures contracts (a) (c)	$	960,267	Unrealized depreciation on futures contracts (a) (c)		2,104,479
Equity	OTC swap contracts at market value		873,320
	Unrealized appreciation on futures contracts (a) (c)		1,740,530	Unrealized depreciation on futures contracts (a) (c)		2,401,999
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		6,043,707	Unrealized depreciation on forward foreign currency exchange contracts		22,642,847
		$	9,617,824		$	44,059,468

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

BHFTI-41

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
BNP Paribas S.A.	$	94,122	$	(94,122	)	$	—	$	—
Citibank N.A.		548,835		(548,835	)		—		—
Credit Suisse International		4,338,767		(1,434,357	)		—		2,904,410
Deutsche Bank AG		873,320		—			—		873,320
HSBC Bank USA		33,283		(33,283	)		—		—
JPMorgan Chase Bank N.A.		630,140		(444,792	)		—		185,348
Morgan Stanley & Co. International		302,052		—			—		302,052
State Street Bank and Trust		96,508		(96,508	)		—		—
	$	6,917,027	$	(2,651,897	)	$	—	$	4,265,130

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	1,964,989	$	—		$	—	$	1,964,989
BNP Paribas S.A.		278,407		(94,122	)		—		184,285
Citibank N.A.		1,102,502		(548,835	)		—		553,667
Credit Suisse International		1,434,357		(1,434,357	)		—		—
Goldman Sachs International		2,089,385		—			—		2,089,385
HSBC Bank USA		311,767		(33,283	)		—		278,484
JPMorgan Chase Bank N.A.		444,792		(444,792	)		—		—
Royal Bank of Scotland plc		14,601,826		—			—		14,601,826
State Street Bank and Trust		298,669		(96,508	)		—		202,161
UBS AG		116,153		—			—		116,153
	$	22,642,847	$	(2,651,897	)	$	—	$	19,990,950

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit		Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—	$	—		$	5,609,215		$	5,609,215
Futures contracts		1,079,135			—		(25,663,850	)		—			(24,584,715	)
Swap contracts		52,027,676			1,058,261		21,794,752			—			74,880,689
	$	53,106,811		$	1,058,261	$	(3,869,098	)	$	5,609,215		$	55,905,189
Consolidated Statement of Operations Location— Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit		Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—	$	—		$	(21,258,952	)	$	(21,258,952	)
Futures contracts		802,987			—		(1,022,772	)		—			(219,785	)
Swap contracts		(35,923,922	)				(17,571,251	)		—			(53,495,173	)
	$	(33,293,718	)	$	—	$	(20,421,240	)	$	(21,258,952	)	$	(74,973,910	)

BHFTI-42

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	1,504,077,595
Futures contracts long		436,353,414
Futures contracts short		(165,703,461	)
Swap contracts		1,500,746,304

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

BHFTI-43

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$104,667,550	$	1,000,652,605	$	345,776,259	$	707,311,368

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$15,128,136		0.700	%	First $250 million
		0.650	%	$250 million to $500 million
		0.625	%	$500 million to $1 billion
		0.600	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	$500 million to $1 billion
0.020%	$2 billion to $3.5 billion
0.030%	$3.5 billion to $5 billion
0.040%	Over $5 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Consolidated Statement of Operations.

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold		Number of shares held at June 30, 2017		Realized Gain on shares sold		Income earned from affiliates during the period		Ending Value as of June 30, 2017
MetLife, Inc.		72,375		0		0		72,375	$	—	$	57,900	$	3,976,283

9. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

10. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$127,117,393	$	327,645,494	$	3,730,535	$	22,699,623	$	130,847,928	$	350,345,117

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$75,249,993	$	—	$	500,928,555	$	(689,823	)	$	575,488,725

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the Portfolio had accumulated short-term capital losses of $689,823.

11. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

12. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	396,827,431		18,765,893		27,848,528

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		414,110,562		29,331,290
Robert Boulware		414,170,218		29,271,634
Susan C. Gause		414,679,916		28,761,936
Nancy Hawthorne		414,312,051		29,129,801
Barbara A. Nugent		414,695,763		28,746,090
John Rosenthal		413,999,910		29,441,942
Linda B. Strumpf		413,500,237		29,941,615
Dawn M. Vroegop		413,873,990		29,564,862

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Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Managed by Allianz Global Investors U.S. LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the Allianz Global Investors Dynamic Multi-Asset Plus Portfolio returned 6.86%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

Central Bank policy and political developments were key themes during the period. U.S. Federal Reserve (the “Fed”) Chair Janet Yellen led the Fed to raise interest rates twice, in March and again in June, and maintained forecasts to further rate rises in the second half of 2017 and 2018 largely in line with market expectations. However, other central bank heads surprised markets, including Mario Draghi, head of the European Central Bank (the “ECB”), whose comments in late June about the temporal nature of disinflationary pressures led to speculation that the ECB would fast-forward its policy tightening. Overall, global equities rallied strongly in the period despite the prevailing political uncertainty and developed markets’ central bank policy becoming less accommodative. Global equities rallied 13.8% (MSCI EAFE USD Index Total Return) with the U.S. returning 8.9% (Russell 3000 Index). The best performing equities were Emerging Markets, which posted double digit returns supported by better macro-economic growth and benefitting from a weaker U.S. dollar. In the U.S., against the backdrop of weaker inflation prints and stable but decelerating growth, almost all sectors rallied with Information Technology stocks posting the strongest performance although they gave back some of their gains in June. Large cap stocks outperformed small cap stocks by more than 4.0% and growth stocks significantly outperformed value stocks for the period.

Global bonds posted positive returns with emerging market bonds outperforming most developed markets. For much of the period, yields in developed markets whipsawed as investor sentiment was affected by both central bank rhetoric and perceived political risk. Toward the end of the period, yields rallied in response to Draghi’s comments suggesting an accelerated end to monetary policy accommodation. U.S. Treasuries, which started the period having priced in further rises in U.S. interest rates, managed to post modestly positive returns with the Bloomberg Barclays Aggregate Treasury Bond Index up around 2.0%. U.K. bonds also had positive returns. In contrast, during the period core eurozone sovereign bonds suffered modest losses as yields spiked at the end of the period in the aftermath of Draghi’s statements.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Allianz Global Investors pursues the Portfolio’s investment objective through a combination of active allocation between asset classes and utilization of actively managed strategies within those asset classes. Allianz Global Investors allocates the Portfolio’s investments among asset classes in response to changing market, economic, and political factors and events that Allianz Global Investors believes may affect the value of the Portfolio’s investments. The Portfolio utilizes both quantitative and fundamental research in order to identify trends and turning points in the global markets that inform its decisions about when and where to invest the Portfolio’s assets. The Portfolio’s global stock selection is based on a risk-factor approach that aims to reap equity-related style premiums.

The Portfolio underperformed the Dow Jones Moderate Index benchmark during the six month period ending June 30, 2017. There were a number of positive and negative contributions coming from asset allocation and stock selection effects. Among the detractors were risk factor-based stock selection, specifically due to the underperformance of value stocks, and a tactical underweight to U.S. Government Bonds. Positive return contributions came from a tactical overweight in global equities, and opportunistic exposures to Emerging Market debt, Emerging Market equities, and High Yield bonds.

Throughout the period, the Portfolio maintained a tactical overweight in Global Developed equities of approximately 10.0%, which helped as both U.S. equities and international equities continued to rise. The Portfolio held overweight exposure in both the U.S. and international equities through the end of April. In May the overweight to U.S. equities was trimmed in favor of exposure to international equities as a result of improving market conditions especially in the eurozone.

In addition to the overweight in equities, the Portfolio started the period with an approximately 7.5% opportunistic exposure to High Yield Bond Exchange Traded Funds (“ETFs”), which was gradually decreased, leaving no exposure at the close of the period. The proceeds of the sale were used to increase the opportunistic exposure to Emerging Market Bond ETFs to approximately 6.5% as of the end of the period.

In order to finance the overweight positions of equities and opportunistic assets, the Portfolio maintained an underweight exposure to U.S. Government Bonds. At the end of the period, the Portfolio held an underweight of approximately 19%.

The Portfolio utilizes derivatives to gain exposure to certain asset classes and to conduct tactical views to overweight and underweight certain asset classes relative to the benchmark. The Portfolio utilized derivatives to gain exposure to U.S. equities, international equities, real estate, and fixed income which have provided mixed contributions to

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Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Managed by Allianz Global Investors U.S. LLC

Portfolio Manager Commentary*—(Continued)

absolute performance during the reporting period. The derivatives have performed as expected, enabling the Portfolio to gain or reduce exposure to the underlying asset classes in a liquid and cost effective way.

Michael Stamos

Herold Rohweder

Giorgio Carlino

Portfolio Managers

Allianz Global Investors U.S. LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		Since Inception2
Allianz Global Investors Dynamic Multi-Asset Plus Portfolio
Class B		6.86		7.48		4.43
Dow Jones Moderate Index		7.27		10.35		5.61

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/14/2014. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Equity Sectors

	% of Net Assets
Financials		16.9
Information Technology		10.9
Consumer Discretionary		8.9
Industrials		7.4
Health Care		6.6

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		29.2
Cash & Cash Equivalents		3.6

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Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		1.20	%	$	1,000.00	$	1,068.60	$	6.15
	Hypothetical*		1.20	%	$	1,000.00	$	1,018.84	$	6.01

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects an expense limitation agreement between Brighthouse Investment Advisers, LLC and the Portfolio as described in Note 7 of the Notes to Consolidated Financial Statements.

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Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—60.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.3%
General Dynamics Corp.		1,189	$	235,541
Huntington Ingalls Industries, Inc.		1,463		272,352
Spirit AeroSystems Holdings, Inc. - Class A		485		28,101
Thales S.A.		457		49,236
				585,230
Air Freight & Logistics—0.8%
Air Transport Services Group, Inc. (a)		5,486		119,485
Deutsche Post AG		14,653		549,839
FedEx Corp.		3,164		687,632
				1,356,956
Airlines—0.7%
Air New Zealand, Ltd.		38,437		91,886
Alaska Air Group, Inc.		571		51,253
ANA Holdings, Inc.		103,000		358,223
Exchange Income Corp. (b)		3,917		99,858
International Consolidated Airlines Group S.A.		41,977		334,284
JetBlue Airways Corp. (a)		7,395		168,828
SkyWest, Inc.		6,515		228,676
				1,333,008
Auto Components—0.8%
Bridgestone Corp.		300		12,955
Cie Automotive S.A.		6,789		155,870
Dana, Inc.		10,962		244,782
Exedy Corp.		600		16,936
FCC Co., Ltd.		5,700		115,107
Grammer AG		2,917		153,424
Kongsberg Automotive ASA (a)		29,173		25,858
Lear Corp.		2,164		307,461
Sogefi S.p.A. (a)		18,254		98,094
Standard Motor Products, Inc.		513		26,789
Stoneridge, Inc. (a)		8,074		124,420
Toyoda Gosei Co., Ltd.		800		19,132
Toyota Boshoku Corp.		1,600		30,109
Unipres Corp.		1,000		22,294
Xinyi Glass Holdings, Ltd. (a)		76,000		75,359
				1,428,590
Automobiles—2.2%
Daimler AG		8,777		636,715
Fiat Chrysler Automobiles NV (a)		29,182		310,204
Ford Motor Co.		47,363		529,992
General Motors Co.		17,387		607,328
Nissan Motor Co., Ltd.		48,200		480,532
Peugeot S.A.		1,006		20,082
Subaru Corp.		500		16,900
Suzuki Motor Corp.		8,500		403,969
Toyota Motor Corp.		16,000		839,278
				3,845,000
Banks—3.9%
BancFirst Corp.		293		28,304
Berkshire Hills Bancorp, Inc.		342		12,021
Banks—(Continued)
BOC Hong Kong Holdings, Ltd.		104,000		498,550
Brookline Bancorp, Inc.		13,395		195,567
Cathay General Bancorp		3,784		143,603
Citizens Financial Group, Inc.		2,634		93,981
Danske Bank A/S		1,526		58,906
DBS Group Holdings, Ltd.		16,700		251,600
First Merchants Corp.		1,222		49,051
Great Southern Bancorp, Inc.		774		41,409
Heartland Bank, Ltd.		13,369		17,439
HSBC Holdings plc		40,559		376,471
Iberiabank Corp.		360		29,340
Independent Bank Corp./Rockland Trust		354		23,594
Intesa Sanpaolo S.p.A.		158,558		505,819
Israel Discount Bank, Ltd. - Class A (a)		80,832		212,784
JPMorgan Chase & Co.		1,554		142,036
Mitsubishi UFJ Financial Group, Inc.		115,700		780,237
Oversea-Chinese Banking Corp., Ltd.		38,900		304,895
Peoples Bancorp, Inc.		1,485		47,713
Pinnacle Financial Partners, Inc.		442		27,758
PNC Financial Services Group, Inc. (The)		1,133		141,478
Raiffeisen Bank International AG (a)		10,419		263,686
Regions Financial Corp.		25,738		376,804
Royal Bank of Canada		6,543		475,084
Royal Bank of Canada (U.S. Listed Shares)		5,504		399,150
Spar Nord Bank A/S		8,467		111,067
Sparebank 1 Nord Norge		2,534		17,247
Sparebanken Vest		5,893		36,540
Sumitomo Mitsui Financial Group, Inc.		9,800		383,383
Sydbank A/S		2,655		100,060
Toronto-Dominion Bank (The)		9,082		457,672
Toronto-Dominion Bank (The) (U.S. Listed Shares)		7,470		376,339
				6,979,588
Beverages—1.1%
Coca-Cola HBC AG (a)		11,305		332,556
Dr Pepper Snapple Group, Inc.		3,768		343,302
Heineken Holding NV		1,990		182,890
PepsiCo, Inc.		9,033		1,043,221
				1,901,969
Biotechnology—1.4%
AbbVie, Inc.		8,293		601,325
Amgen, Inc.		5,571		959,493
Gilead Sciences, Inc.		9,545		675,595
Monash IVF Group, Ltd.		25,815		35,350
PDL BioPharma, Inc. (a)		59,880		147,904
				2,419,667
Building Products—0.3%
Insteel Industries, Inc.		7,019		231,417
Owens Corning		4,558		305,021
				536,438
Capital Markets—0.8%
Bank of New York Mellon Corp. (The)		8,526		434,997

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
CME Group, Inc.		1,068	$	133,756
International FCStone, Inc. (a)		3,890		146,886
Morgan Stanley		16,000		712,960
				1,428,599
Chemicals—1.9%
A. Schulman, Inc.		747		23,904
Arkema S.A.		2,112		225,527
Borregaard ASA		19,892		245,902
Covestro AG (144A) (b)		4,422		319,315
Denka Co., Ltd.		14,000		72,392
Dow Chemical Co. (The)		11,060		697,554
Ercros S.A. (a)		14,938		55,764
Huntsman Corp.		8,685		224,420
Koppers Holdings, Inc. (a)		4,237		153,168
Kuraray Co., Ltd.		16,600		301,590
LyondellBasell Industries NV - Class A		6,166		520,349
Shin-Etsu Chemical Co., Ltd.		5,700		517,799
				3,357,684
Commercial Services & Supplies—0.5%
Cewe Stiftung & Co. KGaA		404		34,106
Derichebourg S.A.		6,199		52,778
Downer EDI, Ltd.		3,926		19,323
Ennis, Inc.		967		18,470
Johnson Service Group plc		25,374		42,538
KAR Auction Services, Inc.		2,374		99,637
Kimball International, Inc. - Class B		3,532		58,949
Quad/Graphics, Inc.		6,151		140,981
RPS Group plc		11,721		40,035
SmartGroup Corp., Ltd.		8,795		48,468
Toppan Printing Co., Ltd.		27,000		296,623
Viad Corp.		2,339		110,518
				962,426
Communications Equipment—0.5%
Cisco Systems, Inc.		31,352		981,318
Construction & Engineering—0.8%
ACS Actividades de Construccion y Servicios S.A.		3,259		126,055
Galliford Try plc		7,341		111,055
HOCHTIEF AG		1,771		324,717
Kyudenko Corp.		3,500		125,494
Nishimatsu Construction Co., Ltd.		38,000		201,767
Peab AB		19,681		238,796
Toshiba Plant Systems & Services Corp.		5,600		88,346
Tutor Perini Corp. (a)		1,032		29,670
Veidekke ASA		2,311		30,179
Vinci S.A.		949		81,064
				1,357,143
Construction Materials—0.3%
Adelaide Brighton, Ltd.		11,113		48,052
Boral, Ltd.		41,499		221,689
CSR, Ltd.		35,168		114,343
Construction Materials—(Continued)
Fletcher Building, Ltd.		32,851		192,618
				576,702
Consumer Finance—0.0%
Nelnet, Inc. - Class A		993		46,681
Regional Management Corp. (a)		1,544		36,485
				83,166
Containers & Packaging—0.3%
Berry Global Group, Inc. (a)		3,090		176,161
Smurfit Kappa Group plc		9,655		301,568
Smurfit Kappa Group plc		573		17,839
				495,568
Diversified Financial Services—0.2%
Berkshire Hathaway, Inc. - Class B (a)		787		133,294
Voya Financial, Inc.		6,689		246,757
				380,051
Diversified Telecommunication Services—2.2%
AT&T, Inc.		33,663		1,270,105
CenturyLink, Inc. (b)		13,413		320,303
IDT Corp. - Class B		6,674		95,905
Koninklijke KPN NV		29,388		94,301
Nippon Telegraph & Telephone Corp.		12,300		581,838
Orange S.A.		29,834		475,240
Verizon Communications, Inc.		23,814		1,063,533
				3,901,225
Electric Utilities—1.8%
American Electric Power Co., Inc.		6,049		420,224
AusNet Services		22,901		30,538
CLP Holdings, Ltd.		36,000		380,907
Exelon Corp.		14,034		506,207
Iberdrola S.A.		73,599		584,377
NextEra Energy, Inc.		4,737		663,796
Portland General Electric Co.		815		37,237
Southern Co. (The)		11,340		542,959
				3,166,245
Electrical Equipment—0.0%
Fujikura, Ltd.		3,000		25,188
Electronic Equipment, Instruments & Components—1.3%
ALSO Holding AG (a)		713		91,786
Arrow Electronics, Inc. (a)		4,121		323,169
Citizen Watch Co., Ltd.		14,200		99,887
Control4 Corp. (a)		2,229		43,711
Corning, Inc.		15,219		457,331
Flex, Ltd. (a)		1,071		17,468
Hitachi, Ltd.		75,000		461,224
Jabil, Inc.		737		21,513
Orbotech, Ltd. (a)		4,415		144,017
PCM, Inc. (a)		3,642		68,288

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
Sanmina Corp. (a)		569	$	21,679
Sumida Corp.		3,000		47,564
SYNNEX Corp.		2,402		288,144
Venture Corp., Ltd.		23,000		201,310
				2,287,091
Energy Equipment & Services—0.1%
Helix Energy Solutions Group, Inc. (a)		3,261		18,392
Nabors Industries, Ltd.		15,699		127,790
				146,182
Equity Real Estate Investment Trusts—0.1%
Fortune Real Estate Investment Trust		38,000		47,164
Getty Realty Corp.		4,535		113,829
Keppel DC REIT		55,000		51,539
				212,532
Food & Staples Retailing—0.6%
CVS Health Corp.		8,560		688,738
George Weston, Ltd.		157		14,212
Ingles Markets, Inc. - Class A		5,045		167,998
Metcash, Ltd. (a)		103,051		190,361
Qol Co., Ltd.		2,100		31,523
Rallye S.A.		1,522		31,368
Shufersal, Ltd.		8,691		45,565
				1,169,765
Food Products—1.5%
Bunge, Ltd.		3,399		253,565
Fonterra Co-operative Group, Ltd.		14,264		62,729
Grieg Seafood ASA		26,217		182,959
Ingredion, Inc.		2,350		280,144
John B Sanfilippo & Son, Inc.		2,484		156,765
Leroy Seafood Group ASA		17,770		96,506
Morinaga Milk Industry Co., Ltd.		22,000		167,433
Omega Protein Corp.		8,396		150,288
Pinnacle Foods, Inc.		4,576		271,814
Rokko Butter Co., Ltd.		1,600		37,798
Salmar ASA		1,593		39,502
Sanderson Farms, Inc.		2,115		244,600
Tyson Foods, Inc. - Class A		5,484		343,463
Warabeya Nichiyo Holdings Co., Ltd.		1,800		49,699
WH Group, Ltd. (144A)		321,000		324,000
				2,661,265
Gas Utilities—0.3%
Atmos Energy Corp.		3,600		298,620
UGI Corp.		5,811		281,311
				579,931
Health Care Equipment & Supplies—0.6%
Baxter International, Inc.		6,302		381,523
Inogen, Inc. (a)		903		86,164
LeMaitre Vascular, Inc.		3,443		107,491
Health Care Equipment & Supplies—(Continued)
Masimo Corp. (a)		3,166		288,676
Teleflex, Inc.		1,433		297,720
				1,161,574
Health Care Providers & Services—2.9%
Aetna, Inc.		3,871		587,734
Anthem, Inc.		3,102		583,579
Cardinal Health, Inc.		5,686		443,053
Centene Corp. (a)		4,735		378,232
Express Scripts Holding Co. (a)		8,607		549,471
HCA Healthcare, Inc. (a)		5,308		462,858
Medical Facilities Corp.		2,160		24,385
Quest Diagnostics, Inc.		3,340		371,274
Tivity Health, Inc. (a)		6,548		260,938
Triple-S Management Corp. - Class B (a)		3,288		55,600
UnitedHealth Group, Inc.		5,939		1,101,209
WellCare Health Plans, Inc. (a)		1,649		296,095
				5,114,428
Hotels, Restaurants & Leisure—2.0%
Aramark		5,224		214,080
Aristocrat Leisure, Ltd.		18,738		324,660
Carnival plc		5,538		366,696
Collins Foods, Ltd.		9,606		43,561
Elior Group (144A)		3,971		115,906
Great Canadian Gaming Corp. (a)		5,503		101,335
International Game Technology plc		8,595		157,289
Marcus Corp. (The)		2,658		80,272
Marriott Vacations Worldwide Corp.		254		29,909
McDonald’s Corp.		5,862		897,824
Melia Hotels International S.A.		13,921		208,386
Royal Caribbean Cruises, Ltd.		244		26,652
Star Entertainment Group, Ltd. (The)		50,793		197,458
Vail Resorts, Inc.		1,388		281,528
Yum! Brands, Inc.		6,115		451,042
				3,496,598
Household Durables—1.6%
Barratt Developments plc		38,663		283,892
Bassett Furniture Industries, Inc.		2,458		93,281
Bellway plc		4,904		190,143
Garmin, Ltd.		5,350		273,011
Hooker Furniture Corp.		2,779		114,356
Mohawk Industries, Inc. (a)		1,510		364,952
Persimmon plc		8,991		262,671
Sekisui Chemical Co., Ltd.		15,600		279,862
Sekisui House, Ltd.		18,200		320,942
SodaStream International, Ltd. (a)		3,966		212,260
Taylor Wimpey plc		116,417		267,278
ZAGG, Inc. (a)		16,171		139,879
				2,802,527
Household Products—0.1%
Central Garden and Pet Co. (a)		2,953		93,876

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Independent Power and Renewable Electricity Producers—0.1%
Capital Power Corp.		5,854	$	109,785
ERG S.p.A.		4,103		57,702
				167,487
Industrial Conglomerates—0.7%
3M Co.		2,705		563,154
CK Hutchison Holdings, Ltd.		41,500		521,046
General Electric Co.		5,087		137,400
				1,221,600
Insurance—4.3%
Allstate Corp. (The)		5,338		472,093
American Financial Group, Inc.		2,865		284,695
Axis Capital Holdings, Ltd.		4,694		303,514
Chubb, Ltd.		4,650		676,017
Cincinnati Financial Corp.		4,480		324,576
Direct Line Insurance Group plc		57,115		264,574
Employers Holdings, Inc.		2,829		119,667
Everest Re Group, Ltd.		1,269		323,075
Federated National Holding Co.		1,567		25,072
Hartford Financial Services Group, Inc. (The)		7,405		389,281
Heritage Insurance Holdings, Inc.		5,029		65,478
Muenchener Rueckversicherungs-Gesellschaft AG		2,290		462,013
Principal Financial Group, Inc.		5,861		375,514
Prudential Financial, Inc.		5,249		567,627
Reinsurance Group of America, Inc.		2,346		301,203
SCOR SE		7,893		313,104
Sompo Holdings, Inc.		8,900		345,251
Swiss Life Holding AG (a)		964		325,680
Swiss Re AG		5,227		478,852
Travelers Cos., Inc. (The)		4,406		557,491
Universal Insurance Holdings, Inc. (b)		4,323		108,940
Zurich Insurance Group AG		1,840		535,794
				7,619,511
Internet & Direct Marketing Retail—0.2%
Amazon.com, Inc. (a)		324		313,632
Internet Software & Services—1.0%
Alphabet, Inc. - Class A (a)		55		51,133
Alphabet, Inc. - Class C (a)		762		692,452
Blucora, Inc. (a)		10,140		214,968
Facebook, Inc. - Class A (a)		2,735		412,930
j2 Global, Inc.		2,900		246,761
Meet Group, Inc. (The) (a)		37,295		188,340
				1,806,584
IT Services—1.3%
Bechtle AG		1,666		214,540
Capgemini SE		3,470		360,557
Convergys Corp.		648		15,410
DXC Technology Co.		5,477		420,196
Euronet Worldwide, Inc. (a)		1,656		144,685
Itochu Techno-Solutions Corp.		800		28,035
Leidos Holdings, Inc.		5,135		265,428
IT Services—(Continued)
Net 1 UEPS Technologies, Inc. (a)		8,400		82,824
NeuStar, Inc. - Class A (a)		6,481		216,141
NTT Data Corp.		12,500		139,311
Science Applications International Corp.		2,879		199,860
Sykes Enterprises, Inc. (a)		6,653		223,075
				2,310,062
Machinery—1.1%
Bobst Group S.A.		879		84,952
CKD Corp.		13,700		209,131
Conzzeta AG		81		80,447
Douglas Dynamics, Inc.		2,805		92,284
Fincantieri S.p.A. (a)		98,603		110,299
Fukushima Industries Corp.		1,100		42,366
Greenbrier Cos., Inc. (The) (b)		3,731		172,559
Illinois Tool Works, Inc.		287		41,113
Kadant, Inc.		486		36,547
Kyokuto Kaihatsu Kogyo Co., Ltd.		4,500		72,477
Lydall, Inc. (a)		3,338		172,575
PACCAR, Inc.		7,016		463,337
Park-Ohio Holdings Corp.		396		15,088
Prima Industrie S.p.A.		1,323		37,468
Supreme Industries, Inc. - Class A		12,876		211,810
Valmet Oyj		10,598		205,982
				2,048,435
Marine—0.1%
DFDS A/S		1,156		61,591
Wallenius Wilhelmsen Logistics (a)		19,772		116,783
				178,374
Media—1.4%
Comcast Corp. - Class A		27,629		1,075,321
Liberty SiriusXM Group - Class A (a)		5,645		236,977
Nippon Television Holdings, Inc.		2,000		33,660
Time Warner, Inc.		7,013		704,175
TV Tokyo Holdings Corp.		600		12,277
Walt Disney Co. (The)		3,978		422,663
				2,485,073
Metals & Mining—1.5%
Aichi Steel Corp.		700		27,715
AMG Advanced Metallurgical Group NV		5,566		163,894
APERAM S.A. (b)		625		29,192
ArcelorMittal (a)		10,185		232,065
Bekaert S.A.		556		28,305
Boliden AB		10,858		296,710
Fortescue Metals Group, Ltd.		59,215		237,172
Highland Gold Mining, Ltd.		19,455		35,928
HudBay Minerals, Inc.		17,476		100,487
Lucara Diamond Corp.		14,594		31,060
Norsk Hydro ASA		42,214		234,431
Northern Star Resources, Ltd.		20,356		74,598
Rio Tinto plc		14,480		610,530
Steel Dynamics, Inc.		8,349		298,978

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—(Continued)
Teck Resources, Ltd. - Class B (b)		12,607	$	218,479
				2,619,544
Mortgage Real Estate Investment Trusts—1.2%
AG Mortgage Investment Trust, Inc.		4,512		82,570
AGNC Investment Corp.		12,873		274,066
Annaly Capital Management, Inc.		30,452		366,947
Anworth Mortgage Asset Corp.		19,720		118,517
Apollo Commercial Real Estate Finance, Inc.		11,456		212,509
Ares Commercial Real Estate Corp.		5,893		77,139
Chimera Investment Corp.		12,279		228,758
Dynex Capital, Inc.		7,442		52,838
Ladder Capital Corp.		1,137		15,247
Mortgage Investment Corp.		11,744		220,787
New Residential Investment Corp.		14,312		222,695
New York Mortgage Trust, Inc. (b)		6,078		37,805
Two Harbors Investment Corp.		8,898		88,179
Western Asset Mortgage Capital Corp.		5,903		60,801
				2,058,858
Multi-Utilities—0.5%
CenterPoint Energy, Inc.		12,544		343,455
National Grid plc		41,845		519,370
				862,825
Multiline Retail—0.4%
Kohl’s Corp.		5,719		221,154
Macy’s, Inc.		2,119		49,245
Target Corp.		7,207		376,854
				647,253
Oil, Gas & Consumable Fuels—1.4%
Abraxas Petroleum Corp. (a)		28,950		46,899
Avance Gas Holding, Ltd. (144A) (a)		5,918		15,004
BW LPG, Ltd. (144A)		18,789		65,407
Caltex Australia, Ltd.		9,205		223,388
China Aviation Oil Singapore Corp., Ltd.		60,000		72,793
EOG Resources, Inc.		2,000		181,040
Exxon Mobil Corp.		2,721		219,666
Galp Energia SGPS S.A.		22,066		335,165
Geopark, Ltd. (a)		8,382		63,284
KNOT Offshore Partners L.P.		2,334		53,565
Neste Oyj		6,689		263,867
Repsol S.A.		15,102		231,684
REX American Resources Corp. (a)		540		52,143
Royal Dutch Shell plc - A Shares		3,540		94,157
Tanker Investments, Ltd. (a)		3,348		18,836
Valero Energy Corp.		7,355		496,168
				2,433,066
Paper & Forest Products—0.5%
Canfor Pulp Products, Inc.		988		9,569
Holmen AB - B Shares		4,705		204,360
Interfor Corp. (a)		6,610		94,705
Norbord, Inc.		5,099		158,734
Paper & Forest Products—(Continued)
UPM-Kymmene Oyj		13,648		389,241
Western Forest Products, Inc.		6,956		12,552
				869,161
Personal Products—0.1%
Best World International, Ltd.		90,000		92,895
Pharmaceuticals—1.7%
Allergan plc		2,076		504,655
Eli Lilly & Co.		4,743		390,349
Johnson & Johnson		12,712		1,681,670
Mallinckrodt plc (a)		2,214		99,209
Merck & Co., Inc.		421		26,982
Merck KGaA		197		23,849
Teva Pharmaceutical Industries, Ltd.		9,572		317,916
				3,044,630
Professional Services—0.6%
Adecco Group AG		1,532		116,632
Barrett Business Services, Inc.		2,884		165,224
CBIZ, Inc. (a)		7,003		105,045
ICF International, Inc. (a)		331		15,590
Kelly Services, Inc. - Class A		2,137		47,976
Navigant Consulting, Inc. (a)		8,932		176,496
Willdan Group, Inc. (a)		2,434		74,359
Wolters Kluwer NV		8,088		342,748
				1,044,070
Real Estate Management & Development—0.2%
Allreal Holding AG (a)		334		60,428
Deutsche Wohnen AG		1,518		58,107
Entra ASA (144A)		10,851		135,321
Nexity S.A. (a)		2,989		173,754
				427,610
Road & Rail—0.8%
ArcBest Corp.		690		14,214
East Japan Railway Co.		5,200		497,705
National Express Group plc		4,771		22,777
Nobina AB (144A)		6,741		36,560
Senko Group Holdings Co., Ltd.		3,000		19,518
Union Pacific Corp.		5,144		560,233
West Japan Railway Co.		5,200		367,695
				1,518,702
Semiconductors & Semiconductor Equipment—3.6%
Alpha & Omega Semiconductor, Ltd. (a)		2,889		48,160
Applied Materials, Inc.		13,546		559,585
BE Semiconductor Industries NV		4,007		215,322
Cabot Microelectronics Corp.		2,828		208,791
Entegris, Inc. (a)		5,168		113,438
Intel Corp.		28,358		956,799
KLA-Tencor Corp.		3,495		319,828
Lam Research Corp.		2,845		402,368
Maxim Integrated Products, Inc.		7,509		337,154

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Micron Technology, Inc. (a)		18,240	$	544,646
Nanometrics, Inc. (a)		6,367		161,022
NVIDIA Corp.		5,262		760,675
ON Semiconductor Corp. (a)		17,948		251,990
Photronics, Inc. (a)		1,775		16,685
Rohm Co., Ltd.		3,600		277,341
Rudolph Technologies, Inc. (a)		8,766		200,303
Texas Instruments, Inc.		9,324		717,295
Towa Corp.		9,500		139,991
Ultra Clean Holdings, Inc. (a)		9,192		172,350
				6,403,743
Software—0.8%
Microsoft Corp.		11,544		795,728
Open Text Corp.		7,674		242,209
Symantec Corp.		12,912		364,764
				1,402,701
Specialty Retail—0.4%
American Eagle Outfitters, Inc.		5,370		64,709
Best Buy Co., Inc.		333		19,091
Big 5 Sporting Goods Corp. (b)		11,638		151,876
Bilia AB - A Shares		11,536		114,226
Foot Locker, Inc.		4,570		225,210
GameStop Corp. - Class A		4,894		105,759
Valora Holding AG		197		63,023
				743,894
Technology Hardware, Storage & Peripherals—2.3%
Apple, Inc.		19,390		2,792,548
Brother Industries, Ltd.		7,200		166,611
FUJIFILM Holdings Corp.		10,200		367,171
Hewlett Packard Enterprise Co.		16,410		272,242
HP, Inc.		16,668		291,356
Logitech International S.A. (b)		7,377		270,441
				4,160,369
Textiles, Apparel & Luxury Goods—0.0%
Chargeurs S.A.		2,572		71,385
Thrifts & Mortgage Finance—0.0%
Territorial Bancorp, Inc.		823		25,669
Tobacco—0.7%
Imperial Brands plc		11,332		509,568
Reynolds American, Inc.		10,215		664,383
Scandinavian Tobacco Group A/S (144A)		2,504		40,801
				1,214,752
Trading Companies & Distributors—0.5%
Aircastle, Ltd.		8,827		191,987
H&E Equipment Services, Inc.		755		15,410
Marubeni Corp.		55,300		358,020
Trading Companies & Distributors—(Continued)
Rush Enterprises, Inc. - Class A (a)		5,773	$	214,640
Rush Enterprises, Inc. - Class B (a)		961		34,990
				815,047
Transportation Infrastructure—0.1%
Enav S.p.A. (144A)		24,448		105,376
Water Utilities—0.1%
SJW Group		2,222		109,278
Wireless Telecommunication Services—0.7%
NTT DoCoMo, Inc.		11,400		269,099
SoftBank Group Corp.		5,100		414,347
Vodafone Group plc		182,910		519,060
				1,202,506
Total Common Stocks (Cost $96,356,929)				106,851,622
U.S. Treasury & Government Agencies—29.2%
U.S. Treasury—29.2%
U.S. Treasury Bonds 3.000%, 11/15/44		1,267,000		1,307,386
3.125%, 02/15/43 (c)		2,538,000		2,681,356
4.375%, 05/15/41 (d)		2,607,000		3,341,746
4.500%, 05/15/38 (d)		2,854,000		3,695,374
5.375%, 02/15/31		1,139,000		1,530,798
6.875%, 08/15/25		1,351,000		1,824,958
7.625%, 11/15/22		1,986,000		2,561,630
7.875%, 02/15/21		1,839,000		2,236,756
U.S. Treasury Notes 0.625%, 11/30/17		489,000		487,991
0.750%, 02/28/18		1,607,000		1,602,103
0.875%, 07/31/19		1,483,000		1,467,243
1.000%, 06/30/19		1,483,000		1,471,993
1.125%, 03/31/20		1,471,000		1,455,772
1.500%, 02/28/19		1,483,000		1,486,070
1.875%, 10/31/17		7,500,000		7,518,795
2.000%, 05/31/21		1,839,000		1,857,677
2.000%, 11/15/21		2,022,000		2,039,062
2.000%, 02/15/23 (c)		6,568,000		6,571,080
2.125%, 08/31/20		1,766,000		1,794,422
2.250%, 07/31/18 (d)		1,325,000		1,338,095
2.375%, 08/15/24		2,027,000		2,057,879
3.125%, 05/15/19		1,483,000		1,530,851
Total U.S. Treasury & Government Agencies (Cost $52,570,837)				51,859,037

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Funds—6.5%

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—6.5%
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (b)		260,000	$	4,911,400
Vanguard Emerging Markets Government Bond ETF		82,500		6,608,250
Total Mutual Funds (Cost $11,454,936)				11,519,650
Rights—0.0%
Construction & Engineering—0.0%
ACS Actividades de Construccion y Servicios S.A., Expires 07/17/17 (a)		3,259		2,606
Hotels, Restaurants & Leisure—0.0%
Collins Foods, Ltd., Expires 07/12/17 (a)		873		0
Oil, Gas & Consumable Fuels—0.0%
Repsol S.A., Expires 06/30/17 (a)		15,102		6,899
Total Rights (Cost $9,974)				9,505
Short-Term Investment—3.6%
Repurchase Agreement—3.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $6,341,224 on 07/03/17, collateralized by $6,475,000 U.S. Treasury Note at 0.875% due 03/31/18 with a value of $6,471,290.		6,341,160		6,341,160
Total Short-Term Investments (Cost $6,341,160)				6,341,160
Securities Lending Reinvestments (e)—2.3%
Repurchase Agreements—2.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $632,505 on 07/03/17, collateralized by $658,367 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $645,097.		632,448		632,448
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $80,007 on 07/03/17, collateralized by $79,693 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $81,600.		80,000		80,000
Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $40,004 on 07/03/17, collateralized by $40,669 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $40,800.		40,000	$	40,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $300,233 on 07/03/17, collateralized by $65 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $333,547.		300,000		300,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $850,089 on 07/03/17, collateralized by $766,430 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $867,566.		850,000		850,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $850,095 on 07/03/17, collateralized by $1,694,953 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $867,101.		850,000		850,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $850,084 on 07/03/17, collateralized by $1,276,499 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $867,000.		850,000		850,000
				3,602,448
Time Deposits—0.3%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
DZ Bank AG New York 1.060%, 07/03/17		200,000		200,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		100,000		100,000
Standard Chartered plc 1.200%, 07/03/17		200,000		200,000
				600,000
Total Securities Lending Reinvestments (Cost $4,202,448)				4,202,448
Total Investments—101.8% (Cost $170,936,284) (f)				180,783,422
Other assets and liabilities (net)—(1.8)%				(3,192,925	)
Net Assets—100.0%			$	177,590,497

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

*	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 June 30, 2017, the market value of securities loaned was $4,063,340 and the collateral received consisted of cash in the amount of $4,202,448. 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 June 30, 2017, the market value of securities pledged was $1,845,238.
(d)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2017, the market value of securities pledged was $3,283,466.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(f)	As of June 30, 2017, the aggregate cost of investments was $170,936,284. The aggregate unrealized appreciation and depreciation of investments were $14,890,375 and $(5,043,237), respectively, resulting in net unrealized appreciation of $9,847,138.
(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 June 30, 2017, the market value of 144A securities was $1,157,690, which is 0.7% of net assets.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Australian Currency Futures		09/18/17		40			USD	3,052,676		$	17,324
Euro Currency Futures		09/18/17		20			USD	2,857,234			9,516
Euro Stoxx 50 Index Futures		09/15/17		100			EUR	3,546,130			(131,496	)
MSCI EAFE Mini Index Futures		09/15/17		25			USD	2,370,808			(8,808	)
MSCI Emerging Markets Index Mini Futures		09/15/17		20			USD	1,006,346			1,954
Russell 2000 Index Mini Futures		09/15/17		83			USD	5,919,706			(50,361	)
TOPIX Index Futures		09/07/17		25			JPY	397,886,250			44,354
Futures Contracts—Short
Japanese Yen Currency Futures		09/18/17		(40	)		USD	(4,469,406	)		14,406
S&P 500 Index E-Mini Futures		09/15/17		(5	)		USD	(606,578	)		1,353
U.S. Treasury Note 10 Year Futures		09/20/17		(1	)		USD	(125,748	)		217
U.S. Treasury Note 2 Year Futures		09/29/17		(19	)		USD	(4,113,172	)		7,093
U.S. Treasury Note 5 Year Futures		09/29/17		(4	)		USD	(472,243	)		899
Net Unrealized Depreciation										$	(93,549	)

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	$	(391,413	)
Pay		3M LIBOR		1.610	%		05/18/26		USD	45,000,000		(2,217,676	)
Pay		3M LIBOR		2.200	%		05/31/27		USD	8,000,000		(46,543	)
Net Unrealized Depreciation											$	(2,655,632	)

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

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	535,994	$	49,236	$	—	$	585,230
Air Freight & Logistics		807,117		549,839		—		1,356,956
Airlines		548,615		784,393		—		1,333,008
Auto Components		703,452		725,138		—		1,428,590
Automobiles		1,447,524		2,397,476		—		3,845,000
Banks		3,060,904		3,918,684		—		6,979,588
Beverages		1,386,523		515,446		—		1,901,969
Biotechnology		2,384,317		35,350		—		2,419,667
Building Products		536,438		—		—		536,438
Capital Markets		1,428,599		—		—		1,428,599
Chemicals		1,619,395		1,738,289		—		3,357,684
Commercial Services & Supplies		428,555		533,871		—		962,426
Communications Equipment		981,318		—		—		981,318
Construction & Engineering		29,670		1,327,473		—		1,357,143
Construction Materials		—		576,702		—		576,702
Consumer Finance		83,166		—		—		83,166
Containers & Packaging		176,161		319,407		—		495,568
Diversified Financial Services		380,051		—		—		380,051
Diversified Telecommunication Services		2,749,846		1,151,379		—		3,901,225
Electric Utilities		2,170,423		995,822		—		3,166,245
Electrical Equipment		—		25,188		—		25,188
Electronic Equipment, Instruments & Components		1,385,320		901,771		—		2,287,091
Energy Equipment & Services		146,182		—		—		146,182
Equity Real Estate Investment Trusts		113,829		98,703		—		212,532
Food & Staples Retailing		870,948		298,817		—		1,169,765
Food Products		1,700,639		960,626		—		2,661,265
Gas Utilities		579,931		—		—		579,931
Health Care Equipment & Supplies		1,161,574		—		—		1,161,574
Health Care Providers & Services		5,114,428		—		—		5,114,428
Hotels, Restaurants & Leisure		2,239,931		1,256,667		—		3,496,598
Household Durables		1,197,739		1,604,788		—		2,802,527
Household Products		93,876		—		—		93,876
Independent Power and Renewable Electricity Producers		109,785		57,702		—		167,487
Industrial Conglomerates		700,554		521,046		—		1,221,600
Insurance		4,894,243		2,725,268		—		7,619,511
Internet & Direct Marketing Retail		313,632		—		—		313,632

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Internet Software & Services	$	1,806,584		$	—		$	—	$	1,806,584
IT Services		1,567,619			742,443			—		2,310,062
Machinery		1,205,313			843,122			—		2,048,435
Marine		—			178,374			—		178,374
Media		2,439,136			45,937			—		2,485,073
Metals & Mining		649,004			1,970,540			—		2,619,544
Mortgage Real Estate Investment Trusts		2,058,858			—			—		2,058,858
Multi-Utilities		343,455			519,370			—		862,825
Multiline Retail		647,253			—			—		647,253
Oil, Gas & Consumable Fuels		1,112,765			1,320,301			—		2,433,066
Paper & Forest Products		275,560			593,601			—		869,161
Personal Products		—			92,895			—		92,895
Pharmaceuticals		2,702,865			341,765			—		3,044,630
Professional Services		584,690			459,380			—		1,044,070
Real Estate Management & Development		—			427,610			—		427,610
Road & Rail		574,447			944,255			—		1,518,702
Semiconductors & Semiconductor Equipment		5,771,089			632,654			—		6,403,743
Software		1,402,701			—			—		1,402,701
Specialty Retail		566,645			177,249			—		743,894
Technology Hardware, Storage & Peripherals		3,626,587			533,782			—		4,160,369
Textiles, Apparel & Luxury Goods		—			71,385			—		71,385
Thrifts & Mortgage Finance		25,669			—			—		25,669
Tobacco		664,383			550,369			—		1,214,752
Trading Companies & Distributors		457,027			358,020			—		815,047
Transportation Infrastructure		—			105,376			—		105,376
Water Utilities		109,278			—			—		109,278
Wireless Telecommunication Services		—			1,202,506			—		1,202,506
Total Common Stocks		70,671,607			36,180,015			—		106,851,622
Total U.S. Treasury & Government Agencies*		—			51,859,037			—		51,859,037
Total Mutual Funds*		11,519,650			—			—		11,519,650
Rights
Construction & Engineering		2,606			—			—		2,606
Hotels, Restaurants & Leisure		—			0			—		0
Oil, Gas & Consumable Fuels		6,899			—			—		6,899
Total Rights		9,505			0			—		9,505
Total Short-Term Investment*		—			6,341,160			—		6,341,160
Total Securities Lending Reinvestments*		—			4,202,448			—		4,202,448
Total Investments	$	82,200,762		$	98,582,660		$	—	$	180,783,422
Collateral for Securities Loaned (Liability)	$	—		$	(4,202,448	)	$	—	$	(4,202,448	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	97,116		$	—		$	—	$	97,116
Futures Contracts (Unrealized Depreciation)		(190,665	)		—			—		(190,665	)
Total Futures Contracts	$	(93,549	)	$	—		$	—	$	(93,549	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(2,655,632	)	$	—	$	(2,655,632	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	180,783,422
Cash		1,779
Cash denominated in foreign currencies (c)		129,465
Receivable for:
Fund shares sold		14,256
Dividends and interest		597,316
Variation margin on futures contracts		645,122
Variation margin on centrally cleared swap contracts		62,083
Total Assets		182,233,443
Liabilities
Collateral for securities loaned		4,202,448
Payables for:
Fund shares redeemed		70,737
Due to Adviser		6,093
Accrued Expenses:
Management fees		98,698
Distribution and service fees		36,555
Deferred trustees’ fees		63,287
Other expenses		165,128
Total Liabilities		4,642,946
Net Assets	$	177,590,497
Net Assets Consist of:
Paid in surplus	$	169,766,482
Undistributed net investment income		1,221,442
Accumulated net realized loss		(499,756	)
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		7,102,329
Net Assets	$	177,590,497
Net Assets
Class B	$	177,590,497
Capital Shares Outstanding*
Class B		16,098,339
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.03

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $170,936,284.
(b)	Includes securities loaned at value of $4,063,340.
(c)	Identified cost of cash denominated in foreign currencies was $128,253.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	1,919,155
Interest		432,151
Securities lending income		64,150
Total investment income		2,415,456
Expenses
Management fees		565,393
Administration fees		18,811
Deferred expense reimbursement		66,328
Custodian and accounting fees		36,349
Distribution and service fees—Class B		209,405
Audit and tax services		41,499
Legal		23,595
Trustees’ fees and expenses		26,454
Shareholder reporting		9,505
Insurance		555
Miscellaneous		7,246
Total expenses		1,005,140
Net Investment Income		1,410,316
Net Realized and Unrealized Gain
Net realized gain on:
Investments		2,375,333
Futures contracts		714,984
Swap contracts		141,199
Foreign currency transactions		11,432
Net realized gain		3,242,948
Net change in unrealized appreciation (depreciation) on:
Investments		6,137,263
Futures contracts		(216,353	)
Swap contracts		474,683
Foreign currency transactions		8,075
Net change in unrealized appreciation		6,403,668
Net realized and unrealized gain		9,646,616
Net Increase in Net Assets From Operations	$	11,056,932

(a) Net of foreign withholding taxes of $90,790.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,410,316		$	1,819,251
Net realized gain (loss)		3,242,948			(2,082,335	)
Net change in unrealized appreciation		6,403,668			3,474,851
Increase in net assets from operations		11,056,932			3,211,767
From Distributions to Shareholders
Net investment income
Class B		(2,689,742	)		(72,414	)
Total distributions		(2,689,742	)		(72,414	)
Increase in net assets from capital share transactions		8,601,799			36,307,655
Total increase in net assets		16,968,989			39,447,008
Net Assets
Beginning of period		160,621,508			121,174,500
End of period	$	177,590,497		$	160,621,508
Undistributed net investment income
End of period	$	1,221,442		$	2,500,868

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		1,419,557		$	15,493,248			4,912,986		$	50,660,716
Reinvestments		242,976			2,689,742			6,983			72,414
Redemptions		(883,917	)		(9,581,191	)		(1,382,150	)		(14,425,475	)
Net increase		778,616		$	8,601,799			3,537,819		$	36,307,655
Increase derived from capital shares transactions				$	8,601,799					$	36,307,655

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014(a)
Net Asset Value, Beginning of Period	$	10.48		$	10.28		$	10.51		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.09			0.13	(c)		0.09			(0.04	)
Net realized and unrealized gain (loss) on investments		0.63			0.08			(0.19	)		0.70
Total from investment operations		0.72			0.21			(0.10	)		0.66
Less Distributions
Distributions from net investment income		(0.17	)		(0.01	)		(0.11	)		(0.05	)
Distributions from net realized capital gains		0.00			0.00			(0.02	)		(0.10	)
Total distributions		(0.17	)		(0.01	)		(0.13	)		(0.15	)
Net Asset Value, End of Period	$	11.03		$	10.48		$	10.28		$	10.51
Total Return (%) (d)		6.86	(e)		1.99			(0.98	)		6.52	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.20	(f)		1.20			1.35			2.98	(f)
Net ratio of expenses to average net assets (%) (g)		1.20	(f)		1.20			1.20			1.20	(f)
Ratio of net investment income (loss) to average net assets (%)		1.68	(f)		1.23	(c)		0.87			(0.51	)(f)
Portfolio turnover rate (%)		23	(e)		49			23			19	(e)
Net assets, end of period (in millions)	$	177.6		$	160.6		$	121.2		$	37.1

(a)	Commencement of operations was April 14, 2014.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Allianz Global Investors Dynamic Multi-Asset Plus Portfolio (the “Portfolio”), which is non-diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary’s inception date is April 14, 2014 and it invests in commodity-related instruments such as futures, options, and swap contracts. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by the Allianz Global Investors U.S. LLC (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $0 in the Subsidiary.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946–Financial Services–Investment Companies and Topic 820–Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

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

BHFTI-18

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a 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 its 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 NAV 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 options on swaps (“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.

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

BHFTI-19

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (“REITs”), passive foreign investment companies (“PFICs”), swap transactions, adjustments to prior period accumulated balances and premium amortization. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-20

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $6,341,160. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $3,602,448. The combined value of all repurchase agreements is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Consolidated Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(1,246,546	)	$	—	$	—	$	—	$	(1,246,546	)
Mutual Funds		(2,955,902	)		—		—		—		(2,955,902	)
Total	$	(4,202,448	)	$	—	$	—	$	—	$	(4,202,448	)
Total Borrowings	$	(4,202,448	)	$	—	$	—	$	—	$	(4,202,448	)
Gross amount of recognized liabilities for securities lending transactions										$	(4,202,448	)

BHFTI-21

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

4. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These

BHFTI-22

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate				Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	2,655,632
	Unrealized appreciation on futures contracts (a) (c)	$	8,209
Equity	Unrealized appreciation on futures contracts (a) (c)		47,661	Unrealized depreciation on futures contracts (a) (c)		190,665
Foreign Exchange	Unrealized appreciation on futures contracts (a) (c)		41,246
Total		$	97,116		$	2,846,297

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(5,472	)	$	(5,472	)
Futures contracts		(302,827	)		1,017,811			—			714,984
Swap contracts		141,199			—			—			141,199
	$	(161,628	)	$	1,017,811		$	(5,472	)	$	850,711
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Foreign Exchange			Total
Futures contracts	$	(110,526	)	$	(147,073	)	$	41,246		$	(216,353	)
Swap contracts		474,683			—			—			474,683
	$	364,157		$	(147,073	)	$	41,246		$	258,330

BHFTI-23

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	7,560,215
Futures contracts short		(10,158,490	)
Swap contracts		52,333,333

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

BHFTI-24

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	37,717,570	$	1,977,000	$	38,731,822

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$565,393		0.675	%	First $250 million
		0.650	%	$250 million to $1 billion
		0.600	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managaing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2018. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current Expense Limitation Agreement Class B	Expenses Deferred in 2014 Subject to repayment until December 31, 2017		Expenses Deferred in 2015 Subject to repayment until December 31, 2018
1.20%	$	76,971	$118,545

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than three years after the end of the fiscal year in which such expense was incurred. As of June 30, 2017, the Adviser was repaid $66,328 by the Portfolio which was deferred in 2014. This amount is shown as Deferred expense reimbursement in the Consolidated Statement of Operations. There were no expenses deferred by the Adviser for the period ended June 30, 2017.

BHFTI-25

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$72,414	$	1,299,972	$	—	$	72,580	$	72,414	$	1,372,552

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$2,618,019	$	—	$	224,387	$	(3,336,613	)	$	(494,207	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the accumulated short-term capital losses were $840,644 and the accumulated long-term capital losses were $2,495,969.

BHFTI-26

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-27

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	13,756,211		600,355		896,589

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		14,152,977		1,100,179
Robert Boulware		14,192,379		1,060,778
Susan C. Gause		14,189,598		1,063,559
Nancy Hawthorne		14,178,825		1,074,331
Barbara A. Nugent		14,171,806		1,081,351
John Rosenthal		14,161,349		1,091,808
Linda B. Strumpf		14,183,815		1,069,342
Dawn M. Vroegop		14,184,365		1,068,791

BHFTI-28

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2017, the Class B and C shares of the American Funds Balanced Allocation Portfolio returned 8.62% and 8.36%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

ECONOMIC AND MARKET REVIEW

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 Index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47% respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99%, respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The American Funds Balanced Allocation Portfolio invested all of its assets in funds of the American Funds Insurance Series (AFIS) and American Funds retail mutual funds to maintain a broad asset allocation of approximately 35% fixed income to 65% to equities.

Over the six month period, the Portfolio outperformed the Dow Jones Moderate Index. An underweight to foreign bonds and poor security selection within the underlying fixed income funds was a drag on relative performance, but an overweight to U.S. large cap equities and strong security selection within the international equity funds was enough to outperform the benchmark.

During the second quarter of 2017, the contribution to relative performance from the underlying U.S. equity funds was mixed, but overall generated a small boost to returns. The biggest detractor from relative performance was the American Funds IS Blue Chip Income & Growth Fund, which underperformed its benchmark by

BHFTI-1

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

1.62%. The main drivers of underperformance were overweights to Energy, and poor security selection within Energy, Technology, Basic Materials, and Financial Services. Furthermore, the fund’s value tilt versus its benchmark served as a headwind. Another detractor from performance was the American Funds American Mutual Fund, which underperformed its benchmark by 0.93%. This fund also suffered from its value tilt versus its benchmark, in addition to overweights to Energy and Communication Services, and poor security selection within Technology. The best performing underlying U.S. equity fund was the American Funds IS Growth Fund, which outperformed its benchmark by 2.32% for the quarter. The fund’s growth tilt versus its benchmark was a strong contributor to performance, as was strong security selection within Consumer Discretionary, Healthcare, and Technology.

The underlying non-U.S. equity funds all contributed positively to relative performance. The biggest contributor was the American Funds IS International Fund, which outperformed its benchmark by 2.26% for the quarter. The fund benefitted from strong security selection, primarily within Consumer Discretionary, Financial Services, Technology and Utilities. However, the fund’s growth tilt versus its benchmark served as a tailwind. Another strong performer was the American Funds IS International Growth & Income Fund, which outperformed its benchmark by 1.46% over the period. While an underweight to, and poor security selection within Technology was a detractor from relative performance, strong security selection within Industrials and Financial Services were enough to outperform the benchmark. Finally, the American Funds IS Global Small Cap Fund managed to beat its benchmark as well. For the second quarter of 2017, the fund outperformed by 0.43%. The primary drivers of outperformance were security selection within Consumer Staples and Consumer Discretionary, as well as an overweight to Healthcare.

Overall, the fixed income funds’ contribution to relative return was negative for the second quarter of 2017. The American Funds IS High-Income Bond Fund was the biggest detractor from performance, and underperformed its benchmark by 0.56% for the quarter. While the fund benefitted from its positions in municipal bonds and utility bonds, it was not enough to compensate for the drag on relative performance from the fund’s positions in Financials, Industrials, and U.S. Treasuries. The American Funds IS U.S. Government/AAA-Rated Securities Fund was also a drag on relative performance, as it underperformed its benchmark by 0.18% for the quarter. While positions in U.S. Treasuries and mortgage bonds helped returns, the drag from positions in investment grade bonds and U.S. agency bonds proved too big of a headwind to overcome. The American Funds IS Global Bond Fund on the other hand, was able to outperform its benchmark by 0.11% for the quarter. The main drivers of return were investments in EM bonds, U.S. agency bonds, and high yield corporate bonds, whereas positions in investment grade bonds and non-U.S. developed market bonds were a drag on performance.

Investment Committee

Brighthouse Investment Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
American Funds Balanced Allocation Portfolio
Class B		8.62		12.90		9.65		6.03
Class C		8.36		12.42		9.32		5.71
Dow Jones Moderate Index		7.27		10.35		7.87		5.62

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B and Class C shares is 4/28/2008. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class B shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
American Funds Bond Fund (Class 1)		12.4
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		10.4
American Funds Growth Fund (Class 1)		9.2
American Funds Growth-Income Fund (Class 1)		9.2
American Funds International Growth and Income Fund (Class 1)		8.2
American Funds American Mutual Fund (Class R-6)		8.1
American Funds AMCAP Fund (Class R-6)		8.1
American Funds Blue Chip Income and Growth Fund (Class 1)		8.1
American Funds Fundamental Investors Fund (Class R-6)		8.1
American Funds International Fund (Class 1)		6.2

BHFTI-3

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Balanced Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,086.20	$	3.78
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class C(a)	Actual		1.03	%	$	1,000.00	$	1,083.60	$	5.32
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTI-4

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Schedule of Investments as of June 30, 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)		13,269,652	$	392,383,618
American Funds American Mutual Fund (Class R-6)		10,077,088		392,401,821
American Funds Blue Chip Income and Growth Fund (Class 1)		28,503,970		391,644,545
American Funds Bond Fund (Class 1) (a)		55,061,589		597,968,858
American Funds Fundamental Investors Fund (Class R-6)		6,647,511		391,604,875
American Funds Global Bond Fund (Class 1) (a)		11,940,318		139,940,527
American Funds Global Small Capitalization Fund (Class 1)		6,509,307		148,021,652
American Funds Growth Fund (Class 1)		6,320,683		442,953,471
American Funds Growth-Income Fund (Class 1)		9,708,582		442,420,098
American Funds High-Income Bond Fund (Class 1) (a)		18,520,595		194,836,662
American Funds International Fund (Class 1)		15,163,948		298,274,867
American Funds International Growth and Income Fund (Class 1) (a)		23,743,185		396,511,187
American Funds New World Fund (Class 1)		4,351,114		98,161,137
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		41,003,796		501,886,461
Total Mutual Funds (Cost $4,377,068,366)				4,829,009,779
Total Investments—100.1% (Cost $4,377,068,366) (b)				4,829,009,779
Other assets and liabilities (net)—(0.1)%				(2,640,802	)
Net Assets—100.0%			$	4,826,368,977

(a)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(b)	As of June 30, 2017, the aggregate cost of investments was $4,377,068,366. The aggregate unrealized appreciation and depreciation of investments were $479,237,739 and $(27,296,326), respectively, resulting in net unrealized appreciation of $451,941,413.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	4,829,009,779	$	—	$	—	$	4,829,009,779
Total Investments	$	4,829,009,779	$	—	$	—	$	4,829,009,779

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	2,997,866,084
Affiliated investments at value (b)		1,831,143,695
Cash		2,091
Receivable for:
Investments sold		1,630,489
Fund shares sold		696,206
Total Assets		4,831,338,565
Liabilities
Payables for:
Fund shares redeemed		2,328,787
Accrued Expenses:
Management fees		229,757
Distribution and service fees		2,186,065
Deferred trustees’ fees		115,782
Other expenses		109,197
Total Liabilities		4,969,588
Net Assets	$	4,826,368,977
Net Assets Consist of:
Paid in surplus	$	4,224,179,877
Undistributed net investment income		5,038,628
Accumulated net realized gain		145,209,059
Unrealized appreciation on investments and affiliated investments		451,941,413
Net Assets	$	4,826,368,977
Net Assets
Class B	$	8,945,548
Class C		4,817,423,429
Capital Shares Outstanding*
Class B		904,933
Class C		490,405,000
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.89
Class C		9.82

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,540,535,222.
(b)	Identified cost of affiliated investments was $1,836,533,144.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Underlying Portfolios	$	12,161,745
Dividends from Affiliated Underlying Portfolios		7,898,595
Total investment income		20,060,340
Expenses
Management fees		1,368,341
Administration fees		10,997
Custodian and accounting fees		13,578
Distribution and service fees—Class B		11,008
Distribution and service fees—Class C		12,981,983
Audit and tax services		15,255
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		36,230
Insurance		15,646
Miscellaneous		15,769
Total expenses		14,513,509
Net Investment Income		5,546,831
Net Realized and Unrealized Gain
Net realized gain on:
Investments		40,512,386
Affiliated investments		901,388
Capital gain distributions from Underlying Portfolios		98,180,142
Capital gain distributions from Affiliated Underlying Portfolios		9,462,370
Net realized gain		149,056,286
Net change in unrealized appreciation on:
Investments		151,920,637
Affiliated investments		76,696,278
Net change in unrealized appreciation		228,616,915
Net realized and unrealized gain		377,673,201
Net Increase in Net Assets From Operations	$	383,220,032

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,546,831		$	58,196,843
Net realized gain		149,056,286			257,065,059
Net change in unrealized appreciation		228,616,915			25,346,531
Increase in net assets from operations		383,220,032			340,608,433
From Distributions to Shareholders
Net investment income
Class B		(159,160	)		(153,900	)
Class C		(71,715,057	)		(73,536,216	)
Net realized capital gains
Class B		(445,987	)		(655,021	)
Class C		(240,889,036	)		(382,742,713	)
Total distributions		(313,209,240	)		(457,087,850	)
Increase in net assets from capital share transactions		142,614,487			200,979,185
Total increase in net assets		212,625,279			84,499,768
Net Assets
Beginning of period		4,613,743,698			4,529,243,930
End of period	$	4,826,368,977		$	4,613,743,698
Undistributed net investment income
End of period	$	5,038,628		$	71,366,014

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		45,810		$	469,178			151,526		$	1,464,305
Reinvestments		61,250			605,147			86,981			808,921
Redemptions		(57,089	)		(590,206	)		(89,370	)		(863,395	)
Net increase		49,971		$	484,119			149,137		$	1,409,831
Class C
Sales		6,673,624		$	67,388,771			17,425,333		$	169,725,991
Reinvestments		31,833,411			312,604,093			49,380,836			456,278,929
Redemptions		(23,456,789	)		(237,862,496	)		(43,918,225	)		(426,435,566	)
Net increase		15,050,246		$	142,130,368			22,887,944		$	199,569,354
Increase derived from capital shares transactions				$	142,614,487					$	200,979,185

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Financial Highlights

Selected per share data	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.76		$	10.07		$	10.84		$	11.50		$	10.51		$	9.52
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.15			0.16			0.20			0.16			0.18
Net realized and unrealized gain (loss) on investments		0.81			0.60			(0.17	)		0.46			1.71			1.11
Total from investment operations		0.84			0.75			(0.01	)		0.66			1.87			1.29
Less Distributions
Distributions from net investment income		(0.19	)		(0.20	)		(0.19	)		(0.19	)		(0.19	)		(0.20	)
Distributions from net realized capital gains		(0.52	)		(0.86	)		(0.57	)		(1.13	)		(0.69	)		(0.10	)
Total distributions		(0.71	)		(1.06	)		(0.76	)		(1.32	)		(0.88	)		(0.30	)
Net Asset Value, End of Period	$	9.89		$	9.76		$	10.07		$	10.84		$	11.50		$	10.51
Total Return (%) (b)		8.62	(c)		8.04			(0.33	)		6.38			18.91			13.80
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.31			0.31			0.31			0.32
Ratio of net investment income to average net assets (%) (f)		0.54	(e)		1.55			1.49			1.81			1.52			1.78
Portfolio turnover rate (%)		3	(c)		8			9			7			33			14
Net assets, end of period (in millions)	$	8.9		$	8.3		$	7.1		$	5.8		$	4.5		$	3.0
	Class C
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.69		$	9.99		$	10.76		$	11.42		$	10.44		$	9.45
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.12			0.11			0.15			0.13			0.13
Net realized and unrealized gain (loss) on investments		0.80			0.61			(0.16	)		0.47			1.69			1.13
Total from investment operations		0.81			0.73			(0.05	)		0.62			1.82			1.26
Less Distributions
Distributions from net investment income		(0.16	)		(0.17	)		(0.15	)		(0.15	)		(0.15	)		(0.17	)
Distributions from net realized capital gains		(0.52	)		(0.86	)		(0.57	)		(1.13	)		(0.69	)		(0.10	)
Total distributions		(0.68	)		(1.03	)		(0.72	)		(1.28	)		(0.84	)		(0.27	)
Net Asset Value, End of Period	$	9.82		$	9.69		$	9.99		$	10.76		$	11.42		$	10.44
Total Return (%) (b)		8.36	(c)		7.81			(0.71	)		6.05			18.53			13.53
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.61	(e)		0.61			0.61			0.61			0.61			0.62
Ratio of net investment income to average net assets (%) (f)		0.23	(e)		1.28			1.05			1.36			1.17			1.30
Portfolio turnover rate (%)		3	(c)		8			9			7			33			14
Net assets, end of period (in millions)	$	4,817.4		$	4,605.4		$	4,522.1		$	4,909.1		$	4,894.3		$	4,385.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is American Funds Balanced Allocation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B and C shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series (“AFIS”) and other funds within the American Funds family not part of AFIS (“Underlying Portfolios”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”). The NAV of the Portfolio is calculated based on the NAVs of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as Net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions received from underlying portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-9

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	134,653,893	$	0	$	191,985,141

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$1,368,341		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B and Class C Shares. Brighthouse Securities, LLC

BHFTI-10

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class C distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 1.00% respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class C Shares with respect to activities primarily intended to result in the sale of Class B and Class C Shares. However, under the Class B and Class C distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class C distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.55% of average daily net assets of the Portfolio attributable to its Class B and Class C Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and services fees in the Statement of Operations.

Under the terms of the Class B and Class C distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class C Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Underlying Portfolios

A summary of the Portfolio’s transactions in the securities of Affiliated Underlying Portfolios during the six months ended June 30, 2017 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
American Funds Bond Fund (Class 1)		53,776,195		1,308,645		(23,251	)		55,061,589
American Funds Global Bond Fund (Class 1)		11,664,297		278,000		(1,979	)		11,940,318
American Funds High-Income Bond Fund (Class 1)		18,393,278		225,552		(98,235	)		18,520,595
American Funds International Growth and Income Fund (Class 1)*		24,685,875		63,294		(1,005,984	)		23,743,185
American Funds U.S. Government/AAA—Rated Securities Fund (Class 1)		40,735,905		285,145		(17,254	)		41,003,796

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Affiliated Underlying Portfolio as of June 30, 2017. The most recent Annual Report of the Affiliated Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios		Ending Value as of June 30, 2017
American Funds Bond Fund (Class 1)	$	11,270		$	8,620,461	$	3,394,306	$	597,968,858
American Funds Global Bond Fund (Class 1)		1,327			841,909		—		139,940,527
American Funds High-Income Bond Fund (Class 1)		7,245			—		2,360,480		194,836,662
American Funds International Growth and Income Fund (Class 1)		889,764			—		715,215		396,511,187
American Funds U.S. Government/AAA—Rated Securities Fund (Class 1)		(8,218	)		—		1,428,594		501,886,461
	$	901,388		$	9,462,370	$	7,898,595	$	1,831,143,695

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-11

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$73,690,116	$	66,848,190	$	383,397,734	$	251,469,951	$	457,087,850	$	318,318,141

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$71,467,836	$	240,995,423	$	219,816,871	$	—	$	532,280,130

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

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Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
442,662,926		14,294,438		21,092,935

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		454,954,316		23,095,982
Robert Boulware		455,722,626		22,327,673
Susan C. Gause		456,206,652		21,843,646
Nancy Hawthorne		455,543,865		22,506,433
Barbara A. Nugent		456,001,860		22,048,439
John Rosenthal		455,528,291		22,522,007
Linda B. Strumpf		454,914,108		23,136,191
Dawn M. Vroegop		455,602,150		22,448,149

BHFTI-13

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2016, the Class B and C shares of the American Funds Growth Allocation Portfolio returned 10.43% and 10.35%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 8.91%.

ECONOMIC AND MARKET REVIEW

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 Index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47%, respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99%, respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE Index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The American Funds Growth Allocation Portfolio invested all of its assets in funds of the American Funds Insurance Series (AFIS) and American Funds retail mutual funds to maintain a broad asset allocation of approximately 15% fixed income and 85% to equities.

Over the six month period, the Portfolio outperformed the Dow Jones Moderately Aggressive Index. While poor security selection within the underlying fixed income funds was a drag on relative performance, the combination of an overweight to U.S. large cap equities and strong security selection within the international equity funds was enough to outperform the benchmark.

During the second quarter of 2017, the contribution to relative performance from the underlying U.S. equity funds was mixed, but overall generated a small boost to returns. The biggest detractor from relative performance was the American Funds IS Blue Chip Income & Growth Fund, which underperformed its benchmark by

BHFTI-1

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

1.62%. The main drivers of underperformance were overweights to Energy, and poor security selection within Energy, Technology, Basic Materials, and Financial Services. Furthermore, the fund’s value tilt versus its benchmark served as a headwind. Another detractor from performance was the American Funds American Mutual Fund, which underperformed its benchmark by 0.93%. This fund also suffered from its value tilt versus its benchmark, in addition to overweights to Energy and Communication Services, and poor security selection within Technology. The best performing underlying U.S. equity fund was the American Funds IS Growth Fund, which outperformed its benchmark by 2.32% for the quarter. The fund’s growth tilt versus its benchmark was a strong contributor to performance, as was strong security selection within Consumer Discretionary, Healthcare, and Technology.

The underlying non-U.S. equity funds all contributed positively to relative performance. The biggest contributor was the American Funds IS International Fund, which outperformed its benchmark by 2.26% for the quarter. The fund benefitted from strong security selection, primarily within Consumer Discretionary, Financial Services, Technology and Utilities. However, the funds growth tilt versus its benchmark served as a tailwind. Another strong performer was the American Funds IS International Growth & Income Fund, which outperformed its benchmark by 1.46% over the period. While an underweight to, and poor security selection within Technology was a detractor from relative performance, strong security selection within Industrials and Financial Services were enough to outperform the benchmark. Finally, the American Funds IS Global Small Cap Fund managed to beat its benchmark as well. For the second quarter of 2017, the fund outperformed by 0.43%. The primary drivers of outperformance were security selection within Consumer Staples and Consumer Discretionary, as well as an overweight to Healthcare.

Overall, the fixed income funds’ contribution to relative return was negative for the second quarter of 2017. The American Funds IS High-Income Bond Fund was the biggest detractor from performance, and underperformed its benchmark by 0.56% for the quarter. While the fund benefitted from its positions in municipal bonds and utility bonds, it was not enough to compensate for the drag on relative performance from the fund’s positions in financials, industrials, and U.S. Treasuries. The American Funds IS U.S. Government/AAA-Rated Securities Fund was also a drag on relative performance, as it underperformed its benchmark by 0.18% for the quarter. While positions in U.S. Treasuries and mortgage bonds helped returns, the drag from positions in investment grade bonds and U.S. agency bonds proved too big of a headwind to overcome. The American Funds IS Global Bond Fund on the other hand, was able to outperform its benchmark by 0.11% for the quarter. The main drivers of return were investments in EM bonds, U.S. agency bonds, and high yield corporate bonds, whereas positions in investment grade bonds and non-U.S. developed market bonds were a drag on performance.

Investment Committee

Brighthouse Investment Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
American Funds Growth Allocation Portfolio
Class B		10.43		16.62		11.84		6.40
Class C		10.35		16.32		11.51		6.07
Dow Jones Moderately Aggressive Index		8.91		14.97		9.95		6.25

¹ The Dow Jones Moderately Aggressive Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 80% of the risk of an all equity portfolio.

² Inception date of the Class B and Class C shares is 4/28/2008. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class B shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
American Funds AMCAP Fund (Class R-6)		12.1
American Funds Fundamental Investors Fund (Class R-6)		11.0
American Funds Growth Fund (Class 1)		11.0
American Funds International Growth and Income Fund (Class 1)		10.1
American Funds Growth-Income Fund (Class 1)		10.1
American Funds American Mutual Fund (Class R-6)		10.0
American Funds Blue Chip Income and Growth Fund (Class 1)		10.0
American Funds International Fund (Class 1)		8.0
American Funds Global Small Capitalization Fund (Class 1)		5.0
American Funds Bond Fund (Class 1)		3.9

BHFTI-3

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Growth Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.75	%	$	1,000.00	$	1,104.30	$	3.91
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.76
Class C(a)	Actual		1.05	%	$	1,000.00	$	1,103.50	$	5.48
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.59	$	5.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTI-4

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Schedule of Investments as of June 30, 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)		12,576,237	$	371,879,323
American Funds American Mutual Fund (Class R-6)		7,916,903		308,284,222
American Funds Blue Chip Income and Growth Fund (Class 1)		22,312,091		306,568,129
American Funds Bond Fund (Class 1)		10,978,763		119,229,370
American Funds Fundamental Investors Fund (Class R-6)		5,758,931		339,258,600
American Funds Global Bond Fund (Class 1)		5,130,209		60,126,051
American Funds Global Small Capitalization Fund (Class 1)		6,819,234		155,069,392
American Funds Growth Fund (Class 1)		4,838,893		339,109,623
American Funds Growth-Income Fund (Class 1)		6,801,934		309,964,152
American Funds High-Income Bond Fund (Class 1) (a)		8,636,882		90,859,996
American Funds International Fund (Class 1)		12,593,423		247,712,631
American Funds International Growth and Income Fund (Class 1) (a)		18,608,464		310,761,341
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1)		4,112,006		92,766,848
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		2,420,595		29,628,087
Total Mutual Funds (Cost $2,675,543,422)				3,081,217,765
Total Investments—100.1% (Cost $2,675,543,422) (b)				3,081,217,765
Other assets and liabilities (net)—(0.1)%				(1,757,334	)
Net Assets—100.0%			$	3,079,460,431

(a)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(b)	As of June 30, 2017, the aggregate cost of investments was $2,675,543,422. The aggregate unrealized appreciation and depreciation of investments were $413,956,912 and $(8,282,569), respectively, resulting in net unrealized appreciation of $405,674,343.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	3,081,217,765	$	—	$	—	$	3,081,217,765
Total Investments	$	3,081,217,765	$	—	$	—	$	3,081,217,765

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	2,679,596,428
Affiliated investments at value (b)		401,621,337
Cash		1,335
Receivable for:
Investments sold		1,358,918
Fund shares sold		1,197,506
Total Assets		3,083,775,524
Liabilities
Payables for:
Fund shares redeemed		2,557,759
Accrued Expenses:
Management fees		157,857
Distribution and service fees		1,391,941
Deferred trustees’ fees		115,782
Other expenses		91,754
Total Liabilities		4,315,093
Net Assets	$	3,079,460,431
Net Assets Consist of:
Paid in surplus	$	2,590,131,190
Undistributed net investment income		2,502,736
Accumulated net realized gain		81,152,162
Unrealized appreciation on investments and affiliated investments		405,674,343
Net Assets	$	3,079,460,431
Net Assets
Class B	$	22,087,786
Class C		3,057,372,645
Capital Shares Outstanding*
Class B		2,348,777
Class C		327,779,445
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.40
Class C		9.33

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,282,810,914.
(b)	Identified cost of affiliated investments was $392,732,508.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Underlying Portfolios	$	10,601,895
Dividends from Affiliated Underlying Portfolios		1,660,633
Total investment income		12,262,528
Expenses
Management fees		934,053
Administration fees		10,997
Custodian and accounting fees		13,578
Distribution and service fees—Class B		26,480
Distribution and service fees—Class C		8,170,779
Audit and tax services		15,255
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		23,931
Insurance		9,617
Miscellaneous		11,173
Total expenses		9,260,565
Net Investment Income		3,001,963
Net Realized and Unrealized Gain
Net realized gain on:
Investments		25,478,168
Affiliated investments		720,142
Capital gain distributions from Underlying Portfolios		77,361,205
Net realized gain		103,559,515
Net change in unrealized appreciation on:
Investments		147,400,905
Affiliated investments		37,984,165
Net change in unrealized appreciation		185,385,070
Net realized and unrealized gain		288,944,585
Net Increase in Net Assets From Operations	$	291,946,548

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,001,963		$	33,478,838
Net realized gain		103,559,515			210,403,083
Net change in unrealized appreciation (depreciation)		185,385,070			(2,214,621	)
Increase in net assets from operations		291,946,548			241,667,300
From Distributions to Shareholders
Net investment income
Class B		(328,317	)		(332,459	)
Class C		(37,995,963	)		(36,279,985	)
Net realized capital gains
Class B		(1,382,385	)		(2,042,245	)
Class C		(194,539,331	)		(282,526,810	)
Total distributions		(234,245,996	)		(321,181,499	)
Increase in net assets from capital share transactions		157,232,841			107,751,790
Total increase in net assets		214,933,393			28,237,591
Net Assets
Beginning of period		2,864,527,038			2,836,289,447
End of period	$	3,079,460,431		$	2,864,527,038
Undistributed net investment income
End of period	$	2,502,736		$	37,825,053

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		102,473		$	997,304			217,916		$	2,019,149
Reinvestments		182,183			1,710,702			274,850			2,374,704
Redemptions		(112,756	)		(1,109,486	)		(336,603	)		(3,078,518	)
Net increase		171,900		$	1,598,520			156,163		$	1,315,335
Class C
Sales		8,431,875		$	81,166,145			12,361,553		$	112,890,963
Reinvestments		24,976,938			232,535,294			37,156,969			318,806,795
Redemptions		(16,327,797	)		(158,067,118	)		(35,619,883	)		(325,261,303	)
Net increase		17,081,016		$	155,634,321			13,898,639		$	106,436,455
Increase derived from capital shares transactions				$	157,232,841					$	107,751,790

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.23		$	9.57		$	10.43		$	11.76		$	10.10		$	8.80
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.13			0.13			0.18			0.16			0.15
Net realized and unrealized gain (loss) on investments		0.94			0.68			(0.14	)		0.47			2.27			1.30
Total from investment operations		0.96			0.81			(0.01	)		0.65			2.43			1.45
Less Distributions
Distributions from net investment income		(0.15	)		(0.16	)		(0.17	)		(0.16	)		(0.15	)		(0.15	)
Distributions from net realized capital gains		(0.64	)		(0.99	)		(0.68	)		(1.82	)		(0.62	)		0.00
Total distributions		(0.79	)		(1.15	)		(0.85	)		(1.98	)		(0.77	)		(0.15	)
Net Asset Value, End of Period	$	9.40		$	9.23		$	9.57		$	10.43		$	11.76		$	10.10
Total Return (%) (b)		10.43	(c)		9.28			(0.51	)		6.72			25.44			16.54
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.32	(e)		0.32			0.32			0.32			0.32			0.33
Ratio of net investment income to average net assets (%) (f)		0.50	(e)		1.43			1.28			1.67			1.44			1.57
Portfolio turnover rate (%)		3	(c)		9			8			9			42			17
Net assets, end of period (in millions)	$	22.1		$	20.1		$	19.3		$	17.5		$	14.2		$	9.7
	Class C
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.15		$	9.49		$	10.34		$	11.67		$	10.02		$	8.73
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.11			0.09			0.14			0.12			0.10
Net realized and unrealized gain (loss) on investments		0.94			0.67			(0.12	)		0.47			2.26			1.30
Total from investment operations		0.95			0.78			(0.03	)		0.61			2.38			1.40
Less Distributions
Distributions from net investment income		(0.13	)		(0.13	)		(0.14	)		(0.12	)		(0.11	)		(0.11	)
Distributions from net realized capital gains		(0.64	)		(0.99	)		(0.68	)		(1.82	)		(0.62	)		0.00
Total distributions		(0.77	)		(1.12	)		(0.82	)		(1.94	)		(0.73	)		(0.11	)
Net Asset Value, End of Period	$	9.33		$	9.15		$	9.49		$	10.34		$	11.67		$	10.02
Total Return (%) (b)		10.35	(c)		8.96			(0.76	)		6.39			25.11			16.16
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.62	(e)		0.62			0.62			0.62			0.62			0.63
Ratio of net investment income to average net assets (%) (f)		0.20	(e)		1.19			0.92			1.29			1.10			1.07
Portfolio turnover rate (%)		3	(c)		9			8			9			42			17
Net assets, end of period (in millions)	$	3,057.4		$	2,844.4		$	2,816.9		$	2,999.2		$	2,951.2		$	2,435.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is American Funds Growth Allocation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B and C shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series (“AFIS”) and other funds within the American Funds family not part of AFIS (“Underlying Portfolios”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”). The NAV of the Portfolio is calculated based on the NAVs of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as Net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions received from underlying portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-9

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	108,057,652	$	0	$	104,608,902

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$934,053		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B and Class C Shares. Brighthouse Securities, LLC

BHFTI-10

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class C distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 1.00% respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class C Shares with respect to activities primarily intended to result in the sale of Class B and Class C Shares. However, under the Class B and Class C distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class C distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.55% of average daily net assets of the Portfolio attributable to its Class B and Class C Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and services fees in the Statement of Operations.

Under the terms of the Class B and Class C distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class C Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Underlying Portfolios

A summary of the Portfolio’s transactions in the securities of Affiliated Underlying Portfolios during the six months ended June 30, 2017 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
American Funds High-Income Bond Fund (Class 1)		8,409,633			229,721		(2,472	)		8,636,882
American Funds International Growth and Income Fund (Class 1)		19,163,533			272,927		(827,996	)		18,608,464
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
American Funds High-Income Bond Fund (Class 1)	$	(1,988	)	$	—	$	1,099,544		$	90,859,996
American Funds International Growth and Income Fund (Class 1)		722,130			—		561,089			310,761,341
	$	720,142		$	—	$	1,660,633		$	401,621,337

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$36,612,444	$	39,125,396	$	284,569,055	$	191,626,256	$	321,181,499	$	230,751,652

BHFTI-11

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$37,926,875	$	195,828,238	$	197,975,398	$	—	$	431,730,511

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTI-12

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
289,834,388		8,202,921		15,080,322

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		294,321,759		18,795,872
Robert Boulware		294,682,509		18,435,122
Susan C. Gause		295,407,364		17,710,267
Nancy Hawthorne		295,189,412		17,928,219
Barbara A. Nugent		295,798,061		17,319,570
John Rosenthal		294,211,339		18,906,292
Linda B. Strumpf		294,239,320		18,878,311
Dawn M. Vroegop		295,165,755		17,951,876

BHFTI-13

Brighthouse Funds Trust I

American Funds Growth Portfolio

For the six months ended June 30, 2017, the American Funds Growth Portfolio had a return of 14.87% for Class C versus 9.34% for its benchmark, the S&P 500 Index¹.

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year2
American Funds Growth Portfolio
Class C		14.87		24.37		15.30		6.89
S&P 500 Index		9.34		17.90		14.63		7.18

¹ The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a marketweighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Portfolio and its corresponding Master Fund have essentially the same investment objectives, policies, and strategies. Since the Portfolio commenced operations on April 28, 2008, the ten year returns disclosed in the table above are based on the performance of the Master Fund adjusted to reflect for the Portfolio’s expenses. Similarly, the historical performance shown in the line graph above for periods prior to April 28, 2008 is the performance of the Master Fund, adjusted to reflect the Portfolio’s expenses.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

BHFTI-2

Brighthouse Funds Trust I

American Funds Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class C(a)	Actual		0.92	%	$	1,000.00	$	1,148.70	$	4.90
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.23	$	4.61

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Master Fund in which it invests.

BHFTI-3

Brighthouse Funds Trust I

American Funds Growth Portfolio

Schedule of Investments as of June 30, 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 $1,046,997,842)		16,962,390	$	1,188,724,313
Total Investments—100.1% (Cost $1,046,997,842) (b)				1,188,724,313
Other assets and liabilities (net)—(0.1)%				(751,634	)
Net Assets—100.0%			$	1,187,972,679

(a)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(b)	As of June 30, 2017, the aggregate cost of investments was $1,046,997,842. The aggregate and net unrealized appreciation of investments was $141,726,471.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Fund
Investment Company Security	$	1,188,724,313	$	—	$	—	$	1,188,724,313
Total Investments	$	1,188,724,313	$	—	$	—	$	1,188,724,313

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

American Funds Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	1,188,724,313
Cash		518
Receivable for:
Fund shares sold		249,568
Total Assets		1,188,974,399
Liabilities
Payables for:
Investments purchased		120,317
Fund shares redeemed		129,769
Accrued Expenses:
Distribution and service fees		542,919
Deferred trustees’ fees		115,782
Other expenses		92,933
Total Liabilities		1,001,720
Net Assets	$	1,187,972,679
Net Assets Consist of:
Paid in surplus	$	909,796,964
Distributions in excess of net investment income		(1,609,667	)
Accumulated net realized gain		138,058,911
Unrealized appreciation on investments		141,726,471
Net Assets	$	1,187,972,679
Net Assets
Class C	$	1,187,972,679
Capital Shares Outstanding*
Class C		118,200,993
Net Asset Value, Offering Price and Redemption Price Per Share
Class C	$	10.05

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,046,997,842.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Master Fund	$	1,900,937
Total investment income		1,900,937
Expenses
Administration fees		10,997
Custodian and accounting fees		13,578
Distribution and service fees—Class C		3,192,730
Audit and tax services		15,255
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		22,460
Insurance		3,689
Miscellaneous		6,459
Total expenses		3,309,870
Net Investment Loss		(1,408,933	)
Net Realized and Unrealized Gain
Net realized gain on:
Investments		28,919,729
Capital gain distributions from Master Fund		113,314,404
Net realized gain		142,234,133
Net change in unrealized appreciation on investments		19,549,348
Net realized and unrealized gain		161,783,481
Net Increase in Net Assets From Operations	$	160,374,548

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(1,408,933	)	$	4,821,101
Net realized gain		142,234,133			125,662,357
Net change in unrealized appreciation (depreciation)		19,549,348			(35,003,818	)
Increase in net assets from operations		160,374,548			95,479,640
From Distributions to Shareholders
Net investment income
Class C		(4,765,972	)		(3,154,033	)
Net realized capital gains
Class C		(125,398,026	)		(270,107,883	)
Total distributions		(130,163,998	)		(273,261,916	)
Increase in net assets from capital share transactions		53,451,212			193,975,921
Total increase in net assets		83,661,762			16,193,645
Net Assets
Beginning of period		1,104,310,917			1,088,117,272
End of period	$	1,187,972,679		$	1,104,310,917
Accumulated undistributed net investment income (loss)
End of period	$	(1,609,667	)	$	4,565,238

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class C
Sales		2,770,282		$	29,267,902			6,356,813		$	65,931,389
Reinvestments		12,964,542			130,163,998			30,261,563			273,261,916
Redemptions		(9,946,593	)		(105,980,688	)		(14,060,143	)		(145,217,384	)
Net increase		5,788,231		$	53,451,212			22,558,233		$	193,975,921
Increase derived from capital shares transactions				$	53,451,212					$	193,975,921

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Growth Portfolio

Financial Highlights

Selected per share data
	Class C
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.82		$	12.11		$	12.58		$	12.46		$	10.18		$	8.70
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		0.05			0.03			0.11			0.07			0.04
Net realized and unrealized gain on investments		1.47			0.78			0.80			0.82			2.82			1.47
Total from investment operations		1.46			0.83			0.83			0.93			2.89			1.51
Less Distributions
Distributions from net investment income		(0.05	)		(0.04	)		(0.12	)		(0.07	)		(0.05	)		(0.03	)
Distributions from net realized capital gains		(1.18	)		(3.08	)		(1.18	)		(0.74	)		(0.56	)		(0.00	)(b)
Total distributions		(1.23	)		(3.12	)		(1.30	)		(0.81	)		(0.61	)		(0.03	)
Net Asset Value, End of Period	$	10.05		$	9.82		$	12.11		$	12.58		$	12.46		$	10.18
Total Return (%) (c)		14.87	(d)		9.10			6.49			8.18			29.78			17.41
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (e)		0.57	(f)		0.57			0.57			0.57			0.57			0.57
Ratio of net investment income (loss) to average net assets (%)		(0.24	)(f)		0.45			0.28			0.89			0.60			0.46
Portfolio turnover rate (%)		7	(d)		10			10			9			4			3
Net assets, end of period (in millions)	$	1,188.0		$	1,104.3		$	1,088.1		$	1,108.5		$	1,086.4		$	927.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from net realized capital gains were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	The ratio of operating expenses to average net assets does not include expenses of the Master Fund in which the Portfolio invests.
(f)	Computed on an annualized basis.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

American Funds Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is American Funds Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class C shares are currently offered by the Portfolio.

The Portfolio, a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master fund, the Growth Fund (the “Master Fund”), a fund of the American Funds Insurance Series (“AFIS”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc. The financial statements of the Master Fund accompany the Portfolio’s financial statements and should be read in conjunction with the Portfolio’s financial statements. As of June 30, 2017, the Portfolio owned approximately 5.00% of the Master Fund.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Master Fund are valued at its closing daily net asset value (“NAV”). The NAV of the Portfolio is calculated based on the NAV of the Master Fund in which the Portfolio invests. For information about the use of fair value pricing by the Master Fund, please refer to the Notes to Financial Statements for the Master Fund.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. The Portfolio has no permanent book-tax differences at December 31, 2016.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

In the normal course of business, the Master Fund invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Master Fund may decline in response to certain events, including those directly involving the companies whose securities are owned by the Master Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTI-8

Brighthouse Funds Trust I

American Funds Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Master Fund may be exposed to counterparty risk, or the risk that an entity with which the Master Fund has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Master Fund to credit and counterparty risk consist principally of cash due from counterparties and investments. The Master Fund manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Master Fund’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Master Fund restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Master Fund in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investments in the Master Fund for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	117,720,417	$	0	$	82,470,144

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust has entered into a management agreement (the “Management Agreement”) with the Adviser for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees (the “Board”) and has overall responsibility for the general management and administration of the Trust. The Adviser selects the Master Fund in which the Portfolio will invest and monitors the Master Fund investment program. The Adviser currently receives no compensation for its services to the Portfolio. In the event that the Portfolio were to withdraw from the Master Fund and invest its assets directly in investment securities, the Adviser would retain the services of an investment subadviser and would receive a management fee at the annual rate of 0.750% of average daily net assets.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class C Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class C distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 1.00% of the average daily net assets of the Portfolio attributable to its Class C Shares with respect to activities primarily intended to result in the sale of Class C Shares. However, under the Class C distribution agreement, payments to the Distributor for activities pursuant to the Class C distribution plan are currently limited to payments at an annual rate equal to 0.55% of average daily net assets of the Portfolio attributable to its Class C Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class C distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class C Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees

BHFTI-9

Brighthouse Funds Trust I

American Funds Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Master Fund

A summary of the Portfolio’s transactions in the securities of the Master Fund during the six months ended June 30, 2017 is as follows:

Master Fund	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
American Funds Growth Fund (Class 1)		16,421,533		1,667,565		(1,126,708	)		16,962,390
Master Fund	Net Realized Gain/(Loss) on sales of Master Fund		Capital Gain Distributions from Master Fund		Dividend Income from Master Fund			Ending Value as of June 30, 2017
American Funds Growth Fund (Class 1)	$	28,919,729	$	113,314,404	$	1,900,937		$	1,188,724,313

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$3,154,033	$	9,642,504	$	270,107,883	$	98,772,782	$	273,261,916	$	108,415,286

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$4,667,060	$	125,266,611	$	118,133,316	$	—	$	248,066,987

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTI-10

Brighthouse Funds Trust I

American Funds Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTI-11

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
104,384,490		2,609,289		5,965,923

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		105,868,586		7,091,117
Robert Boulware		105,679,141		7,280,562
Susan C. Gause		105,743,967		7,215,735
Nancy Hawthorne		105,788,387		7,171,316
Barbara A. Nugent		105,812,063		7,147,640
John Rosenthal		105,609,131		7,350,572
Linda B. Strumpf		105,690,190		7,269,513
Dawn M. Vroegop		105,602,382		7,357,321

BHFTI-12

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2017, the Class B and C shares of the American Funds Moderate Allocation Portfolio returned 6.90% and 6.69%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

ECONOMIC AND MARKET REVIEW

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47%, respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99%, respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE Index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The American Funds Moderate Allocation Portfolio invested all of its assets in funds of the American Funds Insurance Series (AFIS) and American Funds retail mutual funds to maintain a broad asset allocation of approximately 50% fixed income to 50% to equities.

Over the six month period, the Portfolio underperformed the Dow Jones Moderate Index. Strong performance by the underlying international equity funds was not enough to outweigh the underperformance of the fixed income and large cap funds, as well as the headwind from being underweight emerging market equities.

During the second quarter of 2017, the contribution to relative performance from the underlying U.S. equity funds was mixed, but overall created a small drag on relative returns. The biggest detractor from relative performance was the American Funds IS Blue Chip Income & Growth Fund, which underperformed its benchmark by 1.62%. The main drivers of underperformance were overweights to

BHFTI-1

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Energy and poor security selection within Energy, Technology, Basic Materials, and Financial Services. Furthermore, the fund’s value tilt versus its benchmark served as a headwind. Another detractor from performance was the American Funds American Mutual Fund, which underperformed its benchmark by 0.93%. This fund also suffered from its value tilt versus its benchmark, in addition to overweights in Energy and Communication Services, and poor security selection within Technology. The best-performing underlying U.S. equity fund was the American Funds IS Growth Fund, which outperformed its benchmark by 2.32% for the quarter. The fund’s growth tilt versus its benchmark was a strong contributor to performance, as was strong security selection within Consumer Discretionary, Healthcare, and Technology.

The underlying non-U.S. equity funds all contributed positively to relative performance. The biggest contributor was the American Funds IS International Fund, which outperformed its benchmark by 2.26% for the quarter. The fund benefitted from strong security selection, primarily within Consumer Discretionary, Financial Services, Technology and Utilities. However, the fund’s growth tilt versus its benchmark served as a tailwind. Another strong performer was the American Funds IS International Growth and Income Fund, which outperformed its benchmark by 1.46% over the period. While an underweight to, and poor security selection within Technology was a detractor from relative performance, strong security selection within Industrials and Financial Services were enough to outperform the benchmark. Finally, the American Funds IS Global Small Cap Fund managed to beat its benchmark as well. For the second quarter of 2017, the fund outperformed by 0.43%. The primary drivers of outperformance were security selection within Consumer Staples and Consumer Discretionary, as well as an overweight to Healthcare.

Overall, the fixed income funds’ contribution to relative return was negative for the second quarter of 2017. The American Funds IS High-Income Bond Fund was the biggest detractor from performance, and underperformed its benchmark by 0.56% for the quarter. While the fund benefitted from its positions in municipal bonds and utility bonds, it was not enough to compensate for the drag on relative performance from the fund’s positions in financials, industrials, and U.S. Treasuries. The American Funds IS U.S. Government/AAA-Rated Securities Fund was also a drag on relative performance, as it underperformed its benchmark by 0.18% for the quarter. While positions in U.S. Treasuries and mortgage bonds helped returns, the drag from positions in investment grade bonds and U.S. agency bonds proved too big of a headwind to overcome. The American Funds IS Global Bond Fund on the other hand, was able to outperform its benchmark by 0.11% for the quarter. The main drivers of return were investments in EM bonds, U.S. agency bonds, and high yield corporate bonds, whereas positions in investment grade bonds and non-U.S. developed market bonds were a drag on performance.

Investment Committee

Brighthouse Investment Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
American Funds Moderate Allocation Portfolio
Class B		6.90		9.60		7.91		5.53
Class C		6.69		9.29		7.59		5.22
Dow Jones Moderate Index		7.27		10.35		7.87		5.62

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B and Class C shares is 4/28/2008. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class B shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		19.7
American Funds Bond Fund (Class 1)		18.8
American Funds American Mutual Fund (Class R-6)		9.1
American Funds Growth-Income Fund (Class 1)		8.1
American Funds Blue Chip Income and Growth Fund (Class 1)		8.1
American Funds International Growth and Income Fund (Class 1)		6.1
American Funds AMCAP Fund (Class R-6)		5.1
American Funds High-Income Bond Fund (Class 1)		5.1
American Funds International Fund (Class 1)		5.0
American Funds Fundamental Investors Fund (Class R-6)		5.0

BHFTI-3

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Moderate Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.72	%	$	1,000.00	$	1,069.00	$	3.69
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61
Class C(a)	Actual		1.02	%	$	1,000.00	$	1,066.90	$	5.23
	Hypothetical*		1.02	%	$	1,000.00	$	1,019.74	$	5.11

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTI-4

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Schedule of Investments as of June 30, 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)		5,005,540	$	148,013,813
American Funds American Mutual Fund (Class R-6)		6,841,965		266,426,125
American Funds Blue Chip Income and Growth Fund (Class 1)		17,235,690		236,818,380
American Funds Bond Fund (Class 1) (a)		50,802,622		551,716,476
American Funds Fundamental Investors Fund (Class R-6)		2,504,914		147,564,513
American Funds Global Bond Fund (Class 1)		7,424,259		87,012,311
American Funds Global Small Capitalization Fund (Class 1)		1,301,809		29,603,137
American Funds Growth Fund (Class 1)		2,101,903		147,301,392
American Funds Growth-Income Fund (Class 1)		5,196,900		236,822,726
American Funds High-Income Bond Fund (Class 1) (a)		14,069,237		148,008,368
American Funds International Fund (Class 1)		7,510,168		147,725,010
American Funds International Growth and Income Fund (Class 1) (a)		10,635,880		177,619,202
American Funds New World Fund (Class 1)		1,309,160		29,534,658
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		47,140,700		577,002,170
Total Mutual Funds (Cost $2,728,867,636)				2,931,168,281
Total Investments—100.1% (Cost $2,728,867,636) (b)				2,931,168,281
Other assets and liabilities (net)—(0.1)%				(1,694,148	)
Net Assets—100.0%			$	2,929,474,133

(a)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(b)	As of June 30, 2017, the aggregate cost of investments was $2,728,867,636. The aggregate unrealized appreciation and depreciation of investments were $224,934,623 and $(22,633,978), respectively, resulting in net unrealized appreciation of $202,300,645.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	2,931,168,281	$	—	$	—	$	2,931,168,281
Total Investments	$	2,931,168,281	$	—	$	—	$	2,931,168,281

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	1,476,822,065
Affiliated investments at value (b)		1,454,346,216
Cash		1,280
Receivable for:
Investments sold		1,540,816
Fund shares sold		226,588
Total Assets		2,932,936,965
Liabilities
Payables for:
Investments purchased		2,339
Fund shares redeemed		1,766,346
Accrued Expenses:
Management fees		151,885
Distribution and service fees		1,328,950
Deferred trustees’ fees		115,782
Other expenses		97,530
Total Liabilities		3,462,832
Net Assets	$	2,929,474,133
Net Assets Consist of:
Paid in surplus	$	2,645,759,174
Undistributed net investment income		4,106,214
Accumulated net realized gain		77,308,100
Unrealized appreciation on investments and affiliated investments		202,300,645
Net Assets	$	2,929,474,133
Net Assets
Class B	$	11,115,445
Class C		2,918,358,688
Capital Shares Outstanding*
Class B		1,141,561
Class C		301,015,678
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.74
Class C		9.70

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,269,889,954.
(b)	Identified cost of affiliated investments was $1,458,977,682.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Underlying Portfolios	$	6,437,912
Dividends from Affiliated Underlying Portfolios		6,906,494
Total investment income		13,344,406
Expenses
Management fees		913,174
Administration fees		10,997
Custodian and accounting fees		13,578
Distribution and service fees—Class B		13,290
Distribution and service fees—Class C		7,970,134
Audit and tax services		15,255
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		27,295
Insurance		9,873
Miscellaneous		11,342
Total expenses		9,029,640
Net Investment Income		4,314,766
Net Realized and Unrealized Gain
Net realized gain on:
Investments		26,456,220
Affiliated investments		606,483
Capital gain distributions from Underlying Portfolios		44,066,665
Capital gain distributions from Affiliated Underlying Portfolios		7,964,345
Net realized gain		79,093,713
Net change in unrealized appreciation on:
Investments		60,506,630
Affiliated investments		44,687,228
Net change in unrealized appreciation		105,193,858
Net realized and unrealized gain		184,287,571
Net Increase in Net Assets From Operations	$	188,602,337

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	4,314,766		$	39,788,060
Net realized gain		79,093,713			140,072,690
Net change in unrealized appreciation		105,193,858			15,479,146
Increase in net assets from operations		188,602,337			195,339,896
From Distributions to Shareholders
Net investment income
Class B		(229,927	)		(223,202	)
Class C		(51,655,781	)		(54,813,837	)
Net realized capital gains
Class B		(476,964	)		(639,523	)
Class C		(126,585,045	)		(186,197,519	)
Total distributions		(178,947,717	)		(241,874,081	)
Increase in net assets from capital share transactions		34,259,072			73,296,809
Total increase in net assets		43,913,692			26,762,624
Net Assets
Beginning of period		2,885,560,441			2,858,797,817
End of period	$	2,929,474,133		$	2,885,560,441
Undistributed net investment income
End of period	$	4,106,214		$	51,677,156

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		57,403		$	577,717			110,347		$	1,082,749
Reinvestments		72,576			706,891			91,779			862,725
Redemptions		(25,335	)		(255,475	)		(88,011	)		(848,002	)
Net increase		104,644		$	1,029,133			114,115		$	1,097,472
Class C
Sales		2,844,349		$	28,384,087			10,589,062		$	103,780,427
Reinvestments		18,375,343			178,240,826			25,749,076			241,011,356
Redemptions		(17,291,539	)		(173,394,974	)		(28,046,841	)		(272,592,446	)
Net increase		3,928,153		$	33,229,939			8,291,297		$	72,199,337
Increase derived from capital shares transactions				$	34,259,072					$	73,296,809

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.73		$	9.93		$	10.61		$	11.14		$	10.58		$	9.87
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.17			0.17			0.21			0.17			0.20
Net realized and unrealized gain (loss) on investments		0.65			0.52			(0.18	)		0.44			1.21			0.90
Total from investment operations		0.68			0.69			(0.01	)		0.65			1.38			1.10
Less Distributions
Distributions from net investment income		(0.22	)		(0.23	)		(0.20	)		(0.20	)		(0.22	)		(0.25	)
Distributions from net realized capital gains		(0.45	)		(0.66	)		(0.47	)		(0.98	)		(0.60	)		(0.14	)
Total distributions		(0.67	)		(0.89	)		(0.67	)		(1.18	)		(0.82	)		(0.39	)
Net Asset Value, End of Period	$	9.74		$	9.73		$	9.93		$	10.61		$	11.14		$	10.58
Total Return (%) (b)		6.90	(c)		7.25			(0.36	)		6.44			13.75			11.28
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.32	(e)		0.32			0.32			0.32			0.32			0.32
Ratio of net investment income to average net assets (%) (f)		0.62	(e)		1.78			1.62			1.97			1.56			1.93
Portfolio turnover rate (%)		2	(c)		8			8			5			27			12
Net assets, end of period (in millions)	$	11.1		$	10.1		$	9.2		$	8.6		$	6.2		$	4.4
	Class C
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.68		$	9.87		$	10.55		$	11.08		$	10.51		$	9.81
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.13			0.13			0.15			0.13			0.14
Net realized and unrealized gain (loss) on investments		0.64			0.53			(0.18	)		0.47			1.22			0.91
Total from investment operations		0.65			0.66			(0.05	)		0.62			1.35			1.05
Less Distributions
Distributions from net investment income		(0.18	)		(0.19	)		(0.16	)		(0.17	)		(0.18	)		(0.21	)
Distributions from net realized capital gains		(0.45	)		(0.66	)		(0.47	)		(0.98	)		(0.60	)		(0.14	)
Total distributions		(0.63	)		(0.85	)		(0.63	)		(1.15	)		(0.78	)		(0.35	)
Net Asset Value, End of Period	$	9.70		$	9.68		$	9.87		$	10.55		$	11.08		$	10.51
Total Return (%) (b)		6.69	(c)		7.01			(0.73	)		6.09			13.52			10.84
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.62	(e)		0.62			0.62			0.62			0.62			0.62
Ratio of net investment income to average net assets (%) (f)		0.30	(e)		1.38			1.22			1.42			1.20			1.36
Portfolio turnover rate (%)		2	(c)		8			8			5			27			12
Net assets, end of period (in millions)	$	2,918.4		$	2,875.5		$	2,849.6		$	3,118.4		$	3,156.1		$	3,027.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is American Funds Moderate Allocation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B and C shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series (“AFIS”) and other funds within the American Funds family not part of AFIS (“Underlying Portfolios”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”). The NAV of the Portfolio is calculated based on the NAVs of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as Net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions received from underlying portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-9

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	66,675,374	$	0	$	155,001,662

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$913,174		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B and Class C Shares. Brighthouse Securities, LLC

BHFTI-10

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class C distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 1.00% respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class C Shares with respect to activities primarily intended to result in the sale of Class B and Class C Shares. However, under the Class B and Class C distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class C distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.55% of average daily net assets of the Portfolio attributable to its Class B and Class C Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and services fees in the Statement of Operations.

Under the terms of the Class B and Class C distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class C Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Underlying Portfolios

A summary of the Portfolio’s transactions in the securities of Affiliated Underlying Portfolios during the six months ended June 30, 2017 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
American Funds Bond Fund		49,781,021			1,052,213		(30,612	)		50,802,622
American Funds High-Income Bond Fund (Class 1)		14,491,772			172,125		(594,660	)		14,069,237
American Funds International Growth and Income Fund (Class 1)		11,833,577			19,937		(1,217,634	)		10,635,880
American Funds U.S. Government/AAA—Rated Securities Fund (Class 1)		46,974,381			195,255		(28,936	)		47,140,700
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
American Funds Bond Fund	$	36,241		$	7,964,345	$	3,135,961		$	551,716,476
American Funds High-Income Bond Fund (Class 1)		(178,309	)		—		1,803,690			148,008,368
American Funds International Growth and Income Fund (Class 1)		753,299			—		322,830			177,619,202
American Funds U.S. Government/AAA—Rated Securities Fund (Class 1)		(4,748	)		—		1,644,013			577,002,170
	$	606,483		$	7,964,345	$	6,906,494		$	1,454,346,216

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-11

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$55,037,039	$	45,017,914	$	186,837,042	$	132,398,014	$	241,874,081	$	177,415,928

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$51,778,978	$	126,823,963	$	95,559,220	$	—	$	274,162,161

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTI-12

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
277,643,147		6,069,543		16,449,058

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		287,011,778		13,149,969
Robert Boulware		286,527,944		13,633,803
Susan C. Gause		287,269,367		12,892,379
Nancy Hawthorne		287,364,857		12,796,890
Barbara A. Nugent		287,740,604		12,421,143
John Rosenthal		286,888,934		13,272,813
Linda B. Strumpf		286,166,372		13,995,375
Dawn M. Vroegop		287,073,204		13,088,543

BHFTI-13

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Managed by AQR Capital Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the AQR Global Risk Balanced Portfolio returned 1.94%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

Towards the end of 2016 stars appeared to be aligning for a revival of inflation risk in the U.S. economy as evidence was emerging that the U.S. economy would soon be operating beyond its productive capacity. Unemployment had fallen below 5% for the first time since 2008, and readings were in line with the U.S. Federal Reserve (the “Fed”) estimate of full employment. Continued growth appeared likely to push unemployment even lower, giving rise to accelerating wages and broader price pressures. Data releases suggested this dynamic might already be emerging, with growth in average hourly earnings showing signs of life and CPI (Consumer Price Index) numbers picking up as well. More qualitative signs of rising inflation were there as well: an agreement between OPEC (Organization of Petroleum Exporting Countries) and Russia to cut production led to firming in oil prices, and a new U.S. President was elected on a platform of larger budget deficits and protectionist trade policy.

And yet over the last few months, inflationary trends have run into a series of setbacks. First and foremost, economic data has not cooperated with the narrative of escalating price pressures. As measured by the CPI, inflation hit 2.7% in February, the fastest pace since 2012. However, following the publication of that data in mid-March, CPI releases proceeded to deliver three consecutive downside surprises. Monthly changes in CPI fell far short of economist forecasts, and year-over-year inflation rates sank sharply. Even though unemployment fell to a sixteen-year low in May, wage growth flattened out over the course of the second quarter, seemingly losing momentum despite diminished labor market slack. Outside of the data, other elements of the inflationary narrative were also called into question. The potentially inflationary components of the Trump adminsitration’s agenda, such as fiscal stimulus and increased tariffs on imports, gained little traction on the year. While Russia and OPEC agreed to an extension of their oil production cuts, a revival in U.S. shale production and elevated levels of global inventories led to a slide in crude prices.

These developments generated market moves consistent with a dramatic decline in inflation expectations over the course of the period. 10-year Treasury Inflation-Protected Securities breakevens (expected inflation rates) sank, finishing the period at around 1.7%, a level not seen since just before the election and well below a rate consistent with the Fed’s inflation target. Nominal bonds in the U.S. and abroad delivered healthy gains, benefiting from reduced concerns about inflation as well as scaled back expectations for tightening from the Fed, and commodity prices experienced broad weakness. Stock markets, consistent with a modest inflationary environment, saw continued strength on steady global growth and decreased political uncertainty.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The AQR Global Risk Balanced Portfolio is a globally diversified asset-allocation portfolio. The Portfolio seeks to take equal risk in three primary areas: equity risk, nominal interest rate risk, and inflation risk. The Portfolio diversifies by risk rather than dollars and targets equal risk contributions from each source. Diversifying by risk means creating a portfolio where each asset class is expected to matter about the same amount, not where each is allocated the same number of dollars. To target equal risk weighting, low-risk assets are given higher dollar allocations than high-risk assets, which are given lower dollar allocations. In this way, each asset class is expected to contribute meaningfully to the size and variability of portfolio returns.

The Portfolio is moderately levered through investments in equity, fixed income, and commodity futures to target 10% annualized volatility. The portfolio management process adjusts exposures to each of the three risk categories using proprietary risk-forecasting models. The process seeks to realize a steady risk contribution from each of the Portfolio’s three categories and for the Portfolio as a whole. The objective is to keep the Portfolio diversified not only across asset classes, but also through time so no single period has a disproportionate impact on the Portfolio’s long-term results. Our research has shown that targeting a steady level of risk and maintaining a consistently diversified portfolio can help manage risk during periods of market stress and improve long-term risk-adjusted returns.

The Portfolio returned 1.94% for the six month period ending June 30, 2017, underperforming the Dow Jones Moderate Index by 5.33%. Equity risk contributed 3.6% to the Portfolio as developed and emerging markets rallied on better-than-expected growth data, reduced political uncertainty following the French elections, and positive risk sentiment. Nominal bonds contributed 1.1% as bond markets experienced positive returns. Inflation-sensitive assets detracted 2.3% from the Portfolio return over the period, as commodities were weighed down by energy prices, and inflation-linked bonds were flat.

AQR’s systematic portfolio management process dynamically adjusts position sizes to counter changes in the volatility of the underlying assets. The Portfolio entered 2017 with a total market exposure of 233%. As of June 30^th, the Portfolio’s exposures were 45% equities, 123% nominal bonds, 37% inflation-linked bonds, and 37% commodities, for a total Portfolio exposure of 242%.

BHFTI-1

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Managed by AQR Capital Management, LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio uses futures, swaps on futures, and index swaps to gain most of its market exposures. Futures are used to gain exposure to equities, nominal interest rates, and commodities. Index swaps are also used to gain exposure to commodity markets. Swaps on futures are used when holding limit, local regulation, or asset coverage rules restrict investment in futures. The Portfolio does not use derivatives to gain exposure to global inflation-linked bonds but instead buys cash bonds. Currency hedges are used to minimize currency exposures gained from non-U.S. investments. Derivatives performed as expected over the period.

Brian Hurst

John Huss

Michael Mendelson

Yao Hua Ooi

Portfolio Managers

AQR Capital Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
AQR Global Risk Balanced Portfolio
Class B		1.94		0.95		1.60		2.34
Dow Jones Moderate Index		7.27		10.35		7.87		6.18

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		122.7
Global Inflation-Linked Bonds		37.3
Commodities		36.5
Global Developed Equities		35.4
Global Emerging Equities		5.0
U.S. Mid Cap Equities		2.6
U.S. Small Cap Equities		2.2

* The percentages noted above are based on the notional amounts by asset class as a percentage of net assets.

BHFTI-3

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

AQR Global Risk Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.88	%	$	1,000.00	$	1,019.40	$	4.41
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—23.1% of Net Assets

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—23.1%
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/20 (a)		229,152,484	$	229,505,149
0.125%, 04/15/21 (a)		262,235,262		261,835,878
0.125%, 07/15/26 (a)		141,558,376		136,542,538
0.375%, 07/15/25 (a)		97,153,015		96,423,104
0.625%, 01/15/26 (a)		127,769,688		128,577,959
Total U.S. Treasury & Government Agencies (Cost $847,686,617)				852,884,628
Foreign Government—19.1%
Sovereign—19.1%
Deutsche Bundesrepublik Inflation Linked Bonds 0.100%, 04/15/23 (EUR) (a)		66,796,338		81,013,853
0.100%, 04/15/26 (EUR) (a)		86,648,835		106,480,223
1.750%, 04/15/20 (EUR) (a)		23,185,968		28,553,441
France Government Bond OAT 0.100%, 07/25/21 (EUR) (a)		16,867,620		20,207,807
0.100%, 03/01/25 (EUR) (a)		51,691,050		62,445,461
0.250%, 07/25/24 (EUR) (a)		11,132,195		13,680,945
1.100%, 07/25/22 (EUR) (a)		67,285,210		85,403,160
1.850%, 07/25/27 (EUR) (a)		29,053,001		40,984,170
2.250%, 07/25/20 (EUR) (a)		11,435,320		14,484,479
United Kingdom Gilt Inflation Linked Bonds 0.125%, 03/22/24 (GBP) (a)		93,415,059		140,638,463
0.125%, 03/22/26 (GBP) (a)		71,347,689		109,705,352
Total Foreign Government (Cost $699,641,448)				703,597,354
Short-Term Investments—54.4%
Mutual Funds—37.9%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.847% (b)		329,719,031		329,719,031
Dreyfus Treasury Cash Management Fund, Institutional Class, 0.860% (b)		309,462,718		309,462,718
State Street Institutional Liquid Reserves Fund, Institutional Class, 1.141% (b) (c)		142,665,111		142,679,377
State Street Institutional Treasury Plus Money Market Fund, Class I, 0.895% (b) (c)		270,142,387		270,142,387
UBS Select Treasury Preferred Fund, Institutional Class, 0.840% (b)		348,836,639		348,836,639
				1,400,840,152
Security Description	Principal Amount*		Value
U.S. Treasury—16.5%
U.S. Treasury Bills 0.625%, 08/03/17 (d)		208,319,000		208,166,094
0.645%, 08/17/17 (d)		17,366,000		17,346,376
0.670%, 08/31/17 (d)		304,854,000		304,393,061
1.068%, 12/07/17 (d) (e)		5,452,000		5,426,561
1.069%, 11/30/17 (d) (e)		53,459,000		53,223,246
1.100%, 12/14/17 (d)		19,537,000		19,441,991
				607,997,329
Total Short-Term Investments (Cost $2,008,983,180)				2,008,837,481
Total Investments—96.6% (Cost $3,556,311,245) (e) (f)				3,565,319,463
Other assets and liabilities (net)—3.4%				123,931,799
Net Assets—100.0%			$	3,689,251,262

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Principal amount of security is adjusted for inflation.
(b)	The rate shown represents the annualized seven-day yield as of June 30, 2017.
(c)	All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2017, the market value of securities pledged was $144,705,577.
(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 June 30, 2017, the market value of securities pledged was $7,638,161.
(f)	As of June 30, 2017, the aggregate cost of investments was $3,556,311,245. The aggregate unrealized appreciation and depreciation of investments were $23,946,622 and $(14,938,404), respectively, resulting in net unrealized appreciation of $9,008,218.
(EUR)—	Euro
(GBP)—	British Pound

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CAD	985,000	Citibank N.A.		09/20/17	$	735,378	$	25,110
CHF	36,000	Citibank N.A.		09/20/17		37,223		504
CHF	2,608,000	Citibank N.A.		09/20/17		2,712,395		20,713
EUR	15,000	Citibank N.A.		09/20/17		16,806		395
EUR	1,086,111	Citibank N.A.		09/20/17		1,225,512		19,984
GBP	1,652,000	Citibank N.A.		09/20/17		2,144,479		12,240
HKD	383,869	Citibank N.A.		09/20/17		49,421		(150	)
HKD	401,055	Citibank N.A.		09/20/17		51,555		(79	)
HKD	511,563	Citibank N.A.		09/20/17		65,809		(149	)
HKD	512,120	Citibank N.A.		09/20/17		65,917		(185	)
HKD	614,051	Citibank N.A.		09/20/17		78,987		(172	)
HKD	1,050,342	Citibank N.A.		09/20/17		135,126		(312	)
HKD	1,482,000	Citibank N.A.		09/20/17		190,668		(450	)
HKD	3,745,000	Citibank N.A.		09/20/17		481,019		(339	)
HKD	4,923,000	Citibank N.A.		09/20/17		633,474		(1,595	)
HKD	7,913,000	Citibank N.A.		09/20/17		1,016,790		(1,137	)
HKD	9,124,000	Citibank N.A.		09/20/17		1,174,148		(3,061	)
JPY	28,893,000	Citibank N.A.		09/20/17		263,061		(5,322	)
Contracts to Deliver
CAD	306,386	Citibank N.A.		09/20/17	$	227,243	$	(9,308	)
CAD	208,325	Citibank N.A.		09/20/17		154,966		(5,875	)
CAD	169,013	Citibank N.A.		09/20/17		126,031		(4,459	)
CAD	156,743	Citibank N.A.		09/20/17		116,455		(4,562	)
CAD	156,720	Citibank N.A.		09/20/17		116,321		(4,678	)
CAD	156,522	Citibank N.A.		09/20/17		116,481		(4,365	)
CAD	156,233	Citibank N.A.		09/20/17		116,444		(4,179	)
CAD	156,058	Citibank N.A.		09/20/17		116,120		(4,367	)
CHF	362,000	Citibank N.A.		09/20/17		374,744		(4,621	)
CHF	327,693	Citibank N.A.		09/20/17		341,784		(1,629	)
CHF	327,693	Citibank N.A.		09/20/17		341,373		(2,040	)
CHF	288,370	Citibank N.A.		09/20/17		298,867		(3,337	)
CHF	288,370	Citibank N.A.		09/20/17		299,874		(2,329	)
CHF	278,566	Citibank N.A.		09/20/17		289,894		(2,035	)
CHF	209,724	Citibank N.A.		09/20/17		217,585		(2,200	)
CHF	209,723	Citibank N.A.		09/20/17		217,222		(2,562	)
CHF	183,508	Citibank N.A.		09/20/17		189,035		(3,276	)
CHF	176,000	Citibank N.A.		09/20/17		181,915		(2,528	)
CHF	131,077	Citibank N.A.		09/20/17		136,373		(991	)
CHF	79,984	Citibank N.A.		09/20/17		82,559		(1,262	)
CHF	78,646	Citibank N.A.		09/20/17		81,429		(990	)
CHF	78,646	Citibank N.A.		09/20/17		81,331		(1,087	)
EUR	61,816,794	Citibank N.A.		09/20/17		69,724,961		(1,163,377	)
EUR	61,816,794	Citibank N.A.		09/20/17		69,322,144		(1,566,194	)
EUR	50,093,727	Citibank N.A.		09/20/17		56,603,172		(841,752	)
EUR	41,211,196	Citibank N.A.		09/20/17		46,352,737		(906,155	)
EUR	41,211,196	Citibank N.A.		09/20/17		46,477,710		(781,183	)
EUR	41,211,195	Citibank N.A.		09/20/17		46,473,876		(785,015	)
EUR	40,013,433	Citibank N.A.		09/20/17		45,209,871		(675,488	)
EUR	20,605,598	Citibank N.A.		09/20/17		23,344,613		(284,833	)
EUR	20,605,598	Citibank N.A.		09/20/17		23,303,566		(325,880	)
EUR	19,369,262	Citibank N.A.		09/20/17		21,806,918		(404,761	)
EUR	505,000	Citibank N.A.		09/20/17		569,532		(9,576	)
GBP	170,627,838	Citibank N.A.		09/20/17		221,819,623		(938,320	)
GBP	21,489,458	Citibank N.A.		09/20/17		27,693,447		(361,456	)
HKD	83,000	Citibank N.A.		09/20/17		10,659		6

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
JPY	72,993,489	Citibank N.A.		09/20/17	$	661,782	$	10,647
JPY	45,450,649	Citibank N.A.		09/20/17		409,094		3,654
JPY	45,214,567	Citibank N.A.		09/20/17		406,505		3,170
JPY	41,561,702	Citibank N.A.		09/20/17		380,967		10,217
JPY	34,141,593	Citibank N.A.		09/20/17		311,813		7,254
Net Unrealized Depreciation							$	(9,015,727	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminum Futures		07/26/17		100		USD	4,900,245	$	(122,120	)
Aluminum Futures		08/11/17		19		USD	898,160		10,909
Aluminum Futures		08/15/17		2		USD	95,017		691
Aluminum Futures		09/18/17		1,344		USD	65,113,154		(617,954	)
Amsterdam Index Futures		07/21/17		78		EUR	8,177,675		(315,548	)
Australian 10 Year Treasury Bond Futures		09/15/17		1,072		AUD	140,762,874		(1,688,169	)
CAC 40 Index Futures		07/21/17		462		EUR	24,384,488		(852,338	)
Canada Government Bond 10 Year Futures		09/20/17		1,221		CAD	176,297,227		(3,613,261	)
Copper Futures		09/27/17		1,496		USD	97,007,733		4,383,667
Cotton No. 2 Futures		12/06/17		36		USD	1,314,063		(79,443	)
DAX Index Futures		09/15/17		69		EUR	22,072,040		(936,609	)
Euro Stoxx 50 Index Futures		09/15/17		1,912		EUR	67,980,347		(2,717,890	)
Euro-Bund Futures		09/07/17		5,385		EUR	883,689,516		(13,728,143	)
FTSE 100 Index Futures		09/15/17		955		GBP	71,260,304		(2,727,889	)
FTSE JSE Top 40 Index Futures		09/21/17		472		ZAR	216,752,678		(86,653	)
FTSE MIB Index Futures		09/15/17		50		EUR	5,254,933		(148,688	)
H-Shares Index Futures		07/28/17		91		HKD	46,788,072		(51,338	)
Hang Seng Index Futures		07/28/17		1		HKD	1,279,178		9
IBEX 35 Index Futures		07/21/17		75		EUR	8,110,476		(349,557	)
Japanese Government 10 Year Bond Futures		09/12/17		309		JPY	46,512,362,505		(1,141,343	)
KOSPI 200 Index Futures		09/14/17		439		KRW	33,836,443,253		440,792
Lean Hogs Futures		08/14/17		673		USD	21,787,702		757,798
Live Cattle Futures		08/31/17		137		USD	6,647,470		(274,230	)
MSCI Taiwan Index Futures		07/28/17		201		USD	7,835,184		(90,654	)
Nickel Futures		07/26/17		40		USD	2,226,938		19,253
Nickel Futures		08/11/17		7		USD	393,599		(120	)
Nickel Futures		09/18/17		521		USD	29,399,907		(54,582	)
Russell 2000 Index Mini Futures		09/15/17		1,124		USD	80,025,642		(541,982	)
S&P 500 Index E-Mini Futures		09/15/17		6,742		USD	818,577,967		(2,492,577	)
S&P Midcap 400 Index E-Mini Futures		09/15/17		550		USD	96,563,914		(528,414	)
S&P TSX 60 Index Futures		09/14/17		351		CAD	63,376,775		(736,378	)
SGX CNX Nifty Index Futures		07/27/17		1,145		USD	21,858,548		(61,183	)
SPI 200 Index Futures		09/21/17		329		AUD	46,667,881		(157,453	)
Soybean Meal Futures		12/14/17		430		USD	13,259,925		121,675
Soybean Oil Futures		12/14/17		289		USD	5,591,504		189,652
Sugar No. 11 Futures		09/29/17		1,700		USD	27,471,844		(1,177,604	)
TOPIX Index Futures		09/07/17		837		JPY	13,400,020,988		784,477
U.S. Treasury Note 10 Year Futures		09/20/17		10,478		USD	1,317,544,453		(2,228,015	)
United Kingdom Long Gilt Bond Futures		09/27/17		915		GBP	116,785,851		(2,460,719	)
Zinc Futures		07/26/17		39		USD	2,547,039		141,036
Zinc Futures		08/11/17		7		USD	462,105		20,442
Zinc Futures		08/15/17		1		USD	64,377		4,560
Zinc Futures		09/18/17		517		USD	34,199,642		1,473,358

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Aluminum Futures		07/26/17		(100	)		USD	(4,908,589	)	$	130,464
Aluminum Futures		08/11/17		(19	)		USD	(893,295	)		(15,775	)
Aluminum Futures		08/15/17		(2	)		USD	(94,953	)		(755	)
Nickel Futures		07/26/17		(40	)		USD	(2,232,269	)		(13,923	)
Nickel Futures		08/11/17		(7	)		USD	(391,393	)		(2,086	)
Zinc Futures		07/26/17		(39	)		USD	(2,556,168	)		(131,907	)
Zinc Futures		08/11/17		(7	)		USD	(459,818	)		(22,729	)
Zinc Futures		08/15/17		(1	)		USD	(64,392	)		(4,545	)
Net Unrealized Depreciation										$	(31,693,791	)

Swap Agreements

OTC Total Return Swaps

Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
07/28/17	Citibank N.A.	Brent Crude Futures	USD	46,906,860	$	1,570,520		$	—	$	1,570,520
07/28/17	Merrill Lynch International	Brent Crude Futures	USD	34,444,720		1,206,150			—		1,206,150
08/25/17	Bank of America N.A.	Canada Government Bond 10 Year Futures	CAD	28,206,516		(616,337	)		—		(616,337	)
08/11/17	Citibank N.A.	Coffee “C” Futures	USD	13,832,091		(350,766	)		—		(350,766	)
08/11/17	Merrill Lynch International	Coffee “C” Futures	USD	13,211,091		(342,553	)		—		(342,553	)
07/07/17	Merrill Lynch International	Commodity Excess-Return Index	USD	135,849,206		220,984			—		220,984
08/25/17	Citibank N.A.	Corn No. 2 Futures	USD	45,914,012		(1,146,512	)		—		(1,146,512	)
08/25/17	Merrill Lynch International	Corn No. 2 Futures	USD	55,510,288		(1,332,088	)		—		(1,332,088	)
11/10/17	Citibank N.A.	Cotton No. 2 Futures	USD	5,661,740		(346,015	)		—		(346,015	)
11/10/17	Merrill Lynch International	Cotton No. 2 Futures	USD	10,970,790		(682,290	)		—		(682,290	)
07/19/17	Citibank N.A.	Crude Oil Futures	USD	46,176,114		2,006			—		2,006
07/19/17	Merrill Lynch International	Crude Oil Futures	USD	30,627,270		(1,207,710	)		—		(1,207,710	)
09/07/17	Bank of America N.A.	Euro-Bund Futures	EUR	91,181,561		(1,534,718	)		—		(1,534,718	)
07/31/17	Citibank N.A.	Gold 100 oz. Futures	USD	71,305,920		(867,510	)		—		(867,510	)
07/31/17	Merrill Lynch International	Gold 100 oz. Futures	USD	78,756,300		(491,400	)		—		(491,400	)
07/28/17	Bank of America N.A.	Hang Seng China Enterprises Index Futures	HKD	352,718,197		(518,632	)		—		(518,632	)
07/28/17	Goldman Sachs & Co.	Hang Seng China Enterprises Index Futures	HKD	125,937,694		(134,352	)		—		(134,352	)
07/28/17	Bank of America N.A.	Hang Seng Index Futures	HKD	69,318,192		(30,572	)		—		(30,572	)
07/28/17	Goldman Sachs & Co.	Hang Seng Index Futures	HKD	24,365,734		(7,683	)		—		(7,683	)
09/12/17	Bank of America N.A.	Japanese Government 10 Year Bond Futures	JPY	16,108,807,200		(418,201	)		—		(418,201	)
08/14/17	Merrill Lynch International	Lean Hogs Futures	USD	11,464,381		361,119			—		361,119
08/04/17	Merrill Lynch International	Live Cattle Futures	USD	44,541,672		(2,115,432	)		—		(2,115,432	)
09/27/17	Bank of America N.A.	Long Gilt Futures	GBP	71,511,792		(1,389,742	)		—		(1,389,742	)
07/28/17	Bank of America N.A.	MSCI Taiwan Stock Index Futures	USD	19,523,569		(258,569	)		—		(258,569	)
07/28/17	Goldman Sachs & Co.	MSCI Taiwan Stock Index Futures	USD	3,456,384		(27,215	)		—		(27,215	)
07/28/17	Citibank N.A.	NY Harbor ULSD Futures	USD	24,473,030		816,791			—		816,791
07/28/17	Merrill Lynch International	NY Harbor ULSD Futures	USD	15,992,340		203,112			—		203,112
07/27/17	Citibank N.A.	Natural Gas Futures	USD	57,691,070		(86,770	)		—		(86,770	)
07/27/17	Merrill Lynch International	Natural Gas Futures	USD	35,445,300		(542,800	)		—		(542,800	)
07/28/17	Citibank N.A.	RBOB Gasoline Futures	USD	27,457,870		388,155			—		388,155
07/28/17	Merrill Lynch International	RBOB Gasoline Futures	USD	15,391,152		(133,057	)		—		(133,057	)
08/16/17	Bank of America N.A.	San Juan Natural Gas Index Futures	BRL	53,734,311		168,490			—		168,490
08/31/17	Citibank N.A.	Silver Futures	USD	30,421,640		172,040			—		172,040
08/31/17	Merrill Lynch International	Silver Futures	USD	21,451,790		(86,095	)		—		(86,095	)
10/27/17	Citibank N.A.	Soybean Futures	USD	34,418,256		525,594			—		525,594
10/27/17	Merrill Lynch International	Soybean Futures	USD	34,876,688		496,800			—		496,800
11/24/17	Citibank N.A.	Soybean Meal Futures	USD	11,984,162		121,518			—		121,518
11/24/17	Merrill Lynch International	Soybean Meal Futures	USD	10,833,030		58,970			—		58,970
11/24/17	Citibank N.A.	Soybean Oil Futures	USD	17,760,527		523,129			—		523,129

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Swap Agreements—(Continued)

Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
11/24/17	Merrill Lynch International	Soybean Oil Futures	USD	9,149,910	$	331,986		$	—	$	331,986
09/15/17	Citibank N.A.	Sugar No. 11 Futures	USD	1,625,761		(63,573	)		—		(63,573	)
09/15/17	Merrill Lynch International	Sugar No. 11 Futures	USD	511,258		(16,307	)		—		(16,307	)
09/15/17	Bank of America N.A.	Swiss Market Index Futures	CHF	42,663,197		174,495			—		174,495
08/29/17	Bank of America N.A.	U.S. Treasury Note 10 Year Futures	USD	859,730,906		(1,724,813	)		—		(1,724,813	)
08/25/17	Citibank N.A.	Wheat Futures	USD	14,388,206		1,893,919			—		1,893,919
08/25/17	Citibank N.A.	Wheat Futures	USD	28,473,674		4,243,526			—		4,243,526
08/25/17	Merrill Lynch International	Wheat Futures	USD	1,629,600		223,650			—		223,650
08/25/17	Merrill Lynch International	Wheat Futures	USD	16,982,050		2,585,150			—		2,585,150
Totals					$	(183,608	)	$	—	$	(183,608	)

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

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	852,884,628		$	—	$	852,884,628
Total Foreign Government*		—			703,597,354			—		703,597,354
Short-Term Investments
Mutual Funds		1,400,840,152			—			—		1,400,840,152
U.S. Treasury		—			607,997,329			—		607,997,329
Total Short-Term Investments		1,400,840,152			607,997,329			—		2,008,837,481
Total Investments	$	1,400,840,152		$	2,164,479,311		$	—	$	3,565,319,463
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	113,894		$	—	$	113,894
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(9,129,621	)		—		(9,129,621	)
Total Forward Contracts	$	—		$	(9,015,727	)	$	—	$	(9,015,727	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	8,478,783		$	—		$	—	$	8,478,783
Futures Contracts (Unrealized Depreciation)		(40,172,574	)		—			—		(40,172,574	)
Total Futures Contracts	$	(31,693,791	)	$	—		$	—	$	(31,693,791	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	16,288,104		$	—	$	16,288,104
OTC Swap Contracts at Value (Liabilities)		—			(16,471,712	)		—		(16,471,712	)
Total OTC Swap Contracts	$	—		$	(183,608	)	$	—	$	(183,608	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	3,565,319,463
Cash		8,729,267
Cash denominated in foreign currencies (b)		4,233,007
Cash collateral (c)		143,081,407
OTC swap contracts at market value		16,288,104
Unrealized appreciation on forward foreign currency exchange contracts		113,894
Receivable for:
Fund shares sold		31,029
OTC swap contracts		1,332,973
Dividends and interest		3,516,471
Variation margin on futures contracts		8,047,178
Total Assets		3,750,692,793
Liabilities
Cash collateral for OTC swap contracts		200,617
OTC swap contracts at market value		16,471,712
Unrealized depreciation on forward foreign currency exchange contracts		9,129,621
Variation margin on futures contracts		4,467,228
Payables for:
OTC swap contracts		26,684,720
Fund shares redeemed		991,050
Interest on OTC swap contracts		20,830
Accrued Expenses:
Management fees		1,858,476
Distribution and service fees		769,137
Deferred trustees’ fees		98,903
Other expenses		749,237
Total Liabilities		61,441,531
Net Assets	$	3,689,251,262
Net Assets Consist of:
Paid in surplus	$	3,670,278,453
Distributions in excess of net investment income		(4,965,553	)
Accumulated net realized gain		55,851,450
Unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(31,913,088	)
Net Assets	$	3,689,251,262
Net Assets
Class B	$	3,689,251,262
Capital Shares Outstanding*
Class B		424,743,267
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	8.69

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $3,556,311,245.
(b)	Identified cost of cash denominated in foreign currencies was $4,179,248.
(c)	Includes collateral of $110,981,407 for futures contracts, $32,100,000 for forward foreign currency exchange contracts.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	486,108
Interest		22,228,544
Total investment income		22,714,652
Expenses
Management fees		11,515,466
Administration fees		84,121
Custodian and accounting fees		254,026
Distribution and service fees—Class B		4,694,800
Interest expense		25
Audit and tax services		50,501
Legal		20,287
Trustees’ fees and expenses		26,454
Shareholder reporting		75,651
Insurance		13,238
Miscellaneous		25,142
Total expenses		16,759,711
Less management fee waiver		(180,901	)
Net expenses		16,578,810
Net Investment Income		6,135,842
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		553,191
Futures contracts		171,094,260
Swap contracts		(60,531,860	)
Foreign currency transactions		(26,305,171	)
Net realized gain		84,810,420
Net change in unrealized appreciation (depreciation) on:
Investments		32,816,456
Futures contracts		(32,320,595	)
Swap contracts		703,346
Foreign currency transactions		(19,290,992	)
Net change in unrealized depreciation		(18,091,785	)
Net realized and unrealized gain		66,718,635
Net Increase in Net Assets From Operations	$	72,854,477

(a) Net of foreign withholding taxes of $144,915.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	6,135,842		$	(7,773,070	)
Net realized gain		84,810,420			303,936,513
Net change in unrealized appreciation (depreciation)		(18,091,785	)		37,082,926
Increase in net assets from operations		72,854,477			333,246,369
From Distributions to Shareholders
Net investment income
Class B		(64,150,979	)		0
Net realized capital gains
Class B		(179,702,431	)		0
Total distributions		(243,853,410	)		0
Increase (decrease) in net assets from capital share transactions		51,281,758			(388,019,162	)
Total decrease in net assets		(119,717,175	)		(54,772,793	)
Net Assets
Beginning of period		3,808,968,437			3,863,741,230
End of period	$	3,689,251,262		$	3,808,968,437
Undistributed (overdistributed) net investment income
End of period	$	(4,965,553	)	$	53,049,584

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		1,295,014		$	11,901,567			2,633,197		$	23,404,598
Reinvestments		27,837,147			243,853,410			0			0
Redemptions		(22,085,575	)		(204,473,219	)		(46,577,556	)		(411,423,760	)
Net increase (decrease)		7,046,586		$	51,281,758			(43,944,359	)	$	(388,019,162	)
Increase (decrease) derived from capital shares transactions				$	51,281,758					$	(388,019,162	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.12		$	8.37		$	10.88		$	10.50		$	11.52		$	10.53
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			(0.02	)		(0.07	)		(0.02	)		(0.07	)		(0.00	)(b)
Net realized and unrealized gain (loss) on investments		0.17			0.77			(0.79	)		0.45			(0.30	)		1.11
Total from investment operations		0.18			0.75			(0.86	)		0.43			(0.37	)		1.11
Less Distributions
Distributions from net investment income		(0.16	)		0.00			(0.59	)		0.00			(0.23	)		(0.06	)
Distributions from net realized capital gains		(0.45	)		0.00			(1.06	)		(0.05	)		(0.42	)		(0.06	)
Total distributions		(0.61	)		0.00			(1.65	)		(0.05	)		(0.65	)		(0.12	)
Net Asset Value, End of Period	$	8.69		$	9.12		$	8.37		$	10.88		$	10.50		$	11.52
Total Return (%) (c)		1.94	(d)		8.96			(9.57	)		4.00			(3.39	)		10.56
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(e)		0.89			0.89			0.89			0.90			0.98
Gross ratio of expenses to average net assets excluding interest expense (%)		0.89	(e)		0.89			0.89			0.89			0.88			0.89
Net ratio of expenses to average net assets (%) (f)		0.88	(e)		0.88			0.88			0.87			0.89			0.98
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.88	(e)		0.88			0.88			0.87			0.87			0.89
Ratio of net investment income (loss) to average net assets (%)		0.33	(e)		(0.20	)		(0.76	)		(0.17	)		(0.66	)		(0.04	)
Portfolio turnover rate (%)		12	(d)		54			122			30			173			79
Net assets, end of period (in millions)	$	3,689.3		$	3,809.0		$	3,863.7		$	4,762.1		$	5,136.1		$	5,694.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is AQR Global Risk Balanced Portfolio (the “Portfolio”), which is non-diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—AQR Global Risk Balanced Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the AQR Global Risk Balanced Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained a private letter ruling from the Internal Revenue Service confirming that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio will constitute “qualifying income” for the purposes of the Portfolio remaining qualified as a regulated investment company for U.S. federal income tax purposes.

The Subsidiary’s inception date is April 19, 2011 and it invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity-related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by AQR Capital Management, LLC (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $368,924,988 in the Subsidiary, representing 9.8% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946–Financial Services–Investment Companies and Topic 820–Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) 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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on

BHFTI-15

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, premium amortization adjustments, controlled foreign corporation adjustments and deflationary sell adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

BHFTI-16

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

BHFTI-17

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Equity Swaps: Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

BHFTI-18

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate				OTC swap contracts at market value	$	5,683,811
				Unrealized depreciation on futures contracts (a) (b)		175,945
Equity	OTC swap contracts at market value	$	174,495	OTC swap contracts at market value		977,023
	Unrealized appreciation on futures contracts (a) (b)		2,865,664	Unrealized depreciation on futures contracts (a) (b)		10,454,682
Commodity	OTC swap contracts at market value (c)		16,113,609	OTC swap contracts at market value		9,810,878
	Unrealized appreciation on futures contracts (a) (b)		5,613,119	Unrealized depreciation on futures contracts (a) (b)		29,541,947
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		113,894	Unrealized depreciation on forward foreign currency exchange contracts		9,129,621
Total		$	24,880,781		$	65,773,907

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Excludes OTC swap interest payable of $20,830.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of America N.A.	$	342,985	$	(342,985	)	$	—	$	—
Citibank N.A.		10,371,092		(10,371,092	)		—		—
Merrill Lynch International		5,687,921		(5,687,921	)		—		—
	$	16,401,998	$	(16,401,998	)	$	—	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	6,491,584	$	(342,985	)	$	(2,027,015	)	$	4,121,584
Citibank N.A.		11,990,767		(10,371,092	)		(1,619,675	)		—
Goldman Sachs & Co.		169,250		—			—			169,250
Merrill Lynch International		6,949,732		(5,687,921	)		(1,261,811	)		—
	$	25,601,333	$	(16,401,998	)	$	(4,908,501	)	$	4,290,834

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

BHFTI-19

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—		$	(26,097,936	)	$	(26,097,936	)
Futures contracts		52,664,166			118,430,094			—			—			171,094,260
Swap contracts		18,891,419			16,815,800			(96,239,079	)		—			(60,531,860	)
	$	71,555,585		$	135,245,894		$	(96,239,079	)	$	(26,097,936	)	$	84,464,464
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—		$	(19,568,965	)	$	(19,568,965	)
Futures contracts		(30,256,982	)		(13,604,144	)		11,540,531			—			(32,320,595	)
Swap contracts		(3,006,809	)		(3,366,493	)		7,076,648			—			703,346
	$	(33,263,791	)	$	(16,970,637	)	$	18,617,179		$	(19,568,965	)	$	(51,186,214	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	1,024,698,339
Futures contracts long		34,936,438,945
Futures contracts short		(28,469	)
Swap contracts		343,303,130

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the

BHFTI-20

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$44,999,959	$	140,772,837	$	9,669,460	$	187,150,425

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$11,515,466		0.675	%	First $250 million
		0.650	%	$250 million to $750 million
		0.625	%	$750 million to $1 billion
		0.600	%	Over $1 billion

BHFTI-21

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.010%	$1 billion to $3.5 billion
0.040%	Over $3.5 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2016	2015		2016		2015		2016		2015		2016		2015
$—	$	486,253,651	$	—	$	198,781,167	$	—	$	583,179	$	—	$	685,617,997

BHFTI-22

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$145,505,734	$	97,573,504	$	(53,022,667	)	$	—	$	190,056,571

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

During the year ended December 31, 2016, the Portfolio utilized acccumulated losses of $18,187,633.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-23

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	375,571,390		17,123,127		28,610,472

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		392,892,535		28,412,452
Robert Boulware		392,848,866		28,456,122
Susan C. Gause		393,379,625		27,925,363
Nancy Hawthorne		393,023,307		28,281,682
Barbara A. Nugent		393,382,534		27,922,455
John Rosenthal		392,412,044		28,892,945
Linda B. Strumpf		392,389,138		28,915,850
Dawn M. Vroegop		392,690,624		28,614,364

BHFTI-24

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the BlackRock Global Tactical Strategies Portfolio returned 6.72%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

The first half of the year was broadly characterized by persistent strength in economic data, ongoing softness in inflation, and a reduction in political risks. The relatively optimistic tone to data and equity markets led developed central banks to become increasingly hawkish, particularly toward the end of the period. U.S. growth dynamics continued to improve and financial conditions eased despite two interest rate hikes by the U.S. Federal Reserve (the “Fed”). Meanwhile, the European Central Bank (the “ECB”) adopted a more hawkish stance as political risk diminished and economic data continued to improve. Data across Asia was also resilient, which enabled the People’s Bank of China to scale back stimulus.

The combination of weak inflation and improving growth supported strong gains in equity markets, while bond yields broadly moved lower. Within equities, emerging markets outperformed developed markets. Global bond yields declined amid weakness in commodity prices and soft core inflation data.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s assets are allocated across a diversified mix of asset classes. The volatility of the Portfolio is generally managed by rotating out of risky assets and into cash during periods of market turbulence. Given the low volatility market environment, the Portfolio did not de-risk into cash during the six month period ended June 30, 2017.

The Portfolio underperformed the Dow Jones Moderate Index over the six month period ended June 30, 2017. Performance relative to the Dow Jones Moderate Index was dampened by a lower aggregate equity allocation, relatively limited exposure to emerging market stocks, and an allocation to commodities. This was partially offset by an overweight position in the euro. The following summary of performance and investment insights considers active positioning relative to the blended benchmark.

In Europe, economic data has remained resilient in the wake of political uncertainty emanating from Brexit, the Italian referendum, and the French election. Domestic demand has remained strong, which has driven an ongoing improvement in both the labor market and income growth. Additionally, the firmer tone to global data over the last year has provided a tailwind to the export sector. Consequently, the deflationary concerns that dominated early 2016 have faded. As a result, the ECB has moved in a gradually more hawkish direction as downside risks have diminished. Given ongoing improvement in economic data, we retained an overweight in the euro (versus the yen) throughout the first half of the year, though we reduced the magnitude of this position toward the end of the period. Additionally, we held an overweight position in European equities relative to the U.S.

Meanwhile, the U.S. labor market continued to improve with the unemployment rate dropping to post-crisis lows. While inflation data proved volatile, the Fed retained conviction that price pressures would remain firm over the medium-term. Despite recent rate hikes, dovish forward guidance has led to an easing in financial conditions, which, in turn, appeared to support a further acceleration in growth. As such, we believed that the Fed would reassert its tightening bias. In terms of the composition of this growth, the post-election period saw manufacturing data notably outpace consumer demand as factories increased production in anticipation of fiscal stimulus. This resulted in a sharp inventory build-up as firms were unable to sell existing output. We expected that this would cause a slowing in manufacturing activity over the coming months, which was confirmed by a subsequent softening in our U.S. leading indicator. Given our expectation for Fed tightening and softer manufacturing momentum, at the onset of the second quarter, we initiated an underweight position in U.S. 5-year Treasury bond futures and a cross-sectional underweight position in U.S. equities relative to Japanese equities. The Portfolio’s U.S. bond underweight aided performance as markets moved to expect a more hawkish interest rate path. Similarly, the Portfolio’s relative equity positioning modestly added value as Japan outpaced the U.S.

Despite the upswing in global growth, the Australian economy has remained relatively muted. A sharp rise in commodity prices early in the year provided a short-lived boost to the export sector and headline inflation, yet the domestic economy remained weak. Given signs of a moderation in commodity prices, we felt that central bank communication would likely move in a dovish direction. The Portfolio held an underweight position in the Australian dollar against the euro on expectations that central bank policies would diverge. We took profits on this position toward the end of the period as pricing moved in a favourable direction.

Supported by consumer strength, the Japanese economy appeared to reaccelerate toward the end of the period. Additionally, in spite of signs of tighter monetary policy across the globe, the Bank of Japan retained an easing bias. As such, we maintained an overweight to Japanese equities, which benefited from loose financial conditions and improving growth dynamics. The Portfolio also held an underweight position in the yen against the euro given the dovish stance of the central bank.

During the period, the Portfolio held derivatives, which positively impacted performance. As part of the Portfolio’s design, we use a 10-year interest rate swap to overlay 30% of total portfolio net asset value. This position boosted performance as interest rates declined; over the period, the 10-year U.S. Treasury rate fell from 2.44% to 2.30%. The Portfolio also employs derivatives to hedge and/or take

BHFTI-1

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*—(Continued)

outright views primarily through equity and bond futures. Over the six month period ended June 30, 2017, the Portfolio used futures to access equity and currency exposures in the following markets: U.S., U.K., Germany, France, Italy, Spain, Sweden, Switzerland, Japan, Hong Kong, Singapore, Australia, Netherlands, and Europe. The Portfolio also used a total return swap on the MSCI Switzerland Index and the S&P GSCI Index to gain exposure to equities and commodities, respectively. The Portfolio also used a currency forward on the Swedish krona. In terms of fixed income, the Portfolio used U.S. Treasury futures to help adjust Portfolio duration according to our views.

As of period end, the Portfolio remained overweight the euro and European equities as we continued to believe in the resilience of the European economy. Within the U.S., in light of further monetary tightening, the Portfolio retained underweight positions in both U.S. equities and U.S. bonds. The Portfolio also held an active tilt toward Japanese equities and an underweight position in the yen given ongoing easing from the Bank of Japan.

Philip Green

Portfolio Manager

BlackRock Financial Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
BlackRock Global Tactical Strategies Portfolio
Class B		6.72		8.73		6.53		5.26
Dow Jones Moderate Index		7.27		10.35		7.87		6.18

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
iShares 1-3 Year Credit Bond ETF		6.5
iShares iBoxx $ Investment Grade Corporate Bond ETF		6.3
Vanguard Total Bond Market ETF		5.3
iShares MSCI EAFE Fund		4.8
iShares Core U.S. Aggregate Bond ETF		4.5
Powershares QQQ Trust - Series 1		4.0
Financial Select Sector SPDR Fund		3.1
Technology Select Sector SPDR Fund		2.4
Health Care Select Sector SPDR Fund		2.2
Industrial Select Sector SPDR Fund		2.2

BHFTI-3

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

BlackRock Global Tactical Strategies Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)(b)	Actual		0.89	%	$	1,000.00	$	1,067.20	$	4.56
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

^(b) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

BHFTI-4

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Funds—54.5% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—54.5%
Consumer Discretionary Select Sector SPDR Fund (a)		1,722,245	$	154,364,819
Consumer Staples Select Sector SPDR Fund (a)		2,535,939		139,324,489
Energy Select Sector SPDR Fund (a)		1,385,355		89,937,247
Financial Select Sector SPDR Fund (a)		9,339,060		230,394,610
Health Care Select Sector SPDR Fund (a)		2,109,513		167,157,810
Industrial Select Sector SPDR Fund (a)		2,443,819		166,448,512
iShares 1-3 Year Credit Bond ETF (a) (b)		4,618,949		486,421,519
iShares Core MSCI EAFE ETF (a) (b)		124,461		7,578,430
iShares Core U.S. Aggregate Bond ETF (b)		3,049,604		333,962,134
iShares iBoxx $ Investment Grade Corporate Bond ETF (b)		3,858,200		464,951,682
iShares Intermediate Credit Bond ETF (a) (b)		1,173,627		128,840,772
iShares MSCI EAFE Fund (a) (b)		5,482,655		357,469,106
iShares MSCI Japan Fund (a) (b)		744,558		39,945,537
iShares U.S. Real Estate ETF (a) (b)		1,833,604		146,266,591
Materials Select Sector SPDR Fund (a)		1,102,186		59,308,629
Powershares QQQ Trust - Series 1 (a)		2,167,013		298,267,669
Real Estate Select Sector SPDR Fund (a)		1,299,492		41,843,643
Technology Select Sector SPDR Fund (a)		3,193,938		174,772,287
Utilities Select Sector SPDR Fund (a)		1,071,224		55,660,799
Vanguard Short-Term Corporate Bond ETF		1,458,405		116,730,736
Vanguard Total Bond Market ETF		4,769,518		390,289,658
Total Mutual Funds (Cost $3,648,961,920)				4,049,936,679
Short-Term Investments—41.0%
Mutual Fund—1.4%
SSGA USD Liquidity Fund, S2 Shares, 1.061% (c)		101,738,436		101,738,436
Repurchase Agreement—39.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $2,940,961,179 on 07/03/17, collateralized by $2,933,745,000 U.S. Government Agency Obligations with rates ranging from 0.125% - 4.000%, maturity dates ranging from 01/12/18 - 05/15/25, with a value of $2,999,768,090.		2,940,931,770		2,940,931,770
Total Short-Term Investments (Cost $3,042,670,206)				3,042,670,206
Securities Lending Reinvestments (d)—16.2%
Certificates of Deposit—8.5%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		9,958,176		9,979,000
Certificates of Deposit—(Continued)
Banco Del Estado De Chile New York
1.429%, 10/19/17 (e)		15,500,000		15,503,689
Bank of Montreal
1.210%, 07/17/17		23,000,000		23,000,000
Bank of Nova Scotia Houston
1.492%, 11/03/17 (e)		10,000,000		10,009,873
Bank of Tokyo-Mitsubishi, Ltd.
1.602%, 11/16/17 (e)		40,000,000		40,039,040
Chiba Bank, Ltd., New York
1.170%, 07/10/17		9,500,000		9,499,924
1.170%, 07/11/17		15,000,000		14,999,820
Cooperative Rabobank UA New York
1.555%, 10/13/17 (e)		12,000,000		12,013,836
1.558%, 10/13/17 (e)		14,000,000		14,018,992
Credit Suisse AG New York
1.377%, 10/11/17 (e)		16,000,000		16,003,136
1.432%, 10/16/17 (e)		12,000,000		12,002,568
1.466%, 10/25/17 (e)		30,000,000		30,001,776
DG Bank New York
1.140%, 07/03/17		16,500,000		16,499,835
DNB NOR Bank ASA
1.412%, 07/28/17 (e)		17,000,000		17,002,125
HSBC Bank New York
1.411%, 08/01/17 (e)		31,000,000		31,009,269
KBC Bank NV
Zero Coupon, 08/22/17		34,885,884		34,943,650
1.200%, 07/18/17		15,000,000		15,000,000
Landesbank Baden-Wuerttemberg
1.150%, 07/03/17		6,000,000		5,999,940
Mitsubishi UFJ Trust and Banking Corp.
1.367%, 10/11/17 (e)		19,000,000		19,004,256
Mizuho Bank, Ltd., New York
1.397%, 10/11/17 (e)		20,000,000		19,999,340
1.400%, 11/27/17 (e)		17,500,000		17,491,950
1.469%, 10/18/17 (e)		7,500,000		7,499,490
National Australia Bank London
1.480%, 11/09/17 (e)		18,500,000		18,514,985
Norinchukin Bank New York
1.377%, 10/13/17 (e)		4,000,000		4,002,750
1.584%, 08/21/17 (e)		55,000,000		55,020,295
Royal Bank of Canada New York
1.555%, 10/13/17 (e)		25,000,000		25,025,275
Shizuoka Bank New York
1.220%, 07/17/17		25,000,000		25,000,100
Sumitomo Mitsui Banking Corp., New York
1.330%, 02/08/18 (e)		15,800,000		15,798,562
1.717%, 07/10/17		17,508,199		17,504,065
Sumitomo Mitsui Trust Bank, Ltd., New York
1.297%, 11/13/17 (e)		7,600,000		7,599,445
1.342%, 11/16/17 (e)		5,000,000		4,999,685
1.377%, 10/11/17 (e)		4,000,000		4,002,818
1.466%, 10/26/17 (e)		12,500,000		12,503,200
1.552%, 08/16/17 (e)		25,000,000		25,007,525
UBS, Stamford
1.722%, 07/31/17 (e)		4,304,395		4,302,456

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Wells Fargo Bank San Francisco N.A.
1.547%, 10/26/17 (e)		18,700,000	$	18,716,718
				629,519,388
Commercial Paper—2.9%
Atlantic Asset Securitization LLC
1.170%, 07/12/17		14,955,637		14,994,570
Barton Capital S.A.
1.290%, 09/12/17		49,838,750		49,877,600
ING Funding LLC
1.234%, 12/07/17 (e)		25,000,000		25,008,633
1.277%, 11/13/17 (e)		11,000,000		10,999,197
LMA S.A. & LMA Americas
1.150%, 07/07/17		9,997,764		9,998,722
1.170%, 07/20/17		19,944,100		19,987,260
1.180%, 07/11/17		7,477,875		7,497,510
Ridgefield Funding Co. LLC
1.604%, 08/21/17 (e)		23,000,000		23,009,683
Sheffield Receivables Co.
1.190%, 07/28/17		31,402,123		31,470,390
1.220%, 08/15/17		23,925,173		23,960,928
				216,804,493
Master Demand Notes—0.6%
Natixis Financial Products LLC
1.390%, 07/03/17 (e)		10,000,000		10,000,000
1.410%, 07/03/17 (e)		35,000,000		35,000,000
				45,000,000
Repurchase Agreements—3.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $55,860 on 07/03/17, collateralized by $58,144 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $56,972.		55,854		55,854
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $15,178,125 on 10/02/17, collateralized by various Common Stock with a value of $16,500,001.		15,000,000		15,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $30,003,000 on 07/03/17, collateralized by $30,502,000 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $30,600,092.		30,000,000		30,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $10,508,138 on 07/03/17, collateralized by $2,282 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $11,674,147.		10,500,000		10,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $63,918,190 on 09/29/17, collateralized by various Common Stock with a value of $69,971,015.		63,610,000		63,610,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $75,069,479 on 07/07/17, collateralized by $67,626,197 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $76,549,945.		75,000,000		75,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $22,864,444 on 10/02/17, collateralized by various Common Stock with a value of $24,750,000.		22,500,000		22,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $8,565,004 on 10/02/17, collateralized by various Common Stock with a value of $9,350,001.		8,500,000		8,500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $18,432,058 on 07/03/17, collateralized by $36,750,559 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $18,800,789.		18,430,000		18,430,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $4,500,443 on 07/03/17, collateralized by $6,757,935 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $4,590,000.		4,500,000		4,500,000
				248,095,854
Time Deposits—0.9%
ABN AMRO Bank NV
1.180%, 07/07/17		15,000,000		15,000,000

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Credit Industriel et Commercial
1.100%, 07/03/17		30,800,000	$	30,800,000
Nordea Bank New York
1.050%, 07/03/17		5,300,000		5,300,000
Shinkin Central Bank
1.330%, 07/25/17		9,450,000		9,450,000
Standard Chartered plc
1.200%, 07/03/17		6,100,000		6,100,000
				66,650,000
Total Securities Lending Reinvestments (Cost $1,205,857,702)				1,206,069,735
Total Investments—111.7% (Cost $7,897,489,828) (f)				8,298,676,620
Other assets and liabilities (net)—(11.7)%				(868,705,372	)
Net Assets—100.0%			$	7,429,971,248

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $1,181,289,136 and the collateral received consisted of cash in the amount of $1,205,543,930. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)
(c)	The rate shown represents the annualized seven-day yield as of June 30, 2017.
(d)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)	As of June 30, 2017, the aggregate cost of investments was $7,897,489,828. The aggregate unrealized appreciation and depreciation of investments were $423,917,519 and $(22,730,727), respectively, resulting in net unrealized appreciation of $401,186,792.
(ETF)—	Exchange-Traded Fund

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation
SEK	362,000,000	Goldman Sachs & Co.		09/20/17	$	41,826,018	$	1,329,458

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Amsterdam Index Futures		07/21/17		427		EUR	44,544,760	$	(1,472,984	)
Australian Currency Futures		09/18/17		1,382		USD	105,048,239		1,020,261
British Pound Currency Futures		09/18/17		3,073		USD	246,095,059		4,450,472
CAC 40 Index Futures		07/21/17		3,750		EUR	197,490,600		(6,420,994	)
DAX Index Futures		09/15/17		561		EUR	178,626,967		(6,668,974	)
Euro Currency Futures		09/18/17		4,546		USD	638,165,207		13,447,068
Euro Stoxx 50 Index Futures		09/15/17		2,122		EUR	75,499,785		(3,076,911	)
FTSE 100 Index Futures		09/15/17		2,583		GBP	192,653,281		(7,267,026	)
FTSE MIB Index Futures		09/15/17		272		EUR	28,646,200		(876,668	)
Hang Seng Index Futures		07/28/17		382		HKD	488,353,464		40,991
IBEX 35 Index Futures		07/21/17		385		EUR	41,427,032		(1,558,254	)
Japanese Yen Currency Futures		09/18/17		683		USD	76,988,102		(918,977	)
MSCI Singapore Index Futures		07/28/17		909		SGD	32,449,991		96,687
Nikkei 225 Index Futures		09/07/17		4,093		JPY	81,962,690,637		(185,202	)
OMX Stockholm 30 Index Futures		07/21/17		2,257		SEK	370,003,860		(980,828	)
Russell 2000 Index Mini Futures		09/15/17		4,084		USD	290,682,404		(1,882,344	)
SPI 200 Index Futures		09/21/17		946		AUD	134,760,283		(892,677	)
Swiss Franc Currency Futures		09/18/17		902		USD	116,404,679		1,734,771
U.S. Treasury Long Bond Futures		09/20/17		1,278		USD	195,025,112		1,387,513
U.S. Treasury Note 10 Year Futures		09/20/17		1,760		USD	221,592,932		(657,932	)
U.S. Treasury Ultra Long Bond Futures		09/20/17		200		USD	32,618,888		556,112

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		09/15/17		(2,581	)		USD	(314,141,531	)	$	1,724,386
U.S. Treasury Note 2 Year Futures		09/29/17		(226	)		USD	(48,914,552	)		73,833
U.S. Treasury Note 5 Year Futures		09/29/17		(3,562	)		USD	(420,566,451	)		834,840
Net Unrealized Depreciation										$	(7,492,837	)

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	135,573,268	$	6,803,317		$	—	$	6,803,317
0.100%		09/01/17	JPMorgan Chase Bank N.A.	S&P GSCI Commodity Index	USD	269,446,064		(5,178,029	)		—		(5,178,029	)
1.202%		08/31/17	JPMorgan Chase Bank N.A.	S&P GSCI Commodity Index	USD	15,718,760		149,083			—		149,083
Totals							$	1,774,371		$	—	$	1,774,371

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay		3M LIBOR		2.140	%		06/16/27		USD	294,000,000	$	(4,023,526	)
Pay		3M LIBOR		2.150	%		06/20/27		USD	312,000,000		(4,022,416	)
Pay		3M LIBOR		2.160	%		06/22/27		USD	322,000,000		(3,872,591	)
Pay		3M LIBOR		2.170	%		06/19/27		USD	330,000,000		(3,652,193	)
Pay		3M LIBOR		2.190	%		06/14/27		USD	334,000,000		(3,044,955	)
Pay		3M LIBOR		2.205	%		06/15/27		USD	305,000,000		(2,371,924	)
Pay		3M LIBOR		2.280	%		12/12/26		USD	326,000,000		381,971
Net Unrealized Depreciation											$	(20,605,634	)

(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

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	4,049,936,679		$	—		$	—	$	4,049,936,679
Short-Term Investments
Mutual Fund		101,738,436			—			—		101,738,436
Repurchase Agreement		—			2,940,931,770			—		2,940,931,770
Total Short-Term Investments		101,738,436			2,940,931,770			—		3,042,670,206
Total Securities Lending Reinvestments*		—			1,206,069,735			—		1,206,069,735
Total Investments	$	4,151,675,115		$	4,147,001,505		$	—	$	8,298,676,620
Collateral for Securities Loaned (Liability)	$	—		$	(1,205,543,930	)	$	—	$	(1,205,543,930	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	1,329,458		$	—	$	1,329,458
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	25,366,934		$	—		$	—	$	25,366,934
Futures Contracts (Unrealized Depreciation)		(32,859,771	)		—			—		(32,859,771	)
Total Futures Contracts	$	(7,492,837	)	$	—		$	—	$	(7,492,837	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	381,971		$	—	$	381,971
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(20,987,605	)		—		(20,987,605	)
Total Centrally Cleared Swap Contracts	$	—		$	(20,605,634	)	$	—	$	(20,605,634	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	6,952,400		$	—	$	6,952,400
OTC Swap Contracts at Value (Liabilities)		—			(5,178,029	)		—		(5,178,029	)
Total OTC Swap Contracts	$	—		$	1,774,371		$	—	$	1,774,371

* See Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	3,392,309,079
Affiliated investments at value (c) (d)		1,965,435,771
Repurchase Agreement		2,940,931,770
Cash		85,917
Cash denominated in foreign currencies (e)		120,666,905
Cash collateral (f)		248,161,820
OTC swap contracts at market value		6,952,400
Unrealized appreciation on forward foreign currency exchange contracts		1,329,458
Receivable for:
Fund shares sold		17,819
Dividends and interest		525,464
Interest on OTC swap contracts		303,639
Total Assets		8,676,720,042
Liabilities
OTC swap contracts at market value		5,178,029
Cash collateral on OTC swap contracts		7,830,000
Collateral for securities loaned		1,205,543,930
Payables for:
Investments purchased		85,917
Fund shares redeemed		1,160,545
Variation margin on futures contracts		14,002,006
Variation margin on centrally cleared swap contracts		6,739,388
Interest on OTC swap contracts		38,497
Accrued Expenses:
Management fees		3,853,207
Distribution and service fees		1,540,423
Deferred trustees’ fees		98,903
Other expenses		677,949
Total Liabilities		1,246,748,794
Net Assets	$	7,429,971,248
Net Assets Consist of:
Paid in surplus	$	6,818,846,440
Undistributed net investment income		12,446,034
Accumulated net realized gain		221,766,637
Unrealized appreciation on investments, affiliated investments, futures contracts, swap contracts and foreign currency transactions		376,912,137
Net Assets	$	7,429,971,248
Net Assets
Class B	$	7,429,971,248
Capital Shares Outstanding*
Class B		727,642,130
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.21

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement and affiliated investments, was $3,064,475,853.
(b)	Includes securities loaned at value of $794,198,733.
(c)	Identified cost of affiliated investments was $1,892,082,205.
(d)	Includes securities loaned at value of $387,090,403.
(e)	Identified cost of cash denominated in foreign currencies was $120,151,493.
(f)	Includes collateral of $148,971,000 for futures contracts, $10,590,000 for OTC swap contracts and $88,600,820 for centrally cleared swap contracts.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Underlying ETFs	$	18,213,953
Dividends from affiliated investments		23,028,388
Interest		1,697,876
Securities lending income		3,714,444
Total investment income		46,654,661
Expenses
Management fees		24,144,917
Administration fees		139,521
Custodian and accounting fees		180,317
Distribution and service fees—Class B		9,172,070
Audit and tax services		26,317
Legal		20,436
Trustees’ fees and expenses		26,454
Shareholder reporting		91,012
Insurance		25,717
Miscellaneous		30,826
Total expenses		33,857,587
Less management fee waiver		(1,184,721	)
Net expenses		32,672,866
Net Investment Income		13,981,795
Net Realized and Unrealized Gain
Net realized gain on:
Investments		18,621,863
Affiliated investments		555,398
Futures contracts		253,017,479
Swap contracts		15,564,506
Foreign currency transactions		1,252,608
Net realized gain		289,011,854
Net change in unrealized appreciation (depreciation) on:
Investments		120,283,944
Affiliated investments		70,886,005
Futures contracts		(13,996,128	)
Swap contracts		(2,409,691	)
Foreign currency transactions		2,047,707
Net change in unrealized appreciation		176,811,837
Net realized and unrealized gain		465,823,691
Net Increase in Net Assets From Operations	$	479,805,486

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	13,981,795		$	44,961,406
Net realized gain		289,011,854			144,607,571
Net change in unrealized appreciation		176,811,837			136,965,937
Increase in net assets from operations		479,805,486			326,534,914
From Distributions to Shareholders
Net investment income
Class B		(50,163,933	)		(107,977,698	)
Net realized capital gains
Class B		(90,295,080	)		(608,795,313	)
Total distributions		(140,459,013	)		(716,773,011	)
Increase (decrease) in net assets from capital share transactions		(236,854,814	)		235,121,635
Total increase (decrease) in net assets		102,491,659			(155,116,462	)
Net Assets
Beginning of period		7,327,479,589			7,482,596,051
End of period	$	7,429,971,248		$	7,327,479,589
Undistributed net investment income
End of period	$	12,446,034		$	48,628,172

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		1,245,674		$	12,521,618			11,321,629		$	113,397,645
Reinvestments		13,716,701			140,459,013			75,608,968			716,773,011
Redemptions		(38,691,867	)		(389,835,445	)		(60,062,590	)		(595,049,021	)
Net increase (decrease)		(23,729,492	)	$	(236,854,814	)		26,868,007		$	235,121,635
Increase (decrease) derived from capital shares transactions				$	(236,854,814	)				$	235,121,635

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.75		$	10.33		$	10.95		$	11.05		$	10.39		$	9.52
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.06			0.04			0.07			0.06			0.14
Net realized and unrealized gain (loss) on investments		0.64			0.37			(0.04	)		0.56			0.99			0.73
Total from investment operations		0.66			0.43			0.00			0.63			1.05			0.87
Less Distributions
Distributions from net investment income		(0.07	)		(0.15	)		(0.17	)		(0.13	)		(0.15	)		0.00
Distributions from net realized capital gains		(0.13	)		(0.86	)		(0.45	)		(0.60	)		(0.24	)		(0.00	) (b)
Total distributions		(0.20	)		(1.01	)		(0.62	)		(0.73	)		(0.39	)		0.00
Net Asset Value, End of Period	$	10.21		$	9.75		$	10.33		$	10.95		$	11.05		$	10.39
Total Return (%) (c)		6.72	(d)		4.43			(0.11	)		5.92			10.31			9.14
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.92	(f)		0.92			0.92			0.92			0.92			0.93
Net ratio of expenses to average net assets (%) (e)(g)		0.89	(f)		0.89			0.89			0.90			0.91			0.93
Ratio of net investment income to average net assets (%)		0.38	(f)		0.61			0.35			0.63			0.58			1.37
Portfolio turnover rate (%)		0	(d)(h)		2			51			25			51			62
Net assets, end of period (in millions)	$	7,430.0		$	7,327.5		$	7,482.6		$	7,846.9		$	7,817.8		$	6,758.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from net realized capital gains were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).
(h)	Rounds to less than 1%.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Global Tactical Strategies Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio allocates its assets in a broad range of asset classes, primarily through other investment companies known as exchange traded funds (“Underlying ETFs”), involving primarily series of the iShares^® Trust and iShares^®, Inc., but the Portfolio also has the ability to invest in series sponsored by other companies.

2. Consolidation of Subsidiary—BlackRock Global Tactical Strategies Portfolio, Ltd.

The Portfolio may invest up to 6% of its total assets in the BlackRock Global Tactical Strategies Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary’s inception date is May 14, 2013 and it invests primarily in commodity-linked derivatives and exchange-traded funds. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by BlackRock Financial Management, Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $109,303,895 in the Subsidiary, representing 1.3% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

BHFTI-13

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

Investment Valuation and Fair Value Measurements - Investments in the ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in unregistered open-end management investment companies are reported at NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy provided the NAV is observable, calculated daily and are the value at which both purchases and sales will be conducted.

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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the 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 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

BHFTI-14

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, distributions from underlying funds, futures transactions, controlled foreign corporation reversal and swap transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $2,940,931,770, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $248,095,854, which is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

BHFTI-15

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Consolidated Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Mutual Funds in the Portfolio’s Consolidated Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The

BHFTI-16

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps

BHFTI-17

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	381,971	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	20,987,605
	Unrealized appreciation on futures contracts (c) (a)		2,852,298	Unrealized depreciation on futures contracts (c) (a)		657,932
Equity	OTC swap contracts at market value (d)		6,952,400	OTC swap contracts at market value (d)		5,178,029
	Unrealized appreciation on futures contracts (c) (a)		1,862,064	Unrealized depreciation on futures contracts (c) (a)		31,282,862
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		1,329,458
	Unrealized appreciation on futures contracts (c) (a)		20,652,572	Unrealized depreciation on futures contracts (c) (a)		918,977
Total		$	34,030,763		$	59,025,405

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(d)	Excludes OTC swap interest receivable of $303,639 and OTC swap interest payable of $38,497.

BHFTI-18

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Goldman Sachs & Co.	$	1,329,458	$	—		$	—		$	1,329,458
JPMorgan Chase Bank N.A.		149,083		(149,083	)		—			—
UBS AG		6,803,317		—			(6,803,317	)		—
	$	8,281,858	$	(149,083	)	$	(6,803,317	)	$	1,329,458

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
JPMorgan Chase Bank N.A.	$	5,178,029	$	(149,083	)	$	(5,028,946	)	$	—

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate		Equity		Commodity			Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	—	$	—		$	1,554,795	$	1,554,795
Futures contracts		17,518,381		150,719,485		—			84,779,613		253,017,479
Swap contracts		31,490,052		10,220,672		(26,146,218	)		—		15,564,506
	$	49,008,433	$	160,940,157	$	(26,146,218	)	$	86,334,408	$	270,136,780

Consolidated Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity		Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	—		$	—	$	1,284,516	$	1,284,516
Futures contracts		(3,483,784	)		(21,311,183	)		—		10,798,839		(13,996,128	)
Swap contracts		(2,542,782	)		133,091			—		—		(2,409,691	)
	$	(6,026,566	)	$	(21,178,092	)	$	—	$	12,083,355	$	(15,121,303	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	54,018,894
Futures contracts long		1,512,096,792
Futures contracts short		(223,346,892	)
Swap contracts		2,338,729,462

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTI-19

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

BHFTI-20

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	7,194,580	$	0	$	82,756,401

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$24,144,917		0.800	%	First $100 million
		0.750	%	$100 million to $300 million
		0.700	%	$300 million to $600 million
		0.675	%	$600 million to $1 billion
		0.650	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.125%	First $100 million
0.075%	$100 million to $300 million
0.025%	$300 million to $600 million
0.030%	$3 billion to $5 billion
0.060%	Over $5 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived, for the period ended June 30, 2017 are shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

BHFTI-21

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Transactions in Securities of Affiliated Underlying ETFs

The Portfolio does not invest in the Underlying ETFs for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying ETFs’ net assets. Transactions in the Underlying ETFs for the six months ended June 30, 2017 were as follows:

Underlying ETF/Security	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
iShares 1-3 Year Credit Bond ETF		4,618,949		—		—			4,618,949
iShares Core MSCI EAFE ETF		—		124,461		—			124,461
iShares Core U.S. Aggregate Bond ETF		3,049,604		—		—			3,049,604
iShares iBoxx $ Investment Grade Corporate Bond ETF		3,858,200		—		—			3,858,200
iShares Intermediate Credit Bond ETF		1,173,627		—		—			1,173,627
iShares MSCI EAFE Fund		5,598,492		—		(115,837	)		5,482,655
iShares MSCI Japan Fund		744,558		—		—			744,558
iShares U.S. Real Estate ETF		1,833,604		—		—			1,833,604
Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Underlying ETFs		Capital Gain Distributions from Underlying ETFs		Dividend Income from Underlying ETFs			Ending Value as of June 30, 2017
iShares 1-3 Year Credit Bond ETF	$	—	$	—	$	3,208,424		$	486,421,519
iShares Core MSCI EAFE ETF		—		—		120,071			7,578,430
iShares Core U.S. Aggregate Bond ETF		—		—		3,446,114			333,962,134
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		—		6,145,499			464,951,682
iShares Intermediate Credit Bond ETF		—		—		1,339,733			128,840,772
iShares MSCI EAFE Fund		555,398		—		5,821,105			357,469,106
iShares MSCI Japan Fund		—		—		259,296			39,945,537
iShares U.S. Real Estate ETF		—		—		2,688,146			146,266,591
	$	555,398	$	—	$	23,028,388		$	1,965,435,771

9. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

10. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$224,479,951	$	298,087,382	$	492,293,060	$	137,092,075	$	716,773,011	$	435,179,457

BHFTI-22

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$102,546,158	$	37,084,022	$	132,232,984	$	—	$	271,863,164

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the Portfolio had no accumulated capital losses.

11. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

12. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-23

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	679,960,718		31,974,364		47,547,544

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		710,864,710		48,617,916
Robert Boulware		710,526,886		48,955,740
Susan C. Gause		711,508,338		47,974,289
Nancy Hawthorne		710,104,680		49,377,946
Barbara A. Nugent		711,506,424		47,976,203
John Rosenthal		710,642,631		48,839,995
Linda B. Strumpf		708,991,206		50,491,420
Dawn M. Vroegop		710,519,783		48,962,843

BHFTI-24

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the BlackRock High Yield Portfolio returned 4.90% and 4.70%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays High Yield 2% Issuer Capped Index¹, returned 4.92%.

MARKET ENVIRONMENT / CONDITIONS

With the exception of short-term bouts of commodity price volatility, high yield bonds have continued to grind higher during the first half of 2017. The first two months of 2017 posted strong gains in high yield with little volatility, as the “Trump Trade” continued to dominate headlines and the U.S. Federal Open Market Committee left benchmark interest rates unchanged. Largely in-line with 2016’s trend, CCC-rated credits outperformed higher-rated names as investors searched for yield and upside potential. March brought both uncertainty and volatility after twelve high-performing months. In addition to the first Federal Reserve interest rate hike of 2017, uncertainty regarding U.S. healthcare policy and oil price volatility were top of mind to investors to close out the first quarter of 2017. For the second quarter, U.S. political battles continued, as President Trump’s initial tax bill proposals signaled corporate rate cuts of up to 20% and healthcare reform appeared to be on the back burner for lawmakers. Geopolitical risks were also top of mind, as the French presidential elections posed a test for the global trend towards nationalism. In May, OPEC’s meeting resulted in product cuts in-line with market expectations, though oil would touch a low of $42.50 by June. Generally, risk assets have performed well in 2017, with the S&P 500 posting 9.34% through June 30^th.

While high yield performance dispersion was substantial throughout 2015-2016, the broad-based rally has brought spreads and yields tighter to 441bps and 6.12% in 2017, respectively. Despite some volatility in the second quarter, lower-quality assets continued to outperform in 2017, with CCCs returning 5.78%, Single Bs returning 4.07%, and BBs returning 4.60%. From a sector perspective, return dispersion has tightened meaningfully over 2016 levels. So far in 2017, only one sector (retail) has posted a negative return. Outside of the retail, healthcare has posted the strongest sector-level returns in 2017 with 7.64%, followed by chemicals at 7.06%.

In 2017, new issuance volumes totaled $175.3 billion through June-end. This represents a 13% increase from 2016 levels, though refinancing activity continues to dominate the market at 64% of gross new issuance. 2017’s first quarter saw substantially higher new issuance volume as compared to second quarter, as market volatility drove volumes down 22% quarter-over-quarter. High yield retail fund flows were broadly negative in the first half of 2017, totaling -$9.5 billion in 2017 through June 30^th, erasing 2016’s +$8.2 billion inflow. Approximately -$760 million is attributable to ETF outflows, while the remainder stems from actively managed products. From a default perspective, default activity has decreased meaningfully over 2016’s levels, with 22 companies defaulting on $18.0 billion bonds and loans. By contrast, 34 companies had defaulted on $43.4 billion during the first half of 2016. These defaults bring the 2017 high yield bond default rate to 2.02%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

As 2017 has so far been defined by relatively low market volatility, the Portfolio’s broad themes remained generally consistent. However, the team focused on both core high yield and tactical, out-of-benchmark allocation changes as market conditions warrant. From a ratings perspective, the Portfolio was consistently underweight BB-rated credits and overweight B-rated credits. Within the CCC space, the Portfolio maintained a slight net overweight, tactically increasing the position over the period. Importantly, our conviction for the Portfolio’s CCC-rated credits is based on at least one of the following: a potential for near-term upgrade to single B, a near-term catalyst for price appreciation, and/or it is short duration paper with substantial yield. The Portfolio maintained a tactical position to liquid high-yield index securities (high-yield CDX, ETFs) which positively contributed to performance over the period. Throughout the first half of 2017, the Portfolio tactically navigated its net equity exposure. Over the period, the Portfolio eliminated its equity overweight within the Banking sector and both added and reduced portfolio hedges as market conditions warranted. By period-end, the Portfolio’s net equity allocation was 0.67%.

From a risk perspective, the Portfolio has remained roughly market-neutral over the first half of 2017. Despite this broadly risk-neutral positioning relative to the benchmark, the Portfolio has been incrementally adding/reducing risk throughout the year to end as conditions warrant. By the end of the first quarter of 2017, the Portfolio’s beta touched 1.06, but ended the second quarter of 2017 at 1.00 as the team looked to take a more cautious approach. In that light, the Portfolio added to its higher-quality CCC positions over the period and increased its BB-rated underweight. From a sector standpoint, the Portfolio meaningfully reduced its energy exposures over the period, specifically within the more volatile Oil Field Services and Refining sectors. Similarly, the Portfolio remains underweight the Consumer Cyclical space broadly, and retailers and automotive specifically given fundamental weaknesses associated with these sectors persist. At period end, the Portfolio’s average credit rating stood at B1/B+ with a yield-to-worst of 5.43%.

On an absolute basis, healthcare, cable & satellite, and wireless sectors were the largest contributors to the Portfolio’s return during the first half of 2017, as the Portfolio captured upside during those sectors’ strong performance. On a relative basis, security selection within wireless (Sprint), technology (BMC Software), and midstream (Williams Companies) were positive contributors, as were the Portfolio’s underweight to retailers (Petsmart) and oil field services (Transocean), whose deteriorating fundamentals continued to derail sector performance. By contrast, the Portfolio’s slight underweight to pharmaceuticals and healthcare were net detractors over the period, as both sectors were top performers. However, the Portfolio’s security selection within pharmaceuticals positively contributed. The Portfolio’s

BHFTI-1

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*—(Continued)

out-of-benchmark tactical positions positively contributed to performance over the period, with the bank loans allocation in the gaming (Caesars Entertainment) and technology (Kronos) sectors as notable standouts. The Portfolio’s common equity allocation was a contributor over the period. Specifically, equity positions in in the gaming sector were key outperformers.

James Keenan

Mitch Garfin

David Delbos

Derek Schoenhofen

Portfolio Managers

BlackRock Financial Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. CORPORATE HIGH YIELD 2% ISSUER CAPPED INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
BlackRock High Yield Portfolio
Class A		4.90		12.51		7.28		7.29		—
Class B		4.70		12.24		7.00		—		7.75
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index		4.92		12.69		6.90		7.76		—

¹ The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index is composed of fixed rate non-investment grade debt with at least one year remaining to maturity that are dollar-denominated, nonconvertible and have an outstanding par value of at least $100 million. It limits issue exposure to a 2% maximum.

² Inception dates of the Class A and Class B shares are 8/30/1996 and 4/28/2008, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		83.4
Floating Rate Loans		7.9
Asset-Backed Securities		2.3
Convertible Preferred Stocks		0.9
Preferred Stocks		0.7
Common Stocks		0.7
Convertible Bonds		0.3

BHFTI-3

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

BlackRock High Yield Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.67	%	$	1,000.00	$	1,049.00	$	3.40
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36
Class B(a)	Actual		0.92	%	$	1,000.00	$	1,047.00	$	4.67
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.23	$	4.61

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—83.4% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.4%
Acosta, Inc. 7.750%, 10/01/22 (144A)		858,000	$	649,935
Clear Channel International B.V. 8.750%, 12/15/20 (144A)		1,119,000		1,186,140
MDC Partners, Inc. 6.500%, 05/01/24 (144A)		888,000		885,780
				2,721,855
Aerospace/Defense—1.6%
Accudyne Industries Borrower / Accudyne Industries LLC 7.750%, 12/15/20 (144A)		2,070,000		2,070,000
Arconic, Inc. 5.125%, 10/01/24 (a)		2,072,000		2,149,700
5.900%, 02/01/27		313,000		336,866
5.950%, 02/01/37		130,000		130,975
6.750%, 01/15/28		318,000		351,390
KLX, Inc. 5.875%, 12/01/22 (144A)		1,770,000		1,858,500
Kratos Defense & Security Solutions, Inc. 7.000%, 05/15/19		142,000		144,485
TransDigm, Inc. 6.000%, 07/15/22		1,405,000		1,447,150
6.375%, 06/15/26		125,000		126,875
6.500%, 07/15/24 (a)		2,113,000		2,181,672
6.500%, 05/15/25		645,000		656,288
				11,453,901
Agriculture—0.0%
Tereos Finance Groupe I S.A. 4.125%, 06/16/23 (EUR)		100,000		116,328
Airlines—0.3%
Continental Airlines Pass-Through Trust 6.125%, 04/29/18		900,000		922,500
Norwegian Air Shuttle ASA Pass-Through Trust 7.500%, 11/10/23 (144A)		485,016		525,030
Virgin Australia Pass-Through Trust 7.125%, 10/23/18 (144A)		751,179		765,301
				2,212,831
Apparel—0.0%
Levi Strauss & Co. 3.375%, 03/15/27 (EUR)		100,000		115,468
SMCP Group SAS 5.875%, 05/01/23 (EUR)		135,000		167,828
				283,296
Auto Manufacturers—0.1%
Aston Martin Capital Holdings, Ltd. 5.750%, 04/15/22 (GBP)		100,000		136,464
Navistar International Corp. 8.250%, 11/01/21		384,000		387,840
				524,304
Auto Parts & Equipment—0.4%
Adient Global Holdings, Ltd. 3.500%, 08/15/24 (EUR)		100,000		115,831
Allison Transmission, Inc. 5.000%, 10/01/24 (144A)		36,000		36,900
Faurecia 3.625%, 06/15/23 (EUR)		200,000		239,922
FTE Verwaltungs GmbH 9.000%, 07/15/20 (EUR)		100,000		119,176
Gestamp Funding Luxembourg S.A. 3.500%, 05/15/23 (EUR)		100,000		119,067
Grupo-Antolin Irausa S.A. 3.250%, 04/30/24 (EUR)		100,000		116,642
HP Pelzer Holding GmbH 4.125%, 04/01/24 (EUR)		175,000		206,002
IHO Verwaltungs GmbH 2.750%, 09/15/21 (EUR) (b)		200,000		232,418
3.250%, 09/15/23 (EUR) (b)		200,000		234,141
3.750%, 09/15/26 (EUR) (b)		150,000		178,604
4.125%, 09/15/21 (144A) (a) (b)		455,000		463,531
4.500%, 09/15/23 (144A) (b)		200,000		203,000
4.750%, 09/15/26 (144A) (b)		270,000		273,037
LKQ Italia Bondco S.p.A. 3.875%, 04/01/24 (EUR)		200,000		246,819
Samvardhana Motherson Automotive Systems Group B.V. 4.125%, 07/15/21 (EUR)		131,000		152,620
ZF North America Capital, Inc. 4.750%, 04/29/25 (144A)		150,000		158,250
				3,095,960
Banks—2.4%
Allied Irish Banks plc 4.125%, 11/26/25 (EUR) (c)		225,000		273,366
Banco BPM S.p.A. 2.750%, 07/27/20 (EUR)		400,000		471,311
4.250%, 01/30/19 (EUR)		100,000		119,716
Banco Espirito Santo S.A. 2.625%, 05/08/17 (EUR) (d)		400,000		137,058
4.750%, 01/15/18 (EUR) (d)		1,000,000		342,645
Bank of America Corp. 5.125%, 06/17/19 (a) (c)		690,000		704,662
6.100%, 03/17/25 (c)		414,000		449,749
6.250%, 09/05/24 (c)		1,160,000		1,261,500
6.500%, 10/23/24 (c)		1,027,000		1,141,952
Bank of Ireland 4.250%, 06/11/24 (EUR) (c)		320,000		385,595
Bankia S.A. 3.375%, 03/15/27 (EUR) (c)		100,000		116,174
4.000%, 05/22/24 (EUR) (c)		500,000		592,239
CaixaBank S.A. 3.500%, 02/15/27 (EUR) (c)		200,000		238,546
Citigroup, Inc. 5.950%, 08/15/20 (c)		425,000		447,194
6.125%, 11/15/20 (c)		375,000		403,125
Deutsche Pfandbriefbank AG 4.600%, 02/22/27 (EUR)		100,000		124,149

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Intesa Sanpaolo S.p.A. 6.625%, 09/13/23 (EUR)		200,000	$	280,308
JPMorgan Chase & Co. 5.000%, 07/01/19 (a) (c)		350,000		357,875
5.300%, 05/01/20 (c)		2,335,000		2,431,319
6.100%, 10/01/24 (c)		1,127,000		1,222,795
6.125%, 04/30/24 (c)		243,000		262,744
Morgan Stanley 5.550%, 07/15/20 (c)		345,000		360,439
National Westminster Bank plc 1.500%, 07/31/17 (c)		100,000		82,200
Royal Bank of Scotland Group plc 8.625%, 08/15/21 (c)		238,000		259,420
U.S. Bancorp 5.300%, 04/15/27 (c)		994,000		1,058,610
UniCredit S.p.A. 4.375%, 01/03/27 (EUR) (c)		200,000		241,256
5.750%, 10/28/25 (EUR) (c)		300,000		376,720
6.950%, 10/31/22 (EUR)		200,000		275,518
Unione di Banche Italiane S.p.A. 4.450%, 09/15/27 (EUR) (c)		100,000		117,379
Wells Fargo & Co. 5.875%, 06/15/25 (a) (c)		1,655,000		1,823,760
5.900%, 06/15/24 (c)		760,000		813,960
				17,173,284
Building Materials—0.6%
BMBG Bond Finance SCA 3.000%, 06/15/21 (EUR)		100,000		117,493
CEMEX Finance LLC 4.625%, 06/15/24 (EUR)		200,000		246,962
CPG Merger Sub LLC 8.000%, 10/01/21 (144A)		1,245,000		1,297,913
Kerneos Corporate SASU 5.750%, 03/01/21 (EUR)		131,000		153,876
Norbord, Inc. 6.250%, 04/15/23 (144A) (a)		540,000		576,450
PCF GmbH 7.875%, 08/01/19 (EUR)		100,000		116,725
Ply Gem Industries, Inc. 6.500%, 02/01/22		527,000		551,990
Standard Industries, Inc. 5.375%, 11/15/24 (144A)		112,000		118,020
Titan Global Finance plc 3.500%, 06/17/21 (EUR)		100,000		121,046
USG Corp. 4.875%, 06/01/27 (144A)		461,000		474,254
5.500%, 03/01/25 (144A) (a)		347,000		368,688
				4,143,417
Chemicals—2.7%
Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.250%, 02/01/25 (144A) (a)		1,475,000		1,517,406
Axalta Coating Systems Dutch Holding B.V. 3.750%, 01/15/25 (EUR)		100,000		120,040
Chemicals—(Continued)
Axalta Coating Systems LLC 4.875%, 08/15/24 (144A) (a)		459,000		473,918
Blue Cube Spinco, Inc. 9.750%, 10/15/23		461,000		557,810
10.000%, 10/15/25		340,000		419,050
CF Industries, Inc. 4.950%, 06/01/43		321,000		275,258
5.150%, 03/15/34		225,000		208,125
7.125%, 05/01/20 (a)		300,000		331,500
Chemours Co. (The)
5.375%, 05/15/27		421,000		434,636
6.625%, 05/15/23		448,000		473,760
7.000%, 05/15/25		301,000		328,090
Hexion, Inc. 10.375%, 02/01/22 (144A) (a)		448,000		443,520
Huntsman International LLC 4.875%, 11/15/20		890,000		936,725
5.125%, 11/15/22		46,000		49,220
Ineos Finance plc 4.000%, 05/01/23 (EUR)		232,000		272,896
INEOS Group Holdings S.A. 5.375%, 08/01/24 (EUR)		100,000		120,739
Inovyn Finance plc 6.250%, 05/15/21 (EUR)		120,000		143,330
LANXESS AG 4.500%, 12/06/76 (EUR) (c)		75,000		94,028
Momentive Performance Materials, Inc. 3.880%, 10/24/21		2,658,000		2,638,065
NOVA Chemicals Corp. 4.875%, 06/01/24 (144A)		641,000		638,596
5.250%, 06/01/27 (144A)		1,032,000		1,026,840
Platform Specialty Products Corp. 6.500%, 02/01/22 (144A) (a)		3,839,000		3,963,767
10.375%, 05/01/21 (144A)		148,000		163,725
PQ Corp. 6.750%, 11/15/22 (144A) (a)		874,000		939,550
PSPC Escrow Corp. 6.000%, 02/01/23 (EUR)		138,000		165,261
Solvay Finance S.A. 5.118%, 06/02/21 (EUR) (c)		200,000		254,528
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 6.375%, 05/01/22 (EUR)		130,000		158,220
Tronox Finance LLC 6.375%, 08/15/20		507,000		508,268
7.500%, 03/15/22 (144A)		156,000		160,680
Versum Materials, Inc. 5.500%, 09/30/24 (144A)		295,000		310,119
WR Grace & Co. 5.125%, 10/01/21 (144A)		742,000		795,795
				18,923,465
Coal—1.0%
CONSOL Energy, Inc. 5.875%, 04/15/22 (a)		6,331,000		6,220,207

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Coal—(Continued)
Peabody Energy Corp. 6.000%, 03/31/22 (144A)		91,000	$	90,318
6.375%, 03/31/25 (144A)		248,000		244,280
SunCoke Energy Partners L.P. / SunCoke Energy Partners Finance Corp. 7.500%, 06/15/25 (144A)		545,000		538,187
				7,092,992
Commercial Services—3.7%
ADT Corp. (The) 3.500%, 07/15/22 (a)		549,000		530,993
4.125%, 06/15/23		446,000		442,097
4.875%, 07/15/32 (144A)		1,018,000		890,750
Alpine Finance Merger Sub LLC 6.875%, 08/01/25 (144A)		395,000		401,913
APX Group, Inc. 6.375%, 12/01/19		230,000		236,325
7.875%, 12/01/22 (a)		796,000		863,660
8.750%, 12/01/20		867,000		895,177
Ashtead Capital, Inc. 5.625%, 10/01/24 (144A)		270,000		290,250
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.125%, 06/01/22 (144A)		1,127,000		1,115,730
5.250%, 03/15/25 (144A)		77,000		72,476
Avis Budget Finance plc 4.125%, 11/15/24 (EUR)		150,000		167,994
4.500%, 05/15/25 (EUR)		100,000		111,911
Booz Allen Hamilton, Inc. 5.125%, 05/01/25 (144A)		1,002,000		984,465
Brand Energy & Infrastructure Services, Inc. 8.500%, 07/15/25 (144A)		1,383,000		1,431,405
CDK Global, Inc. 4.875%, 06/01/27 (144A)		659,000		677,122
Ceridian HCM Holding, Inc. 11.000%, 03/15/21 (144A)		710,000		749,937
Cognita Financing plc 7.750%, 08/15/21 (GBP)		125,000		169,595
Gartner, Inc. 5.125%, 04/01/25 (144A)		418,000		439,071
GW Honos Security Corp. 8.750%, 05/15/25 (144A)		207,000		216,574
Herc Rentals, Inc. 7.500%, 06/01/22 (144A)		244,000		257,420
7.750%, 06/01/24 (144A)		462,000		487,410
Hertz Corp. (The) 5.500%, 10/15/24 (144A)		145,000		118,900
7.625%, 06/01/22 (144A)		848,000		845,965
Hertz Holdings Netherlands B.V. 4.125%, 10/15/21 (EUR)		100,000		111,217
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 6.375%, 08/01/23 (144A)		1,873,000		1,973,674
KAR Auction Services, Inc. 5.125%, 06/01/25 (144A)		951,000		968,831
Commercial Services—(Continued)
La Financiere Atalian SAS 4.000%, 05/15/24 (EUR)		166,000		196,233
Laureate Education, Inc. 8.250%, 05/01/25 (144A)		270,000		289,575
Loxam SAS 3.500%, 05/03/23 (EUR)		224,000		264,525
Nielsen Co. Luxembourg S.a.r.l. (The) 5.000%, 02/01/25 (144A)		425,000		435,625
Prime Security Services Borrower LLC / Prime Finance, Inc. 9.250%, 05/15/23 (144A)		4,313,000		4,686,765
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/25 (144A)		377,000		393,023
Service Corp. International 5.375%, 05/15/24		665,000		702,340
Sotheby’s 5.250%, 10/01/22 (144A)		218,000		222,905
Team Health Holdings, Inc. 6.375%, 02/01/25 (144A) (a)		1,642,000		1,592,740
United Rentals North America, Inc. 5.750%, 11/15/24		341,000		357,198
5.875%, 09/15/26		678,000		722,070
Verisure Holding AB 6.000%, 11/01/22 (EUR)		111,838		138,995
WEX, Inc. 4.750%, 02/01/23 (144A)		795,000		798,975
				26,251,831
Computers—0.7%
Dell International LLC / EMC Corp. 6.020%, 06/15/26 (144A)		635,000		699,458
7.125%, 06/15/24 (144A) (a)		1,583,000		1,740,122
Riverbed Technology, Inc. 8.875%, 03/01/23 (144A)		1,025,000		1,041,656
Western Digital Corp. 7.375%, 04/01/23 (144A)		604,000		663,645
10.500%, 04/01/24		648,000		764,433
				4,909,314
Distribution/Wholesale—0.5%
American Tire Distributors, Inc. 10.250%, 03/01/22 (144A)		834,000		863,190
Beacon Roofing Supply, Inc. 6.375%, 10/01/23		28,000		30,100
HD Supply, Inc. 5.250%, 12/15/21 (144A)		426,000		447,034
5.750%, 04/15/24 (144A)		1,730,000		1,838,125
Rexel S.A. 2.625%, 06/15/24 (EUR)		125,000		144,375
3.500%, 06/15/23 (EUR)		206,000		245,870
				3,568,694
Diversified Financial Services—4.0%
Aircastle, Ltd. 5.500%, 02/15/22		269,000		293,210

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Aircastle, Ltd. 7.625%, 04/15/20		48,000	$	54,240
Alliance Data Systems Corp. 5.375%, 08/01/22 (144A)		1,060,000		1,070,600
5.875%, 11/01/21 (144A)		1,383,000		1,431,405
Ally Financial, Inc. 8.000%, 11/01/31		4,310,000		5,279,750
Amigo Luxembourg S.A. 7.625%, 01/15/24 (GBP)		100,000		135,274
Arrow Global Finance plc 2.875%, 04/01/25 (EUR) (c)		100,000		114,443
ASP AMC Merger Sub, Inc. 8.000%, 05/15/25 (144A) (a)		232,000		219,820
Blackstone CQP Holdco L.P. 6.500%, 03/20/21 (144A)		3,286,000		3,301,750
CIT Group, Inc. 5.000%, 08/01/23		550,000		592,625
5.800%, 06/15/22 (c)		1,134,000		1,182,195
6.000%, 04/01/36		1,550,000		1,588,750
DFC Finance Corp. 12.000%, 06/16/20 (144A) (a) (b)		1,070,967		653,290
Exela Intermediate LLC / Exela Finance, Inc. 10.000%, 07/15/23 (144A)		600,000		592,500
FBM Finance, Inc. 8.250%, 08/15/21 (144A)		300,000		321,375
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 6.000%, 08/01/20		339,000		348,958
6.250%, 02/01/22		289,000		301,283
6.750%, 02/01/24 (a)		1,095,000		1,141,647
Infinity Acquisition LLC / Infinity Acquisition Finance Corp. 7.250%, 08/01/22 (144A)		117,000		112,613
Intrum Justitia AB 2.625%, 07/15/22 (EUR) (c)		100,000		115,356
2.750%, 07/15/22 (EUR)		100,000		114,757
Jefferies Finance LLC / JFIN Co-Issuer Corp. 6.875%, 04/15/22 (144A)		1,447,000		1,443,382
7.375%, 04/01/20 (144A)		305,000		312,625
Jerrold Finco plc 6.125%, 01/15/24 (GBP)		100,000		131,939
6.250%, 09/15/21 (GBP)		100,000		135,103
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.250%, 03/15/22 (144A)		652,000		669,930
Lehman Brothers Holdings, Inc. Zero Coupon, 02/05/14 (EUR) (d) (e)		4,500,000		385,476
4.750%, 01/16/14 (EUR) (d) (e)		2,140,000		183,315
5.375%, 10/17/12 (EUR) (d) (e)		350,000		29,981
Lincoln Finance, Ltd. 6.875%, 04/15/21 (EUR)		100,000		122,290
LPL Holdings, Inc. 5.750%, 09/15/25 (144A)		135,000		140,400
Mercury Bondco plc 7.125%, 05/30/21 (EUR) (b)		100,000		118,784
8.250%, 05/30/21 (EUR) (b)		299,000		357,468
Diversified Financial Services—(Continued)
Navient Corp. 5.500%, 01/25/23 (a)		343,000		348,574
5.625%, 08/01/33		500,000		417,650
5.875%, 10/25/24		323,000		328,749
6.125%, 03/25/24		111,000		114,330
6.500%, 06/15/22		174,000		184,440
6.625%, 07/26/21		706,000		759,832
6.750%, 06/25/25		444,000		457,600
7.250%, 09/25/23		436,000		469,790
OneMain Financial Holdings LLC 6.750%, 12/15/19 (144A)		544,000		571,200
7.250%, 12/15/21 (144A)		200,000		210,650
Pershing Square Holdings, Ltd. 5.500%, 07/15/22 (144A) (f)		1,000,000		1,046,000
Springleaf Finance Corp. 6.125%, 05/15/22		170,000		179,350
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 6.750%, 06/01/25 (144A)		450,000		460,125
				28,544,824
Electric—1.1%
AES Corp. 4.875%, 05/15/23		483,000		492,056
Calpine Corp. 5.375%, 01/15/23		209,000		203,775
5.875%, 01/15/24 (144A)		450,000		463,500
6.000%, 01/15/22 (144A)		85,000		87,869
ContourGlobal Power Holdings S.A. 5.125%, 06/15/21 (EUR)		200,000		240,354
Dynegy, Inc. 6.750%, 11/01/19		1,460,000		1,505,625
7.375%, 11/01/22 (a)		761,000		751,487
7.625%, 11/01/24 (a)		333,000		323,010
Enel S.p.A. 5.000%, 01/15/75 (EUR) (c)		250,000		309,576
6.625%, 09/15/76 (GBP) (c)		100,000		145,288
7.750%, 09/10/75 (GBP) (c)		100,000		147,828
Gas Natural Fenosa Finance B.V. 4.125%, 11/18/22 (EUR) (c)		200,000		246,368
NRG Energy, Inc. 6.625%, 03/15/23		100,000		102,750
6.625%, 01/15/27		1,515,000		1,516,894
7.875%, 05/15/21 (a)		428,000		441,910
NRG Yield Operating LLC 5.375%, 08/15/24 (a)		305,000		319,869
Origin Energy Finance, Ltd. 4.000%, 09/16/74 (EUR) (c)		100,000		116,242
Talen Energy Supply LLC 6.500%, 06/01/25		208,000		146,640
Viridian Group FundCo II, Ltd. 7.500%, 03/01/20 (EUR)		280,000		334,059
				7,895,100

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electrical Components & Equipment—0.1%
Belden, Inc. 5.500%, 04/15/23 (EUR)		231,000	$	278,464
Senvion Holding GmbH 3.875%, 10/25/22 (EUR)		104,000		120,862
				399,326
Electronics—0.1%
Allegion U.S. Holding Co., Inc. 5.750%, 10/01/21		257,000		266,637
Trionista Holdco GmbH 5.000%, 04/30/20 (EUR)		416,000		481,697
Trionista TopCo GmbH 6.875%, 04/30/21 (EUR)		211,000		250,248
				998,582
Energy-Alternate Sources—0.1%
Pattern Energy Group, Inc. 5.875%, 02/01/24 (144A)		333,000		350,483
TerraForm Power Operating LLC 6.375%, 02/01/23 (144A) (a)		458,000		476,320
				826,803
Engineering & Construction—0.4%
AECOM 5.125%, 03/15/27		114,000		114,428
Engility Corp. 8.875%, 09/01/24		502,000		545,297
New Enterprise Stone & Lime Co., Inc. 10.125%, 04/01/22 (144A)		384,000		416,160
SPIE S.A. 3.125%, 03/22/24 (EUR)		100,000		118,939
Swissport Investments S.A. 6.750%, 12/15/21 (EUR)		100,000		122,323
9.750%, 12/15/22 (EUR)		270,000		343,536
Tutor Perini Corp. 6.875%, 05/01/25 (144A) (a)		331,000		348,378
Weekley Homes LLC / Weekley Finance Corp. 6.000%, 02/01/23		505,000		491,112
WFS Global Holding SAS 9.500%, 07/15/22 (EUR)		100,000		124,454
				2,624,627
Entertainment—1.2%
Codere Finance 2 Luxembourg S.A. 6.750%, 11/01/21 (EUR)		100,000		117,070
CPUK Finance, Ltd.
4.250%, 08/28/22 (GBP)		100,000		131,005
4.875%, 08/28/25 (GBP)		100,000		131,959
Eldorado Resorts, Inc. 6.000%, 04/01/25 (144A)		206,000		218,360
GLP Capital L.P. / GLP Financing II, Inc. 5.375%, 04/15/26		180,000		196,612
International Game Technology plc 4.750%, 02/15/23 (EUR)		150,000		186,643
Entertainment—(Continued)
Jacobs Entertainment, Inc. 7.875%, 02/01/24 (144A)		206,000		223,510
Lions Gate Entertainment Corp. 5.875%, 11/01/24 (144A) (a)		212,000		223,130
Scientific Games International, Inc. 7.000%, 01/01/22 (144A)		2,159,000		2,299,335
10.000%, 12/01/22		2,291,000		2,511,509
Six Flags Entertainment Corp. 4.875%, 07/31/24 (144A)		1,060,000		1,066,487
5.500%, 04/15/27 (144A)		701,000		722,030
Vue International Bidco plc 7.875%, 07/15/20 (GBP)		182,000		242,616
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.625%, 09/15/49 (144A) (d) (g)		294,455		0
WMG Acquisition Corp. 4.125%, 11/01/24 (EUR)		100,000		120,497
				8,390,763
Environmental Control—0.4%
Advanced Disposal Services, Inc. 5.625%, 11/15/24 (144A)		549,000		565,470
Befesa Zinc SAU Via Zinc Capital S.A. 8.875%, 05/15/18 (EUR)		189,000		216,937
Bilbao Luxembourg S.A. 10.500%, 12/01/18 (EUR) (b)		273,132		319,663
Covanta Holding Corp. 5.875%, 07/01/25 (a)		511,000		495,670
Paprec Holding S.A. 5.250%, 04/01/22 (EUR)		109,000		130,719
Tervita Escrow Corp. 7.625%, 12/01/21 (144A)		968,000		975,260
				2,703,719
Food—0.9%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s LLC 5.750%, 03/15/25 (144A)		318,000		295,740
6.625%, 06/15/24 (144A)		253,000		251,102
B&G Foods, Inc. 5.250%, 04/01/25		344,000		350,880
Casino Guichard Perrachon S.A. 4.498%, 03/07/24 (EUR)		300,000		383,713
4.561%, 01/25/23 (EUR)		400,000		516,454
5.976%, 05/26/21 (EUR)		100,000		134,802
Chobani LLC / Chobani Finance Corp., Inc. 7.500%, 04/15/25 (144A) (a)		757,000		799,581
FAGE International S.A. / FAGE USA Dairy Industry, Inc. 5.625%, 08/15/26 (144A)		218,000		224,496
JBS USA LUX S.A. / JBS USA Finance, Inc. 5.750%, 06/15/25 (144A)		1,110,000		1,043,400
5.875%, 07/15/24 (144A)		348,000		326,250
Post Holdings, Inc. 5.000%, 08/15/26 (144A) (a)		1,406,000		1,402,485

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food—(Continued)
Post Holdings, Inc. 5.500%, 03/01/25 (144A)		225,000	$	232,031
WhiteWave Foods Co. (The) 5.375%, 10/01/22		465,000		524,513
				6,485,447
Food Service—0.1%
Aramark Services, Inc. 4.750%, 06/01/26		410,000		425,375
5.125%, 01/15/24		66,000		69,383
				494,758
Forest Products & Paper—0.1%
Mercer International, Inc. 6.500%, 02/01/24 (144A)		272,000		284,020
Sappi Papier Holding GmbH 4.000%, 04/01/23 (EUR)		100,000		119,783
Stora Enso Oyj 2.500%, 06/07/27 (EUR)		100,000		113,358
				517,161
Gas—0.2%
NGL Energy Partners L.P. / NGL Energy Finance Corp. 5.125%, 07/15/19		225,000		223,313
6.875%, 10/15/21		506,000		502,205
7.500%, 11/01/23 (144A)		624,000		615,420
				1,340,938
Healthcare-Products—0.8%
Alere, Inc. 6.375%, 07/01/23 (144A)		281,000		301,724
6.500%, 06/15/20		269,000		273,035
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp. 8.125%, 06/15/21 (144A)		1,839,000		1,710,270
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC 4.875%, 04/15/20 (144A)		155,000		150,931
5.500%, 04/15/25 (144A) (a)		1,018,000		890,750
5.625%, 10/15/23 (144A)		188,000		171,550
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics S.A. 6.625%, 05/15/22 (144A) (a)		2,161,000		2,063,755
Sterigenics-Nordion Holdings LLC 6.500%, 05/15/23 (144A) (a)		241,000		248,230
				5,810,245
Healthcare-Services—6.0%
Acadia Healthcare Co., Inc. 5.125%, 07/01/22		191,000		197,208
5.625%, 02/15/23		1,031,000		1,066,441
6.500%, 03/01/24		159,000		169,733
Healthcare-Services—(Continued)
Air Medical Group Holdings, Inc. 6.375%, 05/15/23 (144A)		400,000		379,000
Centene Corp. 4.750%, 05/15/22		816,000		851,700
4.750%, 01/15/25		955,000		981,263
5.625%, 02/15/21		923,000		962,228
6.125%, 02/15/24		90,000		97,306
CHS/Community Health Systems, Inc. 5.125%, 08/01/21		420,000		425,250
6.250%, 03/31/23		1,896,000		1,957,336
6.875%, 02/01/22 (a)		510,000		445,613
7.125%, 07/15/20 (a)		1,130,000		1,100,337
8.000%, 11/15/19		380,000		381,900
DaVita, Inc. 5.000%, 05/01/25		194,000		194,485
5.125%, 07/15/24		545,000		553,175
Eagle Holding Co. II LLC 7.625%, 05/15/22 (144A) (b)		622,000		639,883
Envision Healthcare Corp. 5.125%, 07/01/22 (144A)		365,000		374,581
5.625%, 07/15/22 (a)		1,694,000		1,755,407
6.250%, 12/01/24 (144A) (a)		948,000		1,011,990
HCA, Inc. 4.500%, 02/15/27		1,216,000		1,250,960
4.750%, 05/01/23		73,000		77,198
5.000%, 03/15/24		2,670,000		2,826,862
5.250%, 04/15/25		903,000		970,725
5.250%, 06/15/26		1,080,000		1,164,780
5.375%, 02/01/25		1,980,000		2,088,504
5.500%, 06/15/47		2,259,000		2,338,065
5.875%, 03/15/22		765,000		848,194
5.875%, 05/01/23		642,000		698,978
5.875%, 02/15/26		613,000		662,040
6.500%, 02/15/20		580,000		632,925
7.500%, 02/15/22		1,024,000		1,178,880
HealthSouth Corp. 5.750%, 11/01/24		321,000		329,426
5.750%, 09/15/25		50,000		52,625
IASIS Healthcare LLC / IASIS Capital Corp. 8.375%, 05/15/19		578,000		580,890
MEDNAX, Inc. 5.250%, 12/01/23 (144A)		529,000		544,870
Molina Healthcare, Inc. 4.875%, 06/15/25 (144A)		252,000		253,890
MPH Acquisition Holdings LLC 7.125%, 06/01/24 (144A)		1,851,000		1,973,629
NewCo S.A.B. MidCo SASU 5.375%, 04/15/25 (EUR)		100,000		119,516
RegionalCare Hospital Partners Holdings, Inc. 8.250%, 05/01/23 (144A)		812,000		870,870
Surgery Center Holdings, Inc. 6.750%, 07/01/25 (144A)		644,000		652,050
8.875%, 04/15/21 (144A)		187,000		202,661
Synlab Bondco plc 6.250%, 07/01/22 (EUR)		155,000		191,620

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Synlab Unsecured Bondco plc 8.250%, 07/01/23 (EUR)		100,000	$	127,119
Tenet Healthcare Corp. 4.625%, 07/15/24 (144A)		193,000		193,241
6.000%, 10/01/20 (a)		1,981,000		2,122,146
6.750%, 06/15/23 (a)		2,319,000		2,319,000
7.500%, 01/01/22 (144A)		348,000		377,510
8.125%, 04/01/22 (a)		1,046,000		1,110,067
THC Escrow Corp. III 4.625%, 07/15/24 (144A)		242,000		242,653
5.125%, 05/01/25 (144A) (a)		377,000		378,414
7.000%, 08/01/25 (144A) (a)		1,277,000		1,272,211
WellCare Health Plans, Inc. 5.250%, 04/01/25		204,000		213,690
				42,411,045
Holding Companies-Diversified—0.0%
ProGroup AG 5.125%, 05/01/22 (EUR)		131,000		157,911
Home Builders—0.9%
AV Homes, Inc. 6.625%, 05/15/22 (144A)		235,000		242,344
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.125%, 07/01/22 (144A) (a)		793,000		820,755
CalAtlantic Group, Inc. 5.250%, 06/01/26		441,000		457,537
6.625%, 05/01/20		110,000		121,825
Lennar Corp. 4.125%, 01/15/22		286,000		295,653
4.750%, 04/01/21		42,000		44,520
4.750%, 11/15/22		351,000		372,938
4.875%, 12/15/23		344,000		365,715
Mattamy Group Corp. 6.875%, 12/15/23 (144A)		249,000		254,291
Meritage Homes Corp. 5.125%, 06/06/27 (144A)		247,000		247,309
PulteGroup, Inc. 5.500%, 03/01/26		504,000		536,760
6.000%, 02/15/35		583,000		584,457
6.375%, 05/15/33		548,000		572,660
TRI Pointe Group, Inc. 4.875%, 07/01/21		288,000		303,120
5.250%, 06/01/27		430,000		431,075
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 4.375%, 06/15/19		355,000		363,591
5.875%, 06/15/24		297,000		313,335
William Lyon Homes, Inc. 5.875%, 01/31/25		233,000		239,990
				6,567,875
Home Furnishings—0.2%
Tempur Sealy International, Inc. 5.500%, 06/15/26		1,397,000		1,419,701
Household Products/Wares—0.2%
ACCO Brands Corp. 5.250%, 12/15/24 (144A)		81,000		84,139
Prestige Brands, Inc. 6.375%, 03/01/24 (144A)		395,000		422,156
Spectrum Brands, Inc. 4.000%, 10/01/26 (EUR)		100,000		118,642
5.750%, 07/15/25 (a)		699,000		749,747
				1,374,684
Insurance—1.1%
Alliant Holdings Intermediate LLC 8.250%, 08/01/23 (144A)		1,430,000		1,519,375
Assicurazioni Generali S.p.A. 5.500%, 10/27/47 (EUR) (c)		100,000		127,207
6.416%, 02/08/22 (GBP) (c)		100,000		142,683
7.750%, 12/12/42 (EUR) (c)		200,000		282,616
BNP Paribas Cardif S.A. 4.032%, 11/25/25 (EUR) (c)		100,000		121,858
Credit Agricole Assurances S.A. 4.500%, 10/14/25 (EUR) (c)		100,000		123,209
Ethias S.A. 5.000%, 01/14/26 (EUR)		100,000		121,697
Groupama S.A. 6.000%, 01/23/27 (EUR)		100,000		135,470
6.375%, 05/28/24 (EUR) (c)		100,000		127,293
HUB International, Ltd. 7.875%, 10/01/21 (144A)		2,003,000		2,088,127
KIRS Midco 3 plc 8.375%, 07/15/23 (GBP)		200,000		256,583
8.625%, 07/15/23 (144A)		1,028,000		1,040,850
MGIC Investment Corp. 5.750%, 08/15/23		211,000		227,353
Old Mutual plc 8.000%, 06/03/21 (GBP)		100,000		150,329
Pension Insurance Corp. plc 6.500%, 07/03/24 (GBP)		100,000		138,867
Radian Group, Inc. 5.250%, 06/15/20		409,000		434,562
7.000%, 03/15/21		78,000		87,263
USIS Merger Sub, Inc. 6.875%, 05/01/25 (144A)		280,000		284,900
				7,410,242
Internet—1.5%
Netflix, Inc. 3.625%, 05/15/27 (EUR)		100,000		116,071
4.375%, 11/15/26 (144A)		1,636,000		1,631,910
5.375%, 02/01/21		430,000		464,452
5.500%, 02/15/22		4,000		4,344
Symantec Corp. 5.000%, 04/15/25 (144A)		383,000		400,832
TIBCO Software, Inc. 11.375%, 12/01/21 (144A)		2,035,000		2,243,587
United Group B.V. 7.875%, 11/15/20 (EUR)		125,000		148,408

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Internet—(Continued)
Zayo Group LLC / Zayo Capital, Inc. 5.750%, 01/15/27 (144A)		2,264,000	$	2,368,710
6.000%, 04/01/23 (a)		1,959,000		2,061,848
6.375%, 05/15/25		868,000		936,893
				10,377,055
Iron/Steel—0.9%
ArcelorMittal 3.125%, 01/14/22 (EUR)		100,000		123,202
7.250%, 03/01/41		804,000		886,410
7.500%, 10/15/39		158,000		177,157
Cliffs Natural Resources, Inc. 8.250%, 03/31/20 (144A)		434,000		473,060
Signode Industrial Group Lux S.A. / Signode Industrial Group U.S., Inc. 6.375%, 05/01/22 (144A) (a)		1,035,000		1,081,575
Steel Dynamics, Inc. 5.000%, 12/15/26 (a)		120,000		123,150
5.125%, 10/01/21 (a)		1,155,000		1,186,162
5.250%, 04/15/23		619,000		642,986
5.500%, 10/01/24		140,000		148,750
6.375%, 08/15/22		260,000		269,425
thyssenkrupp AG 1.375%, 03/03/22 (EUR)		125,000		142,529
United States Steel Corp. 8.375%, 07/01/21 (144A) (a)		824,000		906,400
				6,160,806
Leisure Time—0.1%
Cirsa Funding Luxembourg S.A. 5.875%, 05/15/23 (EUR)		100,000		119,891
Sabre GLBL, Inc. 5.250%, 11/15/23 (144A)		321,000		333,038
5.375%, 04/15/23 (144A)		536,000		558,780
				1,011,709
Lodging—1.2%
Caesars Entertainment Resort Properties LLC 8.000%, 10/01/20		2,016,000		2,076,480
Hilton Domestic Operating Co., Inc. 4.250%, 09/01/24 (144A)		176,000		178,420
Melco Resorts Finance, Ltd. 4.875%, 06/06/25 (144A)		435,000		435,310
MGM Resorts International 5.250%, 03/31/20 (a)		627,000		663,836
6.625%, 12/15/21		2,166,000		2,431,335
6.750%, 10/01/20		752,000		833,141
7.750%, 03/15/22		140,000		164,325
NH Hotel Group S.A. 3.750%, 10/01/23 (EUR)		100,000		120,447
Station Casinos LLC 7.500%, 03/01/21		1,264,000		1,314,560
TVL Finance plc 5.200%, 05/15/23 (GBP) (c)		100,000		132,199
				8,350,053
Machinery-Construction & Mining—0.7%
BlueLine Rental Finance Corp. / BlueLine Rental LLC 9.250%, 03/15/24 (144A)		2,440,000		2,537,600
NEW Areva Holding S.A. 4.875%, 09/23/24 (EUR)		200,000		251,675
Terex Corp. 5.625%, 02/01/25 (144A)		849,000		873,409
Vertiv Group Corp. 9.250%, 10/15/24 (144A)		932,000		1,006,560
				4,669,244
Machinery-Diversified—0.1%
CMF S.p.A. 9.000%, 06/15/22 (EUR)		100,000		113,941
CNH Industrial Finance Europe S.A. 1.375%, 05/23/22 (EUR)		146,000		168,081
SPX FLOW, Inc. 5.625%, 08/15/24 (144A)		225,000		231,750
5.875%, 08/15/26 (144A)		321,000		331,433
				845,205
Media—10.2%
Altice Financing S.A. 6.625%, 02/15/23 (144A) (a)		400,000		424,376
7.500%, 05/15/26 (144A) (a)		2,472,000		2,743,920
Altice Finco S.A. 8.125%, 01/15/24 (144A)		400,000		435,000
Altice Luxembourg S.A. 6.250%, 02/15/25 (EUR)		210,000		261,738
7.250%, 05/15/22 (EUR)		339,000		410,614
7.750%, 05/15/22 (144A)		1,405,000		1,491,056
Altice U.S. Finance I Corp. 5.375%, 07/15/23 (144A)		1,946,000		2,025,056
5.500%, 05/15/26 (144A)		692,000		726,600
AMC Networks, Inc. 5.000%, 04/01/24		911,000		932,636
Banijay Group SAS 4.000%, 07/01/22 (EUR)		100,000		115,797
Cablevision Systems Corp. 7.750%, 04/15/18		505,000		523,938
8.000%, 04/15/20 (a)		1,109,000		1,235,149
CBS Radio, Inc. 7.250%, 11/01/24 (144A) (a)		186,000		191,580
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 05/01/27 (144A)		6,201,000		6,340,522
5.250%, 09/30/22		26,000		26,764
Cequel Communications Holdings I LLC / Cequel Capital Corp. 5.125%, 12/15/21 (144A)		2,672,000		2,720,523
6.375%, 09/15/20 (144A)		179,000		182,580
7.750%, 07/15/25 (144A) (a)		2,190,000		2,419,950
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22 (a)		3,958,000		4,058,805
7.625%, 03/15/20		4,151,000		4,130,245
CSC Holdings LLC 5.250%, 06/01/24		1,275,000		1,300,627

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
CSC Holdings LLC 6.625%, 10/15/25 (144A)		687,000	$	755,769
10.125%, 01/15/23 (144A)		1,581,000		1,833,960
10.875%, 10/15/25 (144A)		3,908,000		4,704,255
DISH DBS Corp. 5.000%, 03/15/23		1,580,000		1,619,500
5.875%, 07/15/22		629,000		676,175
5.875%, 11/15/24 (a)		144,000		153,644
7.750%, 07/01/26		2,196,000		2,602,260
iHeartCommunications, Inc. 9.000%, 12/15/19		614,000		481,990
9.000%, 03/01/21		127,000		95,250
9.000%, 09/15/22		1,445,000		1,069,300
10.625%, 03/15/23		1,200,000		906,000
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		624,965
6.875%, 08/15/23 (144A)		283,000		304,933
NBCUniversal Enterprise, Inc. 5.250%, 12/31/49 (144A)		255,000		271,029
Nexstar Broadcasting, Inc. 5.625%, 08/01/24 (144A) (a)		222,000		224,775
Radiate Holdco LLC / Radiate Finance, Inc. 6.625%, 02/15/25 (144A) (a)		859,000		859,000
SFR Group S.A. 5.375%, 05/15/22 (EUR)		245,000		291,837
6.000%, 05/15/22 (144A) (a)		1,713,000		1,792,226
7.375%, 05/01/26 (144A)		3,776,000		4,096,960
Sirius XM Radio, Inc. 4.625%, 05/15/23 (144A)		145,000		149,169
Sterling Entertainment Enterprises LLC 9.750%, 12/15/19 (g) (h)		2,750,000		2,722,500
TEGNA, Inc. 5.500%, 09/15/24 (144A)		158,000		162,740
Townsquare Media, Inc. 6.500%, 04/01/23 (144A) (a)		525,000		527,625
Tribune Media Co. 5.875%, 07/15/22		667,000		698,682
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 3.500%, 01/15/27 (EUR)		100,000		117,721
4.000%, 01/15/25 (EUR)		284,000		341,822
4.625%, 02/15/26 (EUR)		100,000		123,887
5.000%, 01/15/25 (144A) (a)		445,000		466,138
5.625%, 04/15/23 (EUR)		72,800		87,923
Univision Communications, Inc. 5.125%, 02/15/25 (144A)		1,248,000		1,237,080
UPCB Finance, Ltd. 4.000%, 01/15/27 (EUR)		100,000		118,841
Urban One, Inc. 7.375%, 04/15/22 (144A)		220,000		227,700
Videotron, Ltd. 5.125%, 04/15/27 (144A)		786,000		807,615
Media—(Continued)
Virgin Media Finance plc 5.750%, 01/15/25 (144A)		1,770,000		1,836,375
Virgin Media Receivables Financing Notes I DAC 5.500%, 09/15/24 (GBP)		100,000		135,944
Virgin Media Secured Finance plc 4.875%, 01/15/27 (GBP)		100,000		133,739
5.250%, 01/15/26 (144A) (a)		650,000		676,527
5.500%, 01/15/25 (GBP)		450,000		616,755
5.500%, 08/15/26 (144A) (a)		418,000		437,855
6.250%, 03/28/29 (GBP)		100,000		140,941
WaveDivision Escrow LLC / WaveDivision Escrow Corp. 8.125%, 09/01/20 (144A)		2,413,000		2,499,385
Ziggo Bond Co. B.V. 7.125%, 05/15/24 (EUR)		150,000		192,077
Ziggo Bond Finance B.V. 5.875%, 01/15/25 (144A)		1,005,000		1,032,637
Ziggo Secured Finance B.V. 4.250%, 01/15/27 (EUR)		100,000		120,869
				71,899,279
Metal Fabricate/Hardware—0.7%
Grinding Media, Inc. / MC Grinding Media Canada, Inc. 7.375%, 12/15/23 (144A)		435,000		473,062
Novelis Corp. 5.875%, 09/30/26 (144A)		2,001,000		2,061,030
6.250%, 08/15/24 (144A)		2,316,000		2,431,800
				4,965,892
Mining—4.3%
Alcoa Nederland Holding B.V. 7.000%, 09/30/26 (144A) (a)		247,000		271,082
Anglo American Capital plc 3.250%, 04/03/23 (EUR)		100,000		124,481
3.500%, 03/28/22 (EUR)		100,000		125,256
3.625%, 05/14/20 (144A)		421,000		427,841
4.450%, 09/27/20 (144A)		127,000		132,384
4.875%, 05/14/25 (144A)		1,066,000		1,108,640
Constellium NV 6.625%, 03/01/25 (144A) (a)		1,948,000		1,865,210
7.000%, 01/15/23 (EUR)		100,000		117,431
8.000%, 01/15/23 (144A) (a)		1,705,000		1,756,150
First Quantum Minerals, Ltd. 7.000%, 02/15/21 (144A)		1,380,000		1,414,500
7.250%, 05/15/22 (144A) (a)		431,000		440,697
7.500%, 04/01/25 (144A)		251,000		245,353
Freeport-McMoRan, Inc. 2.375%, 03/15/18		4,623,000		4,599,885
3.100%, 03/15/20		2,032,000		1,988,820
3.550%, 03/01/22		1,177,000		1,103,061
3.875%, 03/15/23 (a)		3,359,000		3,123,870
4.000%, 11/14/21		591,000		577,702
5.400%, 11/14/34 (a)		344,000		308,740
5.450%, 03/15/43		3,103,000		2,675,717

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—(Continued)
Joseph T Ryerson & Son, Inc. 11.000%, 05/15/22 (144A) (a)		440,000	$	497,750
Kaiser Aluminum Corp. 5.875%, 05/15/24		286,000		301,015
Kinross Gold Corp. 4.500%, 07/15/27 (144A)		286,000		285,285
6.875%, 09/01/41 (a)		160,000		170,800
Nyrstar Netherlands Holdings B.V. 6.875%, 03/15/24 (EUR)		100,000		115,602
Petra Diamonds U.S. Treasury plc 7.250%, 05/01/22 (144A)		397,000		406,309
Teck Resources, Ltd. 3.750%, 02/01/23		1,146,000		1,115,917
4.500%, 01/15/21 (a)		167,000		174,098
5.200%, 03/01/42		1,022,000		950,460
5.400%, 02/01/43		886,000		832,565
6.000%, 08/15/40		1,653,000		1,661,265
6.125%, 10/01/35		236,000		246,030
8.500%, 06/01/24 (144A)		1,015,000		1,172,325
				30,336,241
Miscellaneous Manufacturing—1.0%
Bombardier, Inc. 6.000%, 10/15/22 (144A) (a)		878,000		878,000
6.125%, 01/15/23 (144A) (a)		203,000		203,508
7.500%, 03/15/25 (144A)		1,538,000		1,595,675
8.750%, 12/01/21 (144A)		1,448,000		1,607,280
Colfax Corp. 3.250%, 05/15/25 (EUR)		134,000		156,109
EnPro Industries, Inc. 5.875%, 09/15/22 (144A)		266,000		277,305
Gates Global LLC / Gates Global Co. 5.750%, 07/15/22 (EUR)		100,000		116,454
6.000%, 07/15/22 (144A)		1,919,000		1,923,797
Koppers, Inc. 6.000%, 02/15/25 (144A) (a)		548,000		582,250
				7,340,378
Office/Business Equipment—0.3%
CDW LLC / CDW Finance Corp. 5.000%, 09/01/25		257,000		266,637
5.500%, 12/01/24		1,439,000		1,556,365
				1,823,002
Oil & Gas—6.1%
Alta Mesa Holdings L.P. / Alta Mesa Finance Services Corp. 7.875%, 12/15/24 (144A)		281,000		283,108
Antero Resources Corp. 5.125%, 12/01/22		234,000		234,510
5.625%, 06/01/23		120,000		121,500
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 10.000%, 04/01/22 (144A)		696,000		696,000
Oil & Gas—(Continued)
California Resources Corp. 8.000%, 12/15/22 (144A)		362,000		228,965
Callon Petroleum Co. 6.125%, 10/01/24		537,000		546,397
6.125%, 10/01/24 (144A)		193,000		196,378
Carrizo Oil & Gas, Inc. 6.250%, 04/15/23		186,000		179,025
8.250%, 07/15/25		207,000		210,623
Chesapeake Energy Corp. 6.875%, 11/15/20		532,000		532,000
8.000%, 01/15/25 (144A) (a)		298,000		295,020
8.000%, 06/15/27 (144A)		229,000		224,993
Continental Resources, Inc. 3.800%, 06/01/24 (a)		527,000		482,532
4.900%, 06/01/44 (a)		591,000		493,485
Covey Park Energy LLC / Covey Park Finance Corp. 7.500%, 05/15/25 (144A)		460,000		460,000
CrownRock L.P. / CrownRock Finance, Inc. 7.125%, 04/15/21 (144A)		556,000		571,290
7.750%, 02/15/23 (144A)		516,000		544,380
DEA Finance S.A. 7.500%, 10/15/22 (EUR)		100,000		122,518
Denbury Resources, Inc. 4.625%, 07/15/23		187,000		99,110
5.500%, 05/01/22		446,000		249,760
9.000%, 05/15/21 (144A)		885,000		842,962
Diamondback Energy, Inc. 5.375%, 05/31/25 (144A)		498,000		505,470
Eclipse Resources Corp. 8.875%, 07/15/23		165,000		164,175
Ensco plc 4.500%, 10/01/24		392,000		301,840
5.200%, 03/15/25		95,000		77,188
EP Energy LLC / Everest Acquisition Finance, Inc. 8.000%, 11/29/24 (144A) (a)		511,000		509,723
9.375%, 05/01/20 (a)		902,000		711,452
Extraction Oil & Gas, Inc. / Extraction Finance Corp. 7.875%, 07/15/21 (144A)		801,000		823,027
Great Western Petroleum LLC / Great Western Finance Corp. 9.000%, 09/30/21 (144A)		904,000		892,700
Gulfport Energy Corp. 6.375%, 05/15/25 (144A) (a)		142,000		139,870
6.625%, 05/01/23		272,000		272,680
Halcon Resources Corp. 6.750%, 02/15/25 (144A) (a)		1,976,000		1,778,400
Matador Resources Co. 6.875%, 04/15/23		1,351,000		1,401,662
MEG Energy Corp. 6.375%, 01/30/23 (144A)		853,000		658,942
6.500%, 01/15/25 (144A) (a)		1,792,000		1,630,720
7.000%, 03/31/24 (144A) (a)		787,000		611,892
Murphy Oil Corp. 4.700%, 12/01/22		290,000		279,995
6.125%, 12/01/42 (a)		163,000		153,628

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Newfield Exploration Co. 5.625%, 07/01/24		270,000	$	281,475
Noble Holding International, Ltd.
4.625%, 03/01/21		30,000		24,525
7.750%, 01/15/24		569,000		450,221
Noble Holding U.S. LLC / Noble Drilling Services 6 LLC / Noble Drilling Holding LLC 7.500%, 03/15/19		325,000		325,813
Oasis Petroleum, Inc. 6.500%, 11/01/21		311,000		301,670
6.875%, 03/15/22		88,000		85,360
6.875%, 01/15/23		119,000		115,133
Parker Drilling Co. 7.500%, 08/01/20		429,000		371,085
Parsley Energy LLC / Parsley Finance Corp. 5.250%, 08/15/25 (144A) (a)		186,000		185,535
5.375%, 01/15/25 (144A)		767,000		772,752
6.250%, 06/01/24 (144A)		180,000		189,000
PBF Holding Co. LLC / PBF Finance Corp. 7.250%, 06/15/25 (144A)		503,000		484,766
Petroleos Mexicanos 5.375%, 03/13/22 (144A)		94,000		98,959
Precision Drilling Corp. 5.250%, 11/15/24		108,000		94,230
6.500%, 12/15/21 (a)		135,000		132,131
6.625%, 11/15/20 (a)		89,686		87,669
7.750%, 12/15/23 (144A)		205,000		203,975
QEP Resources, Inc. 5.375%, 10/01/22		360,000		346,500
Range Resources Corp. 4.875%, 05/15/25		260,000		247,000
5.000%, 08/15/22 (144A) (a)		217,000		213,203
5.000%, 03/15/23 (144A) (a)		429,000		419,348
5.875%, 07/01/22 (144A)		803,000		815,045
Repsol International Finance B.V. 3.875%, 03/25/21 (EUR) (c)		100,000		118,999
4.500%, 03/25/75 (EUR) (c)		100,000		117,339
Resolute Energy Corp. 8.500%, 05/01/20 (a)		610,000		606,950
8.500%, 05/01/20 (144A)		335,000		333,325
Rowan Cos., Inc. 4.750%, 01/15/24		125,000		106,250
4.875%, 06/01/22		170,000		157,675
7.375%, 06/15/25 (a)		1,317,000		1,228,102
RSP Permian, Inc. 5.250%, 01/15/25 (144A)		367,000		367,459
6.625%, 10/01/22		764,000		792,650
Sanchez Energy Corp. 6.125%, 01/15/23 (a)		2,556,000		2,044,800
7.750%, 06/15/21		262,000		237,110
Seven Generations Energy, Ltd. 6.875%, 06/30/23 (144A) (a)		1,259,000		1,312,507
SM Energy Co. 5.000%, 01/15/24		150,000		132,750
5.625%, 06/01/25 (a)		1,465,000		1,322,162
6.500%, 11/15/21 (a)		355,000		345,238
Oil & Gas—(Continued)
SM Energy Co. 6.500%, 01/01/23 (a)		90,000		85,725
6.750%, 09/15/26		58,000		55,371
Southwestern Energy Co. 5.800%, 01/23/20 (a)		2,204,000		2,250,835
TOTAL S.A. 3.875%, 05/18/22 (EUR) (c)		150,000		184,675
Transocean, Inc. 5.800%, 10/15/22 (a)		472,000		437,780
6.000%, 03/15/18		293,000		299,593
6.800%, 03/15/38		255,000		186,150
9.000%, 07/15/23 (144A)		1,713,000		1,777,237
Tullow Oil plc 6.000%, 11/01/20		200,000		190,000
6.000%, 11/01/20 (144A)		200,000		190,000
6.250%, 04/15/22 (144A)		200,000		182,250
Whiting Petroleum Corp. 5.000%, 03/15/19		1,957,000		1,944,769
5.750%, 03/15/21		11,000		10,340
WPX Energy, Inc. 5.250%, 09/15/24		275,000		261,250
6.000%, 01/15/22 (a)		476,000		471,240
7.500%, 08/01/20		180,000		189,000
8.250%, 08/01/23		112,000		121,520
				42,834,366
Oil & Gas Services—0.6%
Pioneer Energy Services Corp. 6.125%, 03/15/22		670,000		519,250
Saipem Finance International B.V. 2.750%, 04/05/22 (EUR)		100,000		114,501
SESI LLC 6.375%, 05/01/19 (a)		220,000		217,250
7.125%, 12/15/21 (a)		205,000		195,262
Trinidad Drilling, Ltd. 6.625%, 02/15/25 (144A)		935,000		888,250
Weatherford International LLC 6.800%, 06/15/37		232,000		198,360
Weatherford International, Ltd. 5.950%, 04/15/42		476,000		371,280
6.500%, 08/01/36		402,000		341,700
7.000%, 03/15/38		371,000		317,205
7.750%, 06/15/21		646,000		649,230
8.250%, 06/15/23		210,000		210,000
9.875%, 02/15/24 (144A)		393,000		410,685
				4,432,973
Packaging & Containers—2.1%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 2.750%, 03/15/24 (EUR)		225,000		261,866
4.125%, 05/15/23 (EUR)		125,000		151,220
4.250%, 01/15/22 (EUR)		175,235		204,667
4.625%, 05/15/23 (144A) (a)		255,000		261,270
4.750%, 07/15/27 (144A) (GBP)		151,000		196,375

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—(Continued)
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 4.750%, 07/15/27 (GBP)		100,000	$	130,050
6.000%, 06/30/21 (144A) (a)		1,239,000		1,282,365
6.000%, 02/15/25 (144A)		2,041,000		2,143,050
6.750%, 05/15/24 (EUR)		250,000		318,731
7.250%, 05/15/24 (144A)		2,022,000		2,211,563
Ball Corp. 4.375%, 12/15/23 (EUR)		109,000		140,834
BWAY Holding Co. 5.500%, 04/15/24 (144A)		1,323,000		1,351,114
Crown European Holdings S.A. 3.375%, 05/15/25 (EUR)		128,000		151,539
4.000%, 07/15/22 (EUR)		180,000		229,102
Flex Acquisition Co., Inc. 6.875%, 01/15/25 (144A)		68,000		70,720
Horizon Holdings I SAS 7.250%, 08/01/23 (EUR)		100,000		120,973
Horizon Parent Holdings S.a.r.l. 8.250%, 02/15/22 (EUR) (b)		150,000		179,032
JH-Holding Finance S.A. 8.250%, 12/01/22 (EUR) (b)		125,000		156,279
OI European Group B.V. 3.125%, 11/15/24 (EUR)		100,000		115,806
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 4.658%, 07/15/21 (144A) (a) (c)		354,000		359,753
5.125%, 07/15/23 (144A)		799,000		829,961
5.750%, 10/15/20		1,369,000		1,400,952
6.875%, 02/15/21		93,980		96,564
7.000%, 07/15/24 (144A)		1,549,000		1,661,636
Sealed Air Corp. 4.500%, 09/15/23 (EUR)		203,000		260,212
Silgan Holdings, Inc. 3.250%, 03/15/25 (EUR)		100,000		116,644
Verallia Packaging SASU 5.125%, 08/01/22 (EUR)		275,000		331,209
				14,733,487
Pharmaceuticals—1.9%
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 5.875%, 10/15/24 (144A) (a)		388,000		399,640
6.000%, 07/15/23 (144A)		640,000		537,920
6.000%, 02/01/25 (144A)		279,000		227,385
Endo Finance LLC / Endo Finco, Inc. 7.250%, 01/15/22 (144A)		255,000		244,163
Grifols S.A. 3.200%, 05/01/25 (EUR)		196,000		224,261
inVentiv Group Holdings, Inc. / inVentiv Health, Inc. / inVentiv Health Clinical, Inc. 7.500%, 10/01/24 (144A)		878,000		952,630
Nature’s Bounty Co. (The) 7.625%, 05/15/21 (144A)		1,173,000		1,246,312
Valeant Pharmaceuticals International, Inc. 4.500%, 05/15/23 (EUR)		175,000		163,858
Pharmaceuticals—(Continued)
Valeant Pharmaceuticals International, Inc. 5.500%, 03/01/23 (144A)		27,000		22,916
5.625%, 12/01/21 (144A)		1,000,000		902,500
5.875%, 05/15/23 (144A)		1,061,000		909,808
6.375%, 10/15/20 (144A)		1,643,000		1,591,656
6.500%, 03/15/22 (144A)		728,000		763,490
6.750%, 08/15/18 (144A)		2,000		2,005
6.750%, 08/15/21 (144A)		1,032,000		980,400
7.000%, 10/01/20 (144A)		1,730,000		1,701,887
7.000%, 03/15/24 (144A)		1,144,000		1,202,630
7.250%, 07/15/22 (144A)		330,000		310,200
7.500%, 07/15/21 (144A)		868,000		840,875
Vizient, Inc. 10.375%, 03/01/24 (144A)		185,000		212,750
				13,437,286
Pipelines—2.9%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.375%, 09/15/24 (144A)		140,000		143,150
Cheniere Corpus Christi Holdings LLC 5.125%, 06/30/27 (144A)		1,423,000		1,458,575
5.875%, 03/31/25		1,126,000		1,200,597
7.000%, 06/30/24		1,160,000		1,290,500
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 6.250%, 04/01/23		85,000		86,275
DCP Midstream Operating L.P. 6.450%, 11/03/36 (144A) (a)		557,000		587,635
6.750%, 09/15/37 (144A) (a)		581,000		624,575
Energy Transfer Equity L.P. 5.500%, 06/01/27 (a)		970,000		1,003,950
5.875%, 01/15/24		1,279,000		1,355,740
7.500%, 10/15/20		897,000		1,002,397
Genesis Energy L.P. / Genesis Energy Finance Corp. 5.750%, 02/15/21		241,000		240,398
Kinder Morgan, Inc. 6.700%, 02/15/27		62,930		62,960
NGPL PipeCo LLC 7.119%, 12/15/17 (144A)		2,114,000		2,153,637
7.768%, 12/15/37 (144A)		1,112,000		1,323,280
ONEOK, Inc. 6.000%, 06/15/35		90,000		96,867
7.500%, 09/01/23 (a)		545,000		649,912
Rockies Express Pipeline LLC 5.625%, 04/15/20 (144A)		365,000		387,813
6.000%, 01/15/19 (144A)		298,000		310,665
6.850%, 07/15/18 (144A)		92,000		95,795
6.875%, 04/15/40 (144A)		1,285,000		1,400,650
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp. 5.500%, 09/15/24 (144A)		489,000		495,113
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.125%, 02/01/25 (144A)		322,000		331,660

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.250%, 05/01/23		38,000	$	38,950
5.375%, 02/01/27 (144A)		193,000		199,755
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 6.125%, 10/15/21		103,000		107,120
6.250%, 10/15/22		1,224,000		1,300,500
Williams Cos., Inc. (The) 4.550%, 06/24/24 (a)		156,000		160,290
5.750%, 06/24/44 (a)		2,136,000		2,205,420
				20,314,179
Real Estate—0.5%
ADLER Real Estate AG 4.750%, 04/08/20 (EUR)		100,000		119,460
Annington Finance No. 5 plc 13.000%, 01/15/23 (GBP) (b)		407,543		622,368
Howard Hughes Corp. (The) 5.375%, 03/15/25 (144A)		401,000		410,022
Realogy Group LLC / Realogy Co-Issuer Corp. 4.500%, 04/15/19 (144A)		174,000		179,655
4.875%, 06/01/23 (144A)		1,546,000		1,557,595
5.250%, 12/01/21 (144A) (a)		504,000		528,192
Tropicana Entertainment LLC / Tropicana Finance Corp. 9.625%, 12/15/14 (d) (e) (g)		70,000		0
				3,417,292
Real Estate Investment Trusts—1.5%
CyrusOne L.P. / CyrusOne Finance Corp. 5.000%, 03/15/24 (144A)		760,000		782,800
5.375%, 03/15/27 (144A)		50,000		52,063
Equinix, Inc. 5.875%, 01/15/26		525,000		572,413
ESH Hospitality, Inc. 5.250%, 05/01/25 (144A)		130,000		134,712
GEO Group, Inc. (The) 5.125%, 04/01/23		751,000		754,755
5.875%, 10/15/24		590,000		609,175
6.000%, 04/15/26		176,000		182,600
iStar, Inc. 6.000%, 04/01/22		220,000		225,500
MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc. 4.500%, 09/01/26		1,328,000		1,336,300
5.625%, 05/01/24		2,477,000		2,699,930
SBA Communications Corp. 4.875%, 09/01/24		363,000		369,352
Starwood Property Trust, Inc. 5.000%, 12/15/21 (144A)		611,000		635,440
Uniti Group, Inc. / CSL Capital LLC 6.000%, 04/15/23 (144A)		26,000		27,056
7.125%, 12/15/24 (144A) (a)		211,000		209,485
8.250%, 10/15/23		1,571,000		1,618,130
Real Estate Investment Trusts—(Continued)
Uniti Group, Inc. / Uniti Fiber Holdings, Inc. / CSL Capital LLC 7.125%, 12/15/24 (144A)		364,000		360,815
				10,570,526
Retail—1.3%
1011778 BC ULC / New Red Finance, Inc. 4.250%, 05/15/24 (144A)		1,385,000		1,376,261
Asbury Automotive Group, Inc. 6.000%, 12/15/24		670,000		681,725
B&M European Value Retail S.A. 4.125%, 02/01/22 (GBP)		100,000		134,751
Burger King France SAS 5.250%, 05/01/23 (EUR) (c)		120,000		141,840
6.000%, 05/01/24 (EUR)		119,000		144,411
Dollar Tree, Inc. 5.750%, 03/01/23		1,005,000		1,060,576
J.C. Penney Corp., Inc. 6.375%, 10/15/36		140,000		100,625
7.400%, 04/01/37		120,000		90,900
8.125%, 10/01/19		100,000		109,250
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC 4.750%, 06/01/27 (144A)		360,000		367,650
5.000%, 06/01/24 (144A)		98,000		102,165
5.250%, 06/01/26 (144A)		340,000		357,850
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		287,300
Penske Automotive Group, Inc. 5.500%, 05/15/26		231,000		229,845
5.750%, 10/01/22		517,000		533,802
PetSmart, Inc. 5.875%, 06/01/25 (144A)		316,000		304,545
Punch Taverns Finance B, Ltd. 7.369%, 09/30/21 (GBP)		54,884		78,614
Punch Taverns Finance plc 5.836%, 10/15/27 (GBP) (c)		259,000		336,491
Rite Aid Corp. 6.125%, 04/01/23 (144A) (a)		152,000		149,245
6.750%, 06/15/21 (a)		112,000		115,024
7.700%, 02/15/27		735,000		742,350
Stonegate Pub Co. Financing plc 4.875%, 03/15/22 (GBP)		175,000		232,354
Unique Pub Finance Co. plc (The) 5.659%, 06/30/27 (GBP)		207,717		303,110
6.464%, 03/30/32 (GBP)		300,000		382,182
6.542%, 03/30/21 (GBP)		55,960		79,431
Yum! Brands, Inc. 3.875%, 11/01/23		111,000		109,613
				9,351,895

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—0.8%
Advanced Micro Devices, Inc. 7.000%, 07/01/24		149,000	$	157,754
7.500%, 08/15/22		187,000		207,570
Micron Technology, Inc. 5.250%, 08/01/23 (144A) (a)		773,000		802,760
5.500%, 02/01/25		21,000		22,155
Microsemi Corp. 9.125%, 04/15/23 (144A)		49,000		56,105
NXP B.V. / NXP Funding LLC 3.875%, 09/01/22 (144A)		378,000		393,593
4.125%, 06/15/20 (144A)		537,000		564,022
4.125%, 06/01/21 (144A)		1,149,000		1,209,897
4.625%, 06/15/22 (144A)		220,000		236,500
4.625%, 06/01/23 (144A)		727,000		784,251
Sensata Technologies B.V. 5.000%, 10/01/25 (144A)		1,036,000		1,083,449
Sensata Technologies UK Financing Co. plc 6.250%, 02/15/26 (144A)		425,000		463,250
				5,981,306
Software—3.8%
BMC Software Finance, Inc. 8.125%, 07/15/21 (144A)		3,633,000		3,761,318
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. 5.750%, 03/01/25 (144A)		578,000		589,560
First Data Corp. 5.750%, 01/15/24 (144A)		4,850,000		5,037,937
7.000%, 12/01/23 (144A)		2,335,000		2,492,612
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		477,594
Infor Software Parent LLC / Infor Software Parent, Inc. 7.125%, 05/01/21 (144A) (b)		752,000		774,560
Infor U.S., Inc. 6.500%, 05/15/22		3,291,000		3,406,185
Informatica LLC 7.125%, 07/15/23 (144A)		537,000		546,569
Nuance Communications, Inc. 5.375%, 08/15/20 (144A)		169,000		171,746
5.625%, 12/15/26 (144A)		248,000		264,740
6.000%, 07/01/24 (a)		495,000		528,413
PTC, Inc. 6.000%, 05/15/24 (a)		272,000		294,440
Quintiles IMS, Inc. 3.250%, 03/15/25 (144A) (EUR)		150,000		174,129
Rackspace Hosting, Inc. 8.625%, 11/15/24 (144A) (a)		1,060,000		1,128,900
RP Crown Parent LLC 7.375%, 10/15/24 (144A)		880,000		915,200
Solera LLC / Solera Finance, Inc. 10.500%, 03/01/24 (144A)		1,925,000		2,211,344
Sophia L.P. / Sophia Finance, Inc. 9.000%, 09/30/23 (144A)		664,000		690,560
Software—(Continued)
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23		1,248,000		1,329,382
Veritas U.S., Inc. / Veritas Bermuda, Ltd. 7.500%, 02/01/23 (144A)		500,000		537,500
7.500%, 02/01/23 (EUR)		100,000		122,638
10.500%, 02/01/24 (144A) (a)		1,369,000		1,495,633
				26,950,960
Storage/Warehousing—0.2%
Mobile Mini, Inc. 5.875%, 07/01/24		1,525,000		1,582,188
Telecommunications—7.8%
Anixter, Inc. 5.625%, 05/01/19		135,000		142,088
CenturyLink, Inc. 6.450%, 06/15/21 (a)		1,441,000		1,556,280
6.750%, 12/01/23		656,000		706,433
7.500%, 04/01/24		452,000		494,940
7.600%, 09/15/39		91,000		84,630
7.650%, 03/15/42		794,000		737,427
Cincinnati Bell, Inc. 7.000%, 07/15/24 (144A) (a)		1,084,000		1,132,997
Columbus Cable Barbados, Ltd. 7.375%, 03/30/21 (144A)		1,042,000		1,105,822
CommScope Technologies LLC 5.000%, 03/15/27 (144A) (a)		831,000		828,922
6.000%, 06/15/25 (144A)		2,000		2,135
CommScope, Inc. 5.500%, 06/15/24 (144A)		707,000		735,945
Consolidated Communications, Inc. 6.500%, 10/01/22		540,000		537,300
Digicel Group, Ltd. 7.125%, 04/01/22 (144A) (a)		770,000		670,901
Digicel, Ltd. 6.000%, 04/15/21 (144A)		1,687,000		1,617,411
eircom Finance DAC 4.500%, 05/31/22 (EUR)		100,000		119,358
Frontier Communications Corp. 6.250%, 09/15/21		615,000		548,887
6.875%, 01/15/25 (a)		2,840,000		2,236,500
7.125%, 03/15/19		694,000		723,495
7.125%, 01/15/23 (a)		575,000		478,687
7.625%, 04/15/24		362,000		298,198
8.125%, 10/01/18		322,000		340,113
GTT Communications, Inc. 7.875%, 12/31/24 (144A)		275,000		294,250
Hughes Satellite Systems Corp. 5.250%, 08/01/26		1,197,000		1,250,865
6.625%, 08/01/26		96,000		103,200
7.625%, 06/15/21		231,000		262,474
Impera Holdings S.A. 5.375%, 09/15/22 (EUR) (b)		234,000		276,951
Intelsat Jackson Holdings S.A. 5.500%, 08/01/23		942,000		779,505

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Intelsat Jackson Holdings S.A. 7.250%, 04/01/19 (a)		981,000	$	981,245
7.250%, 10/15/20		694,000		655,830
9.750%, 07/15/25 (144A)		895,000		893,881
Koninklijke KPN NV 6.875%, 03/14/73 (GBP) (c)		100,000		145,248
Level 3 Financing, Inc. 5.125%, 05/01/23 (a)		636,000		660,244
5.250%, 03/15/26		1,955,000		2,028,528
5.375%, 01/15/24		529,000		552,144
5.375%, 05/01/25		337,000		354,693
5.625%, 02/01/23		338,000		351,520
Matterhorn Telecom S.A. 3.875%, 05/01/22 (EUR)		175,000		205,051
Nokia Oyj 3.375%, 06/12/22		251,000		252,908
4.375%, 06/12/27		353,000		359,400
6.625%, 05/15/39 (a)		1,078,000		1,241,047
Orange S.A. 4.000%, 10/01/21 (EUR) (c)		100,000		123,923
OTE plc 3.500%, 07/09/20 (EUR)		100,000		118,505
SoftBank Group Corp. 4.750%, 07/30/25 (EUR)		232,000		305,017
Sprint Capital Corp. 6.875%, 11/15/28 (a)		2,913,000		3,238,003
6.900%, 05/01/19		580,000		619,121
8.750%, 03/15/32		848,000		1,068,480
Sprint Communications, Inc. 7.000%, 03/01/20 (144A)		582,000		638,931
9.000%, 11/15/18 (144A)		1,734,000		1,881,928
Sprint Corp. 7.125%, 06/15/24 (a)		3,499,000		3,892,637
7.250%, 09/15/21		666,000		740,092
7.875%, 09/15/23		3,022,000		3,475,300
T-Mobile USA, Inc. 4.000%, 04/15/22 (a)		472,000		491,210
5.125%, 04/15/25		481,000		505,050
5.375%, 04/15/27 (a)		288,000		308,880
6.000%, 03/01/23		731,000		773,712
6.375%, 03/01/25		146,000		157,863
6.500%, 01/15/24		620,000		666,500
6.836%, 04/28/23		155,000		165,463
Telecom Italia Capital S.A. 6.000%, 09/30/34		2,232,000		2,360,028
6.375%, 11/15/33 (a)		358,000		386,640
7.200%, 07/18/36		60,000		69,563
7.721%, 06/04/38		30,000		36,300
Telecom Italia Finance S.A. 7.750%, 01/24/33 (EUR)		90,000		142,464
Telecom Italia S.p.A. 3.625%, 01/19/24 (EUR)		100,000		127,072
5.303%, 05/30/24 (144A) (a)		200,000		214,500
5.875%, 05/19/23 (GBP)		100,000		150,127
Telefonica Europe B.V. 3.750%, 03/15/22 (EUR) (c)		100,000		119,069
Telecommunications—(Continued)
Telefonica Europe B.V. 4.200%, 12/04/19 (EUR) (c)		300,000		364,317
5.000%, 03/31/20 (EUR) (c)		400,000		494,710
Telesat Canada / Telesat LLC 8.875%, 11/15/24 (144A)		1,002,000		1,124,745
Trilogy International Partners LLC / Trilogy International Finance, Inc. 8.875%, 05/01/22 (144A)		248,000		258,230
Wind Acquisition Finance S.A. 4.000%, 07/15/20 (EUR)		407,000		469,736
4.750%, 07/15/20 (144A)		200,000		202,100
6.500%, 04/30/20 (144A) (a)		200,000		207,000
7.375%, 04/23/21 (144A)		1,875,000		1,950,000
Xplornet Communications, Inc. 9.625%, 06/01/22 (144A) (b)		210,000		218,400
				54,813,069
Textiles—0.0%
Springs Industries, Inc. 6.250%, 06/01/21		133,000		137,489
Transportation—0.5%
CMA CGM S.A. 7.750%, 01/15/21 (EUR)		100,000		118,926
Florida East Coast Holdings Corp. 6.750%, 05/01/19 (144A)		1,014,000		1,039,756
Silk Bidco A/S 7.500%, 02/01/22 (EUR)		145,000		176,376
Watco Cos. LLC / Watco Finance Corp. 6.375%, 04/01/23 (144A)		617,000		643,223
XPO Logistics, Inc. 5.750%, 06/15/21 (EUR)		100,000		118,852
6.125%, 09/01/23 (144A)		703,000		731,999
6.500%, 06/15/22 (144A) (a)		785,000		824,250
				3,653,382
Trucking & Leasing—0.1%
Park Aerospace Holdings, Ltd. 5.250%, 08/15/22 (144A)		582,000		608,376
Total Corporate Bonds & Notes (Cost $573,172,211)				589,442,861
Floating Rate Loans (i)—7.9%
Advertising—0.0%
inVentiv Health, Inc. Term Loan B, 4.952%, 11/09/23		298,301		299,686
Aerospace/Defense—0.4%
Accudyne Industries LLC Term Loan, 4.226%, 12/13/19		2,198,688		2,184,946
Sequa Mezzanine Holdings LLC 1st Lien Term Loan, 6.672%, 11/28/21		408,000		411,825

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
Sequa Mezzanine Holdings LLC 2nd Lien Term Loan, 10.172%, 04/28/22		142,000	$	145,195
				2,741,966
Air Freight & Logistics—0.1%
Ceva Logistics Canada ULC Term Loan, 6.672%, 03/19/21		53,058		49,631
Ceva Logistics U.S. Holdings, Inc. Term Loan, 6.672%, 03/19/21		508,417		475,582
				525,213
Airlines—0.1%
Northwest Airlines, Inc. Term Loan, 2.651%, 09/10/18 (e) (g)		136,250		134,220
Term Loan, 2.651%, 09/10/18 (e) (g) .		273,000		268,823
				403,043
Chemicals—0.4%
Alpha 3 B.V. Term Loan B1, 4.296%, 01/31/24		290,000		291,233
Ascend Performance Materials Operations LLC Term Loan B, 6.796%, 08/12/22		2,885,741		2,910,991
				3,202,224
Commercial Services—0.1%
Element Materials Technology Group U.S. Holdings, Inc. Term Loan B, 06/01/24 (j)		122,000		123,120
Garda World Security Corp. Term Loan, 5.226%, 05/24/24		443,648		446,421
Laureate Education, Inc. Term Loan B, 5.726%, 04/26/24		284,288		286,242
				855,783
Computers—0.1%
Tempo Acquisition LLC Term Loan, 4.060%, 05/01/24		540,000		541,744
Electrical Components & Equipment—0.1%
Cortes NP Acquisition Corp. Term Loan B, 5.226%, 11/30/23		701,749		705,696
Food—0.0%
Chobani LLC 1st Lien Term Loan, 5.476%, 10/07/23		143,639		144,836
Healthcare-Products—0.3%
DJO Finance LLC Term Loan, 4.387%, 06/08/20		835,725		828,099
Immucor, Inc. Term Loan B, 06/15/21 (j)		71,219		71,842
Term Loan B2, 5.000%, 08/17/18		1,377,202		1,381,937
				2,281,878
Healthcare-Services—0.1%
Iasis Healthcare LLC Term Loan B3, 02/16/21 (j)		156,608		157,743
Ortho-Clinical Diagnostics, Inc. Term Loan B, 5.046%, 06/30/21 (j)		85,717		85,422
Surgery Center Holdings, Inc. Term Loan B, 06/06/24 (j)		315,000		316,181
Team Health Holdings, Inc. 1st Lien Term Loan, 3.976%, 02/06/24		115,710		115,233
				674,579
Insurance—0.1%
Alliant Holdings I, Inc. Term Loan B, 4.417%, 08/12/22		310,065		311,058
USI, Inc. Term Loan B, 4.180%, 05/16/24		206,000		204,996
				516,054
Internet—0.0%
Ascend Learning LLC Term Loan B, 07/05/22 (j)		144,000		144,225
Lodging—1.1%
Caesars Entertainment Operating Co. Term Loan B7, 03/01/22 (j)		1,223,170		1,534,400
Caesars Entertainment Resort Properties LLC Term Loan B, 4.726%, 10/11/20		5,652,120		5,678,617
CCC Information Services, Inc. 1st Lien Term Loan, 4.230%, 04/27/24		269,676		269,339
				7,482,356
Media—1.1%
iHeartCommunications, Inc. Term Loan D, 7.976%, 01/30/19		2,362,158		1,936,969
Information Resources, Inc. 1st Lien Term Loan, 5.466%, 01/18/24		175,560		176,465
Ligado Networks LLC 2nd Lien Term Loan, 12/07/20 (j)		1,227,586		857,776
Term Loan, 12/07/20 (j)		5,002,117		4,843,715
				7,814,925
Miscellaneous Manufacturing—0.1%
Gates Global LLC Term Loan B, 4.546%, 04/01/24		616,185		617,597
Office/Business Equipment—0.4%
Brand Energy & Infrastructure Services, Inc. Term Loan, 5.491%, 06/21/24		2,595,000		2,590,459
Oil & Gas—1.1%
California Resources Corp. Term Loan, 11.534%, 12/31/21		190,579		202,728
Term Loan A, 4.226%, 10/01/19		1,172,447		1,134,342
Chesapeake Energy Corp. Term Loan, 8.686%, 08/23/21		4,971,553		5,318,011

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
CITGO Holding, Inc. Term Loan B, 9.796%, 05/12/18		913,499	$	922,063
				7,577,144
Oil & Gas Services—0.1%
Weatherford International, Ltd. Term Loan, 3.530%, 07/13/20		656,384		635,051
Retail—0.1%
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 4.968%, 02/03/24		350,000		340,120
Neiman Marcus Group, Ltd. LLC Term Loan, 4.339%, 10/25/20		680,275		514,883
				855,003
Semiconductors—0.0%
CEVA Intercompany B.V. Term Loan, 6.672%, 03/19/21		357,327		334,250
Software—0.9%
BMC Software Finance, Inc. Term Loan, 5.226%, 09/10/22		914,627		917,829
CCC Information Services, Inc. 2nd Lien Term Loan, 7.976%, 04/27/25		81,000		83,227
Kronos, Inc. 2nd Lien Term Loan, 9.420%, 11/01/24		1,310,000		1,360,216
MISYS Europe S.A. 1st Lien Term Loan, 4.736%, 06/13/24		799,000		800,153
2nd Lien Term Loan, 8.459%, 06/13/25		174,000		177,589
Project Alpha Intermediate Holding, Inc. Term Loan B, 4.670%, 04/26/24		393,000		390,974
Veritas Bermuda, Ltd. Term Loan B, 01/27/23 (j)		2,348,115		2,354,279
				6,084,267
Telecommunications—1.2%
CenturyLink, Inc. Term Loan B, 1.375%, 01/31/25		3,927,264		3,889,393
CSC Holdings LLC 1st Lien Term Loan, 3.459%, 07/17/25		138,299		138,083
Digicel International Finance, Ltd. Term Loan B, 4.940%, 05/28/24		980,000		987,759
Intelsat Jackson Holdings S.A. Term Loan B2, 4.000%, 06/30/19		3,443,680		3,419,289
				8,434,524
Transportation—0.0%
CEVA Group plc Letter of Credit, 6.500%, 03/19/21		348,940		322,770
Total Floating Rate Loans (Cost $55,330,068)				55,785,273
Asset-Backed Securities—2.3%
Security Description	Principal Amount*		Value
Asset-Backed - Other—2.3%
ALM XIV, Ltd. 4.622%, 07/28/26 (144A) (c)		250,000		250,011
AMMC CLO, Ltd. 6.198%, 05/26/28 (144A) (c)		500,000		506,603
Anchorage Capital CLO, Ltd. 5.372%, 07/28/28 (144A) (c)		1,000,000		1,007,506
Apidos CLO 4.403%, 07/22/26 (144A) (c)		550,000		550,492
Ares CLO, Ltd. 7.958%, 10/15/26 (144A) (c)		500,000		501,512
8.408%, 07/18/28 (144A) (c)		1,000,000		1,018,375
Ballyrock CLO, Ltd. 3.858%, 10/15/28 (144A) (c)		1,000,000		1,003,132
Carlyle Global Market Strategies CLO, Ltd. 3.808%, 07/15/25 (144A) (c)		500,000		500,100
8.156%, 10/20/29 (144A) (c)		750,000		758,334
Cedar Funding CLO, Ltd. 4.722%, 05/20/26 (144A) (c)		270,000		266,421
CIFC Funding, Ltd. 3.953%, 07/22/26 (144A) (c)		1,000,000		1,000,130
HPS Loan Management, Ltd. 7.608%, 07/19/27 (144A) (c)		800,000		801,966
Madison Park Funding, Ltd. 4.406%, 07/20/26 (144A) (c)		250,000		249,542
Neuberger Berman CLO, Ltd. 4.003%, 01/23/24 (144A) (c)		1,000,000		1,000,169
7.608%, 01/15/28 (144A) (c)		500,000		501,817
OCP CLO, Ltd. 2.756%, 10/20/26 (144A) (c)		500,000		500,032
Octagon Investment Partners 26, Ltd. 6.108%, 04/15/27 (144A) (c)		500,000		505,608
Octagon Investment Partners 27, Ltd. 8.258%, 07/15/27 (144A) (c)		1,000,000		1,009,892
Octagon Investment Partners, Ltd. 2.836%, 10/25/25 (144A) (c)		1,500,000		1,500,750
OneMain Financial Issuance Trust 4.320%, 07/18/25 (144A)		200,000		199,963
Race Point CLO, Ltd. 2.668%, 04/15/27 (144A) (c)		500,000		500,647
Sound Point CLO, Ltd. 5.406%, 10/20/28 (144A) (c)		500,000		504,797
Symphony CLO, Ltd. 5.958%, 04/15/28 (144A) (c)		250,000		252,806
Venture CLO, Ltd. 3.258%, 07/15/26 (144A) (c)		500,000		500,297
Westcott Park CLO, Ltd. 5.506%, 07/20/28 (144A) (c)		500,000		508,650
8.356%, 07/20/28 (144A) (c)		500,000		509,242
Total Asset-Backed Securities (Cost $15,880,358)				16,408,794

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Convertible Preferred Stock—0.9%

Security Description	Shares/ Principal Amount*		Value
Hotels, Restaurants & Leisure—0.9%
Amaya, Inc. Zero Coupon, 12/31/49 (CAD) (Cost $5,743,250)		6,232,000	$	6,245,936
Preferred Stocks—0.7%
Banks—0.7%
GMAC Capital Trust, 6.967% (c)		143,228		3,752,574
Morgan Stanley, 5.850% (c)		60,125		1,642,615
				5,395,189
Diversified Financial Services—0.0%
Marsico Parent Superholdco LLC (144A) (g) (k)		25		0
Total Preferred Stocks (Cost $5,308,233)				5,395,189
Common Stocks—0.7%
Chemicals—0.0%
Advanced Emissions Solutions, Inc. (a)		11,202		102,610
Diversified Telecommunication Services—0.1%
Broadview Networks Holdings, Inc. (k)		52,942		354,711
Media—0.1%
Altice USA, Inc. - Class A (k)		16,138		521,258
Metals & Mining—0.0%
Teck Resources, Ltd. - Class B		16,590		287,505
Oil, Gas & Consumable Fuels—0.3%
Gener8 Maritime, Inc. (e) (k)		266,132		1,514,291
Halcon Resources Corp. (h) (k)		130,000		590,200
				2,104,491
Wireless Telecommunication Services—0.2%
T-Mobile U.S., Inc. (k)		22,900		1,388,198
Total Common Stocks (Cost $8,118,125)				4,758,773
Convertible Bonds—0.3%
Media—0.2%
DISH Network Corp. 3.375%, 08/15/26		936,000		1,134,900
Security Description	Contracts/ Shares/ Principal/ Notional Amount*		Value
Real Estate—0.0%
Aroundtown Property Holdings plc 1.500%, 01/18/21 (EUR)		100,000		124,352
Semiconductors—0.1%
Micron Technology, Inc. 3.000%, 11/15/43		625,000		703,125
Telecommunications—0.0%
Telecom Italia S.p.A. 1.125%, 03/26/22		100,000		113,238
Total Convertible Bonds (Cost $1,845,989)				2,075,615
Escrow Shares—0.0%
Auto Parts & Equipment—0.0%
Lear Corp. (e) (g)		1,395,000		0
Lear Corp. (e) (g)		1,530,000		0
				0
Chemicals—0.0%
Momentive Performance Materials, Inc.		1,398,000		0
				0
Diversified Financial Services—0.0%
Lehman Brothers Holdings, Inc. (e)		489,000		30,563
Lehman Brothers Holdings, Inc. (e)		1,740,000		108,750
				139,313
Total Escrow Shares (Cost $0)				139,313
Purchased Options—0.0%
Options on Futures Contracts—0.0%
Put - S&P 500 Index Futures @$2,430.00, Expires 07/21/17 (Counterparty — Deutsche Bank AG)		1,456		26,311
Options on Exchange-Traded Securities—0.0%
Put - SPDR S&P 500 ETF Trust, Strike Price $241.00, Expires 07/21/17		148		24,864
Total Purchased Options (Cost $63,918)				51,175
Warrant—0.0%
Media—0.0%
HMH Publishing Co., Ltd., Expires 06/22/19 (h) (k) (Cost $16)		1,601		576

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—2.6%

Security Description	Principal Amount*		Value
Repurchase Agreement—2.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $18,179,279 on 07/03/17, collateralized by $18,555,000 U.S. Treasury Note at 0.875% due 03/31/18 with a value of $18,544,368.		18,179,097	$	18,179,097
Total Short-Term Investments (Cost $18,179,097)				18,179,097
Securities Lending Reinvestments (l)—8.5%
Certificates of Deposit—5.4%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of America N.A. 1.507%, 07/11/17		5,000,000		5,000,881
Canadian Imperial Bank 1.630%, 10/27/17		1,000,000		1,001,125
Cooperative Rabobank UA New York 1.555%, 10/13/17		1,500,000		1,501,729
1.558%, 10/13/17		1,500,000		1,502,035
Credit Suisse AG New York 1.432%, 10/16/17		1,000,000		1,000,214
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
DNB NOR Bank ASA 1.412%, 07/28/17		1,700,000		1,700,212
KBC Bank NV 1.200%, 07/18/17		1,000,000		1,000,000
1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		1,000,000		999,990
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17		1,000,000		1,000,023
Mizuho Bank, Ltd., New York 1.469%, 10/18/17		2,500,000		2,499,830
1.610%, 08/02/17		1,000,000		1,000,305
Natixis New York 1.506%, 08/03/17		3,300,000		3,300,997
Norinchukin Bank New York 1.377%, 10/13/17		2,000,000		2,001,375
1.687%, 07/12/17		1,000,000		1,000,121
Royal Bank of Canada New York 1.555%, 10/13/17		3,000,000		3,003,033
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17		1,300,000		1,300,506
Sumitomo Mitsui Trust Bank, Ltd., New York 1.170%, 07/03/17		500,000		499,999
1.466%, 10/26/17		2,000,000		2,000,512
Toronto Dominion Bank New York 1.475%, 01/10/18		1,000,000		1,001,662
UBS, Stamford 1.722%, 07/31/17		1,201,226		1,200,685
Certificates of Deposit—(Continued)
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17		1,700,000		1,701,520
				38,214,674
Commercial Paper—1.4%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		1,994,085		1,999,276
Commonwealth Bank Australia 1.522%, 10/23/17		2,500,000		2,502,635
ING Funding LLC 1.234%, 12/07/17		500,000		500,173
LMA S.A. & LMA Americas 1.180%, 07/11/17		997,050		999,668
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17		2,700,000		2,702,692
				9,703,504
Repurchase Agreements—1.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $164,014 on 07/03/17, collateralized by $170,720 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $167,279.		163,999		163,999
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $500,046 on 07/03/17, collateralized by $498,078 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $510,000.		500,000		500,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $1,700,170 on 07/03/17, collateralized by $1,728,447 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $1,734,005.		1,700,000		1,700,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $250,194 on 07/03/17, collateralized by $54 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $277,956.		250,000		250,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,004,845 on 09/29/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (l)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $100,010 on 07/03/17, collateralized by $90,168 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $102,067.		100,000	$	100,000
Merrill Lynch Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,845,353 on 10/02/17, collateralized by various Common Stock with a value of $3,080,000.		2,800,000		2,800,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,511,471 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
				8,013,999
Time Deposits—0.6%
Australia New Zealand Bank 1.150%, 07/03/17 (c)		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17 (c)		100,000		100,000
Shinkin Central Bank 1.330%, 07/25/17 (c)		1,500,000		1,500,000
Standard Chartered plc 1.200%, 07/03/17 (c)		1,500,000		1,500,000
				4,100,000
Total Securities Lending Reinvestments (Cost $60,010,460)				60,032,177
Total Investments—107.3% (Cost $743,651,725) (m)				758,514,779
Other assets and liabilities (net)—(7.3)%				(51,896,338	)
Net Assets—100.0%			$	706,618,441

*	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 June 30, 2017, the market value of securities loaned was $57,361,451 and the collateral received consisted of cash in the amount of $60,007,708. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(c)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(d)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(e)	Illiquid security. As of June 30, 2017, these securities represent 0.4% of net assets.
(f)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of June 30, 2017, the value of securities pledged amounted to $1,046,000.
(g)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent 0.4% of net assets.
(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 June 30, 2017, the market value of restricted securities was $3,313,276, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.
(i)	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.
(j)	This loan will settle after June 30, 2017, at which time the interest rate will be determined.
(k)	Non-income producing security.
(l)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(m)	As of June 30, 2017, the aggregate cost of investments was $743,651,725. The aggregate unrealized appreciation and depreciation of investments were $27,756,846 and $(12,893,792), respectively, resulting in net unrealized appreciation of $14,863,054.
(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 June 30, 2017, the market value of 144A securities was $306,057,857, which is 43.3% of net assets.
(CAD)—	Canadian Dollar
(CLO)—	Collateralized Loan Obligation
(ETF)—	Exchange-Traded Fund
(EUR)—	Euro
(GBP)—	British Pound

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Restricted Securities	Acquisition Date		Shares/ Principal Amount		Cost		Value
HMH Publishing Co., Ltd. 06/22/19		06/22/12		1,601	$	16	$	576
Halcon Resources Corp.		01/25/17		130,000		942,500		590,200
Sterling Entertainment Enterprises LLC, 9.750%, 12/15/19		12/28/12		2,750,000		2,750,000		2,722,500
							$	3,313,276

Reverse Repurchase Agreement

Counterparty	Interest Rate			Settlement Date		Maturity Date(a)	Principal Amount			Net Closing Amount
Credit Suisse Securities (USA) LLC		1.550	%		06/30/17	OPEN		USD	1,003,750	$	1,003,750

(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 Depreciation
CAD	6,971,000	HSBC Bank plc		07/06/17	$	5,180,424	$	(195,234	)
CAD	6,932,000	Westpac Banking Corp.		08/03/17		5,340,446		(7,861	)
EUR	70,000	Barclays Bank plc		07/06/17		79,055		(900	)
EUR	115,000	Citibank N.A.		07/06/17		129,605		(1,749	)
EUR	26,600,000	Deutsche Bank AG		07/06/17		29,929,256		(453,483	)
EUR	26,131,000	Deutsche Bank AG		08/03/17		29,871,182		(18,646	)
GBP	247,000	Barclays Bank plc		07/06/17		319,581		(2,134	)
GBP	200,000	Commonwealth Bank of Australia		07/06/17		253,281		(7,217	)
GBP	4,060,000	Deutsche Bank AG		07/06/17		5,222,297		(65,823	)
GBP	200,000	Standard Chartered Bank		07/06/17		255,464		(5,035	)
GBP	4,364,000	Barclays Bank plc		08/03/17		5,665,288		(23,825	)
Net Unrealized Depreciation							$	(781,907	)

Futures Contracts

Futures Contracts-Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation
Euro-Bobl Futures		09/07/17		(3	)		EUR	(398,937	)	$	4,383
Euro-Bund Futures		09/07/17		(4	)		EUR	(657,676	)		11,646
U.S. Treasury Note 10 Year Futures		09/20/17		(22	)		USD	(2,773,149	)		11,462
United Kingdom Long Gilt Bond Futures		09/27/17		(1	)		GBP	(127,779	)		2,877
Net Unrealized Appreciation										$	30,368

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	$	231.00		07/21/17		(148	)	$	(13,728	)	$	(5,328	)	$	8,400

See accompanying notes to financial statements.

BHFTI-25

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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 June 30, 2017(b)	Notional Amount(c)			Unrealized Depreciation
ITRAXX.XO.27.V1		(5.000%)		06/20/22	2.472%		EUR	300,000	$	(9,019)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.28.V1		5.000%		06/20/22	3.392%		USD	1,890,000	$	4,470
Chesapeake Energy Corp. 6.625%, due 08/15/20		5.000%		12/20/21	7.096%		USD	280,000		(8,693)
Net Unrealized Depreciation									$	(4,223)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation/ (Depreciation)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.250%, due 03/15/25		5.000%		06/20/22	Barclays Bank plc		4.623%		USD	84,000	$	1,356	$	1,934	$	(578)
CCO Holdings LLC / CCO Holdings Capital Corp. 7.250%, due 10/30/17		8.000%		09/20/17	Deutsche Bank AG		0.119%		USD	1,500,000		26,832		—		26,832
International Game Technology plc 4.750%, due 02/15/23		5.000%		06/20/22	Credit Suisse International		2.718%		EUR	40,000		4,864		4,178		686
International Game Technology plc 4.750%, due 02/15/23		5.000%		06/20/22	JPMorgan Chase Bank N.A.		2.718%		EUR	60,000		7,296		6,583		713
OTE plc 7.875%, due 02/07/18		5.000%		12/20/21	Barclays Bank plc		1.858%		EUR	60,000		9,278		3,903		5,375
Totals											$	49,626	$	16,598	$	33,028

(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.

See accompanying notes to financial statements.

BHFTI-26

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(USD)—	United States Dollar
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(ITRAXX.XO)—	Markit iTraxx Crossover Index

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	2,721,855	$	—	$	2,721,855
Aerospace/Defense		—		11,453,901		—		11,453,901
Agriculture		—		116,328		—		116,328
Airlines		—		2,212,831		—		2,212,831
Apparel		—		283,296		—		283,296
Auto Manufacturers		—		524,304		—		524,304
Auto Parts & Equipment		—		3,095,960		—		3,095,960
Banks		—		17,173,284		—		17,173,284
Building Materials		—		4,143,417		—		4,143,417
Chemicals		—		18,923,465		—		18,923,465
Coal		—		7,092,992		—		7,092,992
Commercial Services		—		26,251,831		—		26,251,831
Computers		—		4,909,314		—		4,909,314
Distribution/Wholesale		—		3,568,694		—		3,568,694
Diversified Financial Services		—		28,544,824		—		28,544,824
Electric		—		7,895,100		—		7,895,100
Electrical Components & Equipment		—		399,326		—		399,326
Electronics		—		998,582		—		998,582
Energy-Alternate Sources		—		826,803		—		826,803
Engineering & Construction		—		2,624,627		—		2,624,627
Entertainment		—		8,390,763		0		8,390,763
Environmental Control		—		2,703,719		—		2,703,719
Food		—		6,485,447		—		6,485,447
Food Service		—		494,758		—		494,758
Forest Products & Paper		—		517,161		—		517,161
Gas		—		1,340,938		—		1,340,938
Healthcare-Products		—		5,810,245		—		5,810,245

See accompanying notes to financial statements.

BHFTI-27

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Healthcare-Services	$	—	$	42,411,045	$	—	$	42,411,045
Holding Companies-Diversified		—		157,911		—		157,911
Home Builders		—		6,567,875		—		6,567,875
Home Furnishings		—		1,419,701		—		1,419,701
Household Products/Wares		—		1,374,684		—		1,374,684
Insurance		—		7,410,242		—		7,410,242
Internet		—		10,377,055		—		10,377,055
Iron/Steel		—		6,160,806		—		6,160,806
Leisure Time		—		1,011,709		—		1,011,709
Lodging		—		8,350,053		—		8,350,053
Machinery-Construction & Mining		—		4,669,244		—		4,669,244
Machinery-Diversified		—		845,205		—		845,205
Media		—		69,176,779		2,722,500		71,899,279
Metal Fabricate/Hardware		—		4,965,892		—		4,965,892
Mining		—		30,336,241		—		30,336,241
Miscellaneous Manufacturing		—		7,340,378		—		7,340,378
Office/Business Equipment		—		1,823,002		—		1,823,002
Oil & Gas		—		42,834,366		—		42,834,366
Oil & Gas Services		—		4,432,973		—		4,432,973
Packaging & Containers		—		14,733,487		—		14,733,487
Pharmaceuticals		—		13,437,286		—		13,437,286
Pipelines		—		20,314,179		—		20,314,179
Real Estate		—		3,417,292		0		3,417,292
Real Estate Investment Trusts		—		10,570,526		—		10,570,526
Retail		—		9,351,895		—		9,351,895
Semiconductors		—		5,981,306		—		5,981,306
Software		—		26,950,960		—		26,950,960
Storage/Warehousing		—		1,582,188		—		1,582,188
Telecommunications		—		54,813,069		—		54,813,069
Textiles		—		137,489		—		137,489
Transportation		—		3,653,382		—		3,653,382
Trucking & Leasing		—		608,376		—		608,376
Total Corporate Bonds & Notes		—		586,720,361		2,722,500		589,442,861
Floating Rate Loans
Advertising		—		299,686		—		299,686
Aerospace/Defense		—		2,741,966		—		2,741,966
Air Freight & Logistics		—		525,213		—		525,213
Airlines		—		—		403,043		403,043
Chemicals		—		3,202,224		—		3,202,224
Commercial Services		—		855,783		—		855,783
Computers		—		541,744		—		541,744
Electrical Components & Equipment		—		705,696		—		705,696
Food		—		144,836		—		144,836
Healthcare-Products		—		2,281,878		—		2,281,878
Healthcare-Services		—		674,579		—		674,579
Insurance		—		516,054		—		516,054
Internet		—		144,225		—		144,225
Lodging		—		7,482,356		—		7,482,356
Media		—		7,814,925		—		7,814,925
Miscellaneous Manufacturing		—		617,597		—		617,597
Office/Business Equipment		—		2,590,459		—		2,590,459
Oil & Gas		—		7,577,144		—		7,577,144
Oil & Gas Services		—		635,051		—		635,051
Retail		—		855,003		—		855,003
Semiconductors		—		334,250		—		334,250
Software		—		6,084,267		—		6,084,267
Telecommunications		—		8,434,524		—		8,434,524

See accompanying notes to financial statements.

BHFTI-28

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Transportation	$	—		$	322,770		$	—	$	322,770
Total Floating Rate Loans		—			55,382,230			403,043		55,785,273
Total Asset-Backed Securities*		—			16,408,794			—		16,408,794
Total Convertible Preferred Stock*		—			6,245,936			—		6,245,936
Preferred Stocks
Banks		5,395,189			—			—		5,395,189
Diversified Financial Services		—			—			0		0
Total Preferred Stocks		5,395,189			—			0		5,395,189
Common Stocks
Chemicals		102,610			—			—		102,610
Diversified Telecommunication Services		354,711			—			—		354,711
Media		521,258			—			—		521,258
Metals & Mining		287,505			—			—		287,505
Oil, Gas & Consumable Fuels		1,514,291			590,200			—		2,104,491
Wireless Telecommunication Services		1,388,198			—			—		1,388,198
Total Common Stocks		4,168,573			590,200			—		4,758,773
Total Convertible Bonds*		—			2,075,615			—		2,075,615
Escrow Shares
Auto Parts & Equipment		—			—			0		0
Chemicals		—			—			0		0
Diversified Financial Services		—			139,313			—		139,313
Total Escrow Shares		—			139,313			0		139,313
Purchased Options
Options on Futures Contracts		—			26,311			—		26,311
Options on Exchange-Traded Securities		24,864			—			—		24,864
Total Purchased Options		24,864			26,311			—		51,175
Total Warrant*		—			576			—		576
Total Short-Term Investment*		—			18,179,097			—		18,179,097
Total Securities Lending Reinvestments*		—			60,032,177			—		60,032,177
Total Investments	$	9,588,626		$	745,800,610		$	3,125,543	$	758,514,779
Collateral for Securities Loaned (Liability)	$	—		$	(60,007,708	)	$	—	$	(60,007,708	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—		$	(781,907	)	$	—	$	(781,907	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	30,368		$	—		$	—	$	30,368
Written Options at Value	$	(5,328	)	$	—		$	—	$	(5,328	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	4,470		$	—	$	4,470
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(17,712	)		—		(17,712	)
Total Centrally Cleared Swap Contracts	$	—		$	(13,242	)	$	—	$	(13,242	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	49,626		$	—	$	49,626
Total Reverse Repurchase Agreements (Liability)	$	—		$	(1,003,750	)	$	—	$	(1,003,750	)

* 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 June 30, 2017 is not presented.

Transfers from Level 2 to Level 3 in the amount of $535,408 were due to a lack of observable inputs.

See accompanying notes to financial statements.

BHFTI-29

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	758,514,779
Cash		175,294
Cash denominated in foreign currencies (c)		1,609,684
Cash collateral (d)		394,470
OTC swap contracts at market value (e)		49,626
Due from broker		2,566
Receivable for:
Investments sold		9,951,763
Fund shares sold		76,788
Dividends and interest		9,884,690
Variation margin on futures contracts		7,893
Interest on OTC swap contracts		4,068
Variation margin on centrally cleared swap contracts		253
Total Assets		780,671,874
Liabilities
Written options at value (f)		5,328
Reverse repurchase agreements		1,003,750
Cash collateral for OTC swap contracts		100,000
Unrealized depreciation on forward foreign currency exchange contracts		781,907
Collateral for securities loaned		60,007,708
Payables for:
Investments purchased		10,192,349
Securities lending cash collateral		124,060
Fund shares redeemed		1,010,944
Accrued Expenses:
Management fees		348,701
Distribution and service fees		54,627
Deferred trustees’ fees		115,782
Other expenses		308,277
Total Liabilities		74,053,433
Net Assets	$	706,618,441
Net Assets Consist of:
Paid in surplus	$	704,122,600
Undistributed net investment income		18,249,816
Accumulated net realized loss		(29,985,519	)
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		14,231,544
Net Assets	$	706,618,441
Net Assets
Class A	$	440,851,575
Class B		265,766,866
Capital Shares Outstanding*
Class A		57,962,697
Class B		35,338,717
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	7.61
Class B		7.52

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $743,651,725.
(b)	Includes securities loaned at value of $57,361,451.
(c)	Identified cost of cash denominated in foreign currencies was $1,583,545.
(d)	Includes collateral of $38,470 for futures contracts, and $356,000 for centrally cleared swap contracts.
(e)	Net premium paid on OTC swap contracts was $16,598.
(f)	Premiums received on written options were $13,728.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	262,986
Interest (b)		21,433,656
Securities lending income		412,023
Total investment income		22,108,665
Expenses
Management fees		2,095,354
Administration fees		11,154
Custodian and accounting fees		105,907
Distribution and service fees—Class B		327,784
Interest expense		4,685
Audit and tax services		38,280
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		28,486
Insurance		2,296
Miscellaneous		9,475
Total expenses		2,668,123
Less management fee waiver		(577	)
Net expenses		2,667,546
Net Investment Income		19,441,119
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		8,747,916
Affiliated investments		11,880
Futures contracts		(456,781	)
Written options		274,695
Swap contracts		710,602
Foreign currency transactions		(1,566,571	)
Net realized gain		7,721,741
Net change in unrealized appreciation (depreciation) on:
Investments		7,227,804
Affiliated investments		(1,427	)
Futures contracts		23,111
Written options		(140,186	)
Swap contracts		(328,842	)
Foreign currency transactions		(982,937	)
Net change in unrealized appreciation		5,797,523
Net realized and unrealized gain		13,519,264
Net Increase in Net Assets From Operations	$	32,960,383

(a)	Net of foreign withholding taxes of $188.
(b)	Net of foreign withholding taxes of $876.

See accompanying notes to financial statements.

BHFTI-30

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	19,441,119		$	37,405,696
Net realized gain (loss)		7,721,741			(14,850,367	)
Net change in unrealized appreciation		5,797,523			67,787,650
Increase in net assets from operations		32,960,383			90,342,979
From Distributions to Shareholders
Net investment income
Class A		(24,471,723	)		(29,175,416	)
Class B		(14,289,410	)		(16,860,304	)
Total distributions		(38,761,133	)		(46,035,720	)
Increase (decrease) in net assets from capital share transactions		15,546,972			(9,336,471	)
Total increase in net assets		9,746,222			34,970,788
Net Assets
Beginning of period		696,872,219			661,901,431
End of period	$	706,618,441		$	696,872,219
Undistributed net investment income
End of period	$	18,249,816		$	37,569,830

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		799,758		$	6,264,025			2,155,931		$	15,838,038
Reinvestments		3,215,733			24,471,723			4,103,434			29,175,416
Redemptions		(2,903,473	)		(22,801,227	)		(7,984,451	)		(58,922,269	)
Net increase (decrease)		1,112,018		$	7,934,521			(1,725,086	)	$	(13,908,815	)
Class B
Sales		1,575,545		$	12,208,830			6,554,020		$	48,111,644
Reinvestments		1,897,664			14,289,410			2,398,336			16,860,304
Redemptions		(2,432,817	)		(18,885,789	)		(8,275,582	)		(60,399,604	)
Net increase		1,040,392		$	7,612,451			676,774		$	4,572,344
Increase (decrease) derived from capital shares transactions				$	15,546,972					$	(9,336,471	)

See accompanying notes to financial statements.

BHFTI-31

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	7.68		$	7.21		$	8.22		$	8.86		$	8.93		$	8.36
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.41	(b)		0.42			0.48			0.54			0.59
Net realized and unrealized gain (loss) on investments		0.16			0.58			(0.69	)		(0.16	)		0.26			0.73
Total from investment operations		0.38			0.99			(0.27	)		0.32			0.80			1.32
Less Distributions
Distributions from net investment income		(0.45	)		(0.52	)		(0.67	)		(0.55	)		(0.62	)		(0.64	)
Distributions from net realized capital gains		0.00			0.00			(0.07	)		(0.41	)		(0.25	)		(0.11	)
Total distributions		(0.45	)		(0.52	)		(0.74	)		(0.96	)		(0.87	)		(0.75	)
Net Asset Value, End of Period	$	7.61		$	7.68		$	7.21		$	8.22		$	8.86		$	8.93
Total Return (%) (c)		4.90	(d)		14.26			(3.86	)(e)		3.6	5 (e)		9.52			16.80	(f)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.67	(g)		0.67			0.67			0.68			0.69			0.65
Gross ratio of expenses to average net assets excluding interest expense (%)		0.67	(g)		0.67			0.66			0.67			0.66			0.65
Net ratio of expenses to average net assets (%)		0.67	(g)		0.67			0.67			0.68			0.66			0.65
Net ratio of expenses to average net assets excluding interest expense (%)		0.67	(g)		0.67			0.66			0.67			0.66			0.65
Ratio of net investment income to average net assets (%)		5.66	(g)		5.58	(b)		5.24			5.60			6.18			6.90
Portfolio turnover rate (%)		42	(d)		89			75			70			108			85
Net assets, end of period (in millions)	$	440.9		$	436.6		$	422.2		$	495.7		$	538.3		$	589.6
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	7.59		$	7.13		$	8.14		$	8.78		$	8.85		$	8.29
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.39	(b)		0.39			0.45			0.51			0.56
Net realized and unrealized gain (loss) on investments		0.15			0.57			(0.68	)		(0.15	)		0.27			0.74
Total from investment operations		0.36			0.96			(0.29	)		0.30			0.78			1.30
Less Distributions
Distributions from net investment income		(0.43	)		(0.50	)		(0.65	)		(0.53	)		(0.60	)		(0.63	)
Distributions from net realized capital gains		0.00			0.00			(0.07	)		(0.41	)		(0.25	)		(0.11	)
Total distributions		(0.43	)		(0.50	)		(0.72	)		(0.94	)		(0.85	)		(0.74	)
Net Asset Value, End of Period	$	7.52		$	7.59		$	7.13		$	8.14		$	8.78		$	8.85
Total Return (%) (c)		4.70	(d)		13.98			(4.16	)(e)		3.42	(e)		9.33			16.54	(f)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.92	(g)		0.92			0.92			0.93			0.94			0.90
Gross ratio of expenses to average net assets excluding interest expense (%)		0.92	(g)		0.92			0.91			0.92			0.91			0.90
Net ratio of expenses to average net assets (%)		0.92	(g)		0.92			0.92			0.93			0.91			0.90
Net ratio of expenses to average net assets excluding interest expense (%)		0.92	(g)		0.92			0.91			0.92			0.91			0.90
Ratio of net investment income to average net assets (%)		5.41	(g)		5.33	(b)		4.99			5.34			5.94			6.65
Portfolio turnover rate (%)		42	(d)		89			75			70			108			85
Net assets, end of period (in millions)	$	265.8		$	260.3		$	239.7		$	273.0		$	309.0		$	324.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.04% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(f)	In 2012, 0.00% and 0.13% of the Portfolio’s total return for Class A and Class B, respectively, consists of a voluntary reimbursement by the subadviser for a realized loss. Excluding this item, total return would have been 16.80% and 16.41% for Class A and Class B, respectively.
(g)	Computed on an annualized basis.

See accompanying notes to financial statements.

BHFTI-32

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock High Yield Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a pricing service to value securities principally traded in these foreign

BHFTI-33

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 its 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 NAV 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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income

BHFTI-34

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, swap transactions, paydown gain (loss) adjustments, adjustments to prior period accumulated balances and premium amortization adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $18,179,097. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $8,013,999. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-36

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the six months ended June 30, 2017, the Portfolio had an outstanding reverse repurchase agreement balance for 181 days. The average amount of borrowings was $1,285,873 and the annualized weighted average interest rate was 1.04% during the 181 day period.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis as of June 30, 2017:

Counterparty	Reverse Repurchase Agreements			Collateral Pledged1		Net Amount*
Credit Suisse Securities (USA) LLC	$	(1,003,750	)	$	1,003,750	$	—
	$	(1,003,750	)	$	1,003,750	$	—

1	Collateral with a value of $1,046,000 has been pledged in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.
*	Net amount represents the net amount payable due to the counterparty in the event of default.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(76,347	)	$	—	$	—	$	—	$	(76,347	)
Corporate Bonds & Notes		(59,931,361	)		—		—		—		(59,931,361	)
Total	$	(60,007,708	)	$	—	$	—	$	—	$	(60,007,708	)
Reverse Repurchase Agreement
Corporate Bonds & Notes		(1,003,750	)		—		—		—		(1,003,750	)
Total Borrowings	$	(61,011,458	)	$	—	$	—	$	—	$	(61,011,458	)
Gross amount of recognized liabilities for securities lending transactions										$	(61,011,458	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2017:

Put Options	Number of Contracts			Premium Received
Options outstanding December 31, 2016		1,446		$	161,600
Options written		1,929			154,309
Options bought back		(3,003	)		(282,076	)
Options expired		(224	)		(20,105	)
Options outstanding June 30, 2017		148		$	13,728

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer 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 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). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either 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 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). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally 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 particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	30,368
Credit	OTC swap contracts at market value (c)		49,626
	Unrealized appreciation on centrally cleared swap contracts (b) (d)		4,470	Unrealized depreciation on centrally cleared swap contracts (b) (d)	$	17,712
Equity	Investments at market value (b) (e)		51,175
				Written options at value (b)		5,328
Foreign Exchange				Unrealized depreciation on forward foreign currency exchange contracts		781,907
Total		$	135,639		$	804,947

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Excludes OTC swap interest receivable of $4,068.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	10,634	$	(10,634	)	$	—		$	—
Credit Suisse International		4,864		—			(4,864	)		—
Deutsche Bank AG		53,143		(53,143	)		—			—
JPMorgan Chase Bank N.A.		7,296		—			(7,296	)		—
	$	75,937	$	(63,777	)	$	(12,160	)	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	26,859	$	(10,634	)	$	—		$	16,225
Citibank N.A.		1,749		—			—			1,749
Commonwealth Bank of Australia		7,217		—			—			7,217
Deutsche Bank AG		537,952		(53,143	)		(331	)		484,478
HSBC Bank plc		195,234		—			—			195,234
Standard Chartered Bank		5,035		—			—			5,035
Westpac Banking Corp.		7,861		—			—			7,861
	$	781,907	$	(63,777	)	$	(331	)	$	717,799

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Investments (a)	$	(111,537	)	$	—		$	(607,596	)	$	—		$	(719,133	)
Forward foreign currency transactions		—			—			—			(2,299,434	)		(2,299,434	)
Futures contracts		(35,024	)		—			(421,757	)		—			(456,781	)
Swap contracts		—			710,602			—			—			710,602
Written options		—			—			274,695			—			274,695
	$	(146,561	)	$	710,602		$	(754,658	)	$	(2,299,434	)	$	(2,490,051	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Investments (a)	$	39,479		$	—		$	74,134		$	—		$	113,613
Forward foreign currency transactions		—			—			—			(1,107,934	)		(1,107,934	)
Futures contracts		48,628			—			(25,517	)		—			23,111
Swap contracts		—			(328,842	)		—			—			(328,842	)
Written options		—			—			(140,186	)		—			(140,186	)
	$	88,107		$	(328,842	)	$	(91,569	)	$	(1,107,934	)	$	(1,440,238	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	8,442,507
Forward foreign currency transactions		77,947,963
Futures contracts short		(2,307,940	)
Swap contracts		13,374,949
Written options		(461	)

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	287,411,051	$	0	$	307,319,578

The Portfolio engaged in security transactions with other accounts managed by BlackRock Advisors, LLC, the subadviser to the Portfolio, that amounted to $117,710 in sales of investments, which are included above, and resulted in realized losses of $3,994.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.600% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $2,095,354.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Financial Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - The Subadviser agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it also receives due to the Portfolio’s investment in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the Subadviser or any of its affiliates serves as investment adviser. The Adviser agreed to waive a portion of the management fee related to the Subadviser’s waiving of its subadvisory fee on funds where the Subadviser or any of its affiliates serves as investment adviser. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Underlying ETFs

A summary of the Portfolio’s transactions in the securities of Affiliated Underlying ETFs during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017		Realized Gain on shares sold		Income earned from affiliates during the period		Ending Value as of June 30, 2017
iShares iBoxx $ High Yield Corporate Bond ETF		20,140		—		(20,140	)		—	$	11,880	$	—		—

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$46,035,720	$	64,861,263	$	—	$	4,098,021	$	46,035,720	$	68,959,284

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$38,438,291	$	—	$	4,528,999	$	(34,568,877	)	$	8,398,413

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had post-enactment accumulated short-term capital losses of $10,336,649 and post-enactment accumulated long term-capital losses of $24,232,228, and no pre-enactment capital loss carryforwards.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	78,215,659		2,680,756		5,359,779

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		79,897,532		6,358,663
Robert Boulware		80,121,920		6,134,275
Susan C. Gause		80,251,934		6,004,261
Nancy Hawthorne		80,135,291		6,120,904
Barbara A. Nugent		80,383,079		5,873,116
John Rosenthal		80,201,285		6,054,910
Linda B. Strumpf		80,115,844		6,140,351
Dawn M. Vroegop		80,064,564		6,191,631

BHFTI-46

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Managed by Aberdeen Asset Managers Limited

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Brighthouse/Aberdeen Emerging Markets Equity Portfolio returned 17.66% and 17.55%, respectively. The Portfolio’s benchmark, the MSCI Emerging Markets Index¹, returned 18.43%.

MARKET ENVIRONMENT / CONDITIONS

Emerging market equities rose in the first half of 2017, buoyed by an improving global economic outlook and continued inflows into the asset class. Currencies broadly strengthened against the U.S. dollar, despite the Federal Reserve raising rates twice, as worries grew about President Trump’s ability to implement key pledges. However, oil prices fell as an Organization of Petroleum Exporting Countries (OPEC)-led agreement to extend output cuts failed to assuage persistent oversupply concerns due to record U.S. shale production.

Emerging Asia was robust. Chinese shares rose after benchmark provider MSCI’s decision to add A-shares into its indices next year, though we view the move as largely symbolic for now. Mainland authorities also continued efforts to curb financial risk. Indian equities also did well, bolstered by the ruling party’s resounding election victory in the Uttar Pradesh state. However, India’s first-quarter economic growth slowed, as demonetization weighed on consumer demand. India also announced its goods and services tax (GST) rates ahead of the July rollout. While we expect near-term disruptions, the tax should be neutral or marginally positive for the Portfolio’s holdings in the long-term.

Latin America also performed well. Mexico’s economy grew steadily in the first quarter, while the peso erased its post-U.S. election losses. The country’s central bank also continued raising rates to tame inflation. However, Brazilian equities fell, as the stock market suffered its worst one-day decline since 2008 after President Michel Temer became embroiled in a corruption scandal. He was later formally charged with accepting bribes, with investors concerned over the future of his reform program. Chile’s central bank also trimmed key interest rates for the first time since 2014, as economic growth faltered and inflation fell to its lowest rate in three years.

In Europe, the Middle East and Africa (“EMEA”), Turkey’s stocks and currency strengthened after President Erdogan controversially won sweeping new powers in a referendum. Its economy also grew at its fastest pace in almost two years. Russian equities were pressured by retreating oil prices, as well as fading hopes that a Trump presidency would spell an end to sanctions. Elsewhere, South Africa slipped into recession, amid a political crisis as President Jacob Zuma survived an internal no-confidence vote after he fired finance minister Pravin Gordhan.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Over the six month period, the Portfolio underperformed the benchmark due to negative asset allocation which was partially offset by positive stock selection.

In Latin America, stock selection in Mexico buoyed performance, as full-service bank Banorte and airport operator Asur posted sound results. In Brazil, stock selection was positive, as the Portfolio’s holdings proved more resilient than the broader market, which sold off due to a corruption scandal involving President Temer. However, BRF was pressured by an investigation that led some countries to temporarily suspend Brazilian meat imports, further compounded by soft domestic volumes and margin pressure overseas. The Portfolio’s off-benchmark position in Argentine pipe producer Tenaris also detracted following weak results.

In EMEA, the overweight to Turkey boosted relative performance, as both the market and currency rallied. The lack of exposure to Qatar also benefited the Portfolio, amid heightened geopolitical concerns. Conversely, Russia detracted, with Magnit among the key laggards amid investor concerns over falling returns and cash flow generation. Lukoil also hurt performance as oil prices fell, although this was partially mitigated by the Portfolio’s lack of exposure to Gazprom.

Performance in Asia was mixed. Stock selection in India was a key driver of regional outperformance. Indian cigarette-maker ITC benefited from the GST council’s decision to leave rates unchanged for tobacco, while lender Housing Development Finance Corporation was boosted by the government’s housing loan subsidy plan. By contrast, the underweight to China was the largest detractor, as shares rallied after MSCI’s decision to include A-shares in its indices. Not holding internet giants Alibaba and Tencent also weighed. The underweight to Korea was also negative, further compounded by negative stock selection.

As bottom-up stock pickers, the Portfolio’s country and sector allocations are driven by where we can find quality companies with attractive valuations. This style may lead to significant deviations from the index. At period end, at the country level, we remained overweight to Hong Kong, India and Brazil. Hong Kong offers listed companies that have diversified, regional business activities, particularly those that provide an exposure to China, with the added advantage of better standards of accounting and transparency. India is home to many high-quality companies. Its economic growth rate is among the best in Asia and we believe the Portfolio’s holdings continue to have good long-term prospects, despite recent setbacks resulting from demonetization. Meanwhile, although Brazil’s economy has slowed considerably, and its markets pressured by the recent corruption scandals, it offers a deep market of quality companies at attractive valuations. Corporate governance is also improving in Latin America’s largest economy.

In contrast, at period end the Portfolio was underweight to China, South Korea and Taiwan. We remained circumspect when investing in mainland China, where most companies still fall short on quality and corporate governance. Korea is a relatively mature economy with well-known brands such as Samsung and Hyundai. But the domination of the chaebol, or huge conglomerates, and the complexity in

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Managed by Aberdeen Asset Managers Limited

Portfolio Manager Commentary*—(Continued)

its group shareholding structures, reduces the transparency of the business. Similarly, the Taiwanese market is home to several interesting businesses, but the bulk of them are in lower-quality cyclical industries. Corporate transparency is also generally poor.

In terms of sector, allocation, the Portfolio was overweight to consumer-focused industries, such as Financials and Consumer Staples, and underweight to cyclical or export dependent industries, such as Information Technology and Industrials.

Devan Kaloo

Joanne Irvine

Hugh Young

Flavia Cheong

Mark Gordon-James

Portfolio Managers

Aberdeen Asset Managers Limited

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EMERGING MARKETS INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Aberdeen Emerging Markets Equity Portfolio
Class A		17.66		17.01		2.72		0.96
Class B		17.55		16.76		2.46		0.72
MSCI Emerging Markets Index		18.43		23.75		3.96		1.91

¹ The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Samsung Electronics Co., Ltd.		5.0
Housing Development Finance Corp., Ltd.		4.2
Taiwan Semiconductor Manufacturing Co., Ltd.		3.9
AIA Group, Ltd.		3.3
China Mobile, Ltd.		3.0
Astra International Tbk PT		3.0
Fomento Economico Mexicano S.A.B. de C.V. (ADR)		2.9
Grupo Financiero Banorte S.A.B. de C.V. - Class O		2.9
UltraTech Cement, Ltd.		2.9
ITC, Ltd.		2.8

Top Countries

	% of Net Assets
India		16.3
Brazil		11.8
South Korea		7.9
China		7.8
Hong Kong		7.7
Mexico		7.5
Indonesia		5.3
Taiwan		4.8
Thailand		4.4
Russia		4.0

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Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse/Aberdeen Emerging Markets Equity Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.93	%	$	1,000.00	$	1,176.60	$	5.02
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66
Class B(a)	Actual		1.18	%	$	1,000.00	$	1,175.50	$	6.36
	Hypothetical*		1.18	%	$	1,000.00	$	1,018.94	$	5.91

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—94.0% of Net Assets

Security Description	Shares		Value
Australia—0.6%
BHP Billiton plc		533,000	$	8,147,786
Brazil—11.8%
Ambev S.A.		3,492,600		19,303,180
Banco Bradesco S.A. (ADR)		4,385,836		37,279,606
BRF S.A.		1,240,468		14,677,879
Lojas Renner S.A.		3,139,400		25,946,081
Multiplan Empreendimentos Imobiliarios S.A.		858,537		16,927,658
Ultrapar Participacoes S.A.		1,487,000		34,794,965
Vale S.A. (ADR)		2,765,077		24,194,424
				173,123,793
Chile—2.2%
Banco Santander Chile (ADR)		705,000		17,914,050
SACI Falabella		1,825,900		15,003,833
				32,917,883
China—7.8%
China Mobile, Ltd.		4,208,000		44,569,511
Hangzhou Hikvision Digital Technology Co., Ltd. - Class A		5,335,085		25,418,283
Kweichow Moutai Co., Ltd. - Class A		405,886		28,249,333
Shanghai International Airport Co., Ltd. - Class A		2,918,822		16,047,288
				114,284,415
Hong Kong—7.7%
AIA Group, Ltd.		6,693,000		48,920,074
Hang Lung Group, Ltd.		5,521,000		22,841,928
Hang Lung Properties, Ltd.		3,338,000		8,337,629
Hong Kong Exchanges and Clearing, Ltd.		600,024		15,513,119
Swire Pacific, Ltd. - Class B		9,756,500		17,070,334
				112,683,084
Hungary—1.1%
Richter Gedeon Nyrt		620,000		16,200,082
India—16.3%
Hero MotoCorp, Ltd.		448,000		25,521,320
Hindustan Unilever, Ltd.		1,506,000		25,153,339
Housing Development Finance Corp., Ltd.		2,469,000		61,451,391
Infosys, Ltd.		918,020		13,323,029
ITC, Ltd.		8,151,500		40,756,747
Kotak Mahindra Bank, Ltd.		989,300		14,642,780
Tata Consultancy Services, Ltd.		450,268		16,448,108
UltraTech Cement, Ltd.		690,063		42,195,921
				239,492,635
Indonesia—5.3%
Astra International Tbk PT		66,173,600		44,240,469
Bank Central Asia Tbk PT		10,991,800		14,976,172
Indocement Tunggal Prakarsa Tbk PT		13,685,100		18,923,467
				78,140,108
Luxembourg—1.2%
Tenaris S.A. (ADR)		570,000		17,749,800
Malaysia—1.2%
Public Bank Bhd		3,815,000		18,059,520
Mexico—7.5%
Fomento Economico Mexicano S.A.B. de C.V. (ADR)		438,877		43,159,164
Grupo Aeroportuario del Sureste S.A.B. de C.V. (ADR)		113,900		23,964,560
Grupo Financiero Banorte S.A.B. de C.V. - Class O		6,779,208		43,012,648
				110,136,372
Philippines—3.6%
Ayala Corp.		138,120		2,328,147
Ayala Land, Inc.		37,180,000		29,296,230
Bank of the Philippine Islands		10,545,370		21,732,588
				53,356,965
Poland—1.0%
Bank Pekao S.A.		423,300		14,251,834
Portugal—1.2%
Jeronimo Martins SGPS S.A.		913,000		17,872,800
Russia—4.0%
Lukoil PJSC (ADR)		610,343		29,770,994
Lukoil PJSC (ADR)		7,000		341,530
Magnit PJSC		188,006		29,253,599
				59,366,123
South Africa—3.0%
Massmart Holdings, Ltd.		1,380,135		11,136,429
MTN Group, Ltd. (a)		1,695,000		14,780,305
Truworths International, Ltd.		3,303,299		18,052,075
				43,968,809
South Korea—2.5%
AmorePacific Group		92,062		10,450,952
NAVER Corp.		36,553		26,695,445
				37,146,397
Taiwan—4.8%
Taiwan Mobile Co., Ltd. (b)		3,852,000		14,476,489
Taiwan Semiconductor Manufacturing Co., Ltd.		8,323,000		56,795,656
				71,272,145
Thailand—4.4%
Siam Cement PCL (The)		2,137,850		31,718,469
Siam Commercial Bank PCL (The)		7,202,000		32,967,648
				64,686,117

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Turkey—4.0%
Akbank TAS		7,632,000	$	21,253,375
BIM Birlesik Magazalar A/S		1,175,000		21,771,249
Turkiye Garanti Bankasi A/S		5,726,000		15,929,617
				58,954,241
United Kingdom—1.1%
Standard Chartered plc (b)		1,529,057		15,509,759
United States—1.7%
Yum China Holdings, Inc. (b)		633,400		24,974,962
Total Common Stocks (Cost $1,139,432,389)				1,382,295,630
Preferred Stocks—5.4%
South Korea—5.4%
AmorePacific Corp.		36,665		5,954,275
Samsung Electronics Co., Ltd.		45,173		73,427,758
Total Preferred Stocks (Cost $47,479,661)				79,382,033
Short-Term Investment—0.8%
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $11,852,490 on 07/03/17, collateralized by $12,100,000 U.S. Treasury Note at 1.125% due 06/15/18 with a value of $12,089,981.		11,852,371		11,852,371
Total Short-Term Investments (Cost $11,852,371)				11,852,371
Securities Lending Reinvestments (c)—0.0%
Repurchase Agreements—0.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $3,750 on 07/03/17, collateralized by $3,904 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $3,825.		3,750		3,750
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $20,002 on 07/03/17, collateralized by $19,923 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $20,400.		20,000		20,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $5,001 on 07/03/17, collateralized by $5,084 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $5,100.		5,000		5,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $20,002 on 07/03/17, collateralized by $18,034 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $20,413.		20,000		20,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $20,002 on 07/03/17, collateralized by $39,881 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $20,402.		20,000		20,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $20,002 on 07/03/17, collateralized by $30,035 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $20,400.		20,000		20,000
				88,750
Time Deposits—0.0%
Australia New Zealand Bank 1.150%, 07/03/17		4,000		4,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		4,000		4,000
Standard Chartered plc 1.200%, 07/03/17		5,000		5,000
				13,000
Total Securities Lending Reinvestments (Cost $101,750)				101,750
Total Investments—100.2% (Cost $1,198,866,171) (d)				1,473,631,784
Other assets and liabilities (net)—(0.2)%				(2,702,568	)
Net Assets—100.0%			$	1,470,929,216

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 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 June 30, 2017, the market value of securities loaned was $95,919 and the collateral received consisted of cash in the amount of $101,750. 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 June 30, 2017.
(d)	As of June 30, 2017, the aggregate cost of investments was $1,198,866,171. The aggregate unrealized appreciation and depreciation of investments were $309,199,714 and $(34,434,101), respectively, resulting in net unrealized appreciation of $274,765,613.
(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 June 30, 2017 (Unaudited)	% of Net Assets
Banks		18.2
Real Estate Management & Development		6.4
Construction Materials		6.3
Beverages		6.2
Food & Staples Retailing		5.4
Wireless Telecommunication Services		5.0
Technology Hardware, Storage & Peripherals		5.0
Automobiles		4.8
Oil, Gas & Consumable Fuels		4.4
Thrifts & Mortgage Finance		4.2

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	8,147,786		$	—	$	8,147,786
Brazil		173,123,793		—			—		173,123,793
Chile		32,917,883		—			—		32,917,883
China		25,418,283		88,866,132			—		114,284,415
Hong Kong		—		112,683,084			—		112,683,084
Hungary		—		16,200,082			—		16,200,082
India		—		239,492,635			—		239,492,635
Indonesia		—		78,140,108			—		78,140,108
Luxembourg		17,749,800		—			—		17,749,800
Malaysia		—		18,059,520			—		18,059,520
Mexico		110,136,372		—			—		110,136,372
Philippines		—		53,356,965			—		53,356,965
Poland		—		14,251,834			—		14,251,834
Portugal		—		17,872,800			—		17,872,800
Russia		341,530		59,024,593			—		59,366,123
South Africa		—		43,968,809			—		43,968,809
South Korea		—		37,146,397			—		37,146,397
Taiwan		—		71,272,145			—		71,272,145
Thailand		64,686,117		—			—		64,686,117
Turkey		—		58,954,241			—		58,954,241
United Kingdom		—		15,509,759			—		15,509,759
United States		24,974,962		—			—		24,974,962
Total Common Stocks		449,348,740		932,946,890			—		1,382,295,630
Total Preferred Stocks*		—		79,382,033			—		79,382,033
Total Short-Term Investment*		—		11,852,371			—		11,852,371
Total Securities Lending Reinvestments*		—		101,750			—		101,750
Total Investments	$	449,348,740	$	1,024,283,044		$	—	$	1,473,631,784
Collateral for Securities Loaned (Liability)	$	—	$	(101,750	)	$	—	$	(101,750	)

* 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.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,473,631,784
Cash denominated in foreign currencies (c)		3,323,813
Receivable for:
Investments sold		1,689,125
Fund shares sold		38,476
Dividends and interest		4,248,623
Total Assets		1,482,931,821
Liabilities
Collateral for securities loaned		101,750
Payables for:
Investments purchased		3,788,577
Fund shares redeemed		1,007,833
Foreign taxes		4,662,847
Accrued Expenses:
Management fees		1,006,076
Distribution and service fees		118,900
Deferred trustees’ fees		115,782
Other expenses		1,200,840
Total Liabilities		12,002,605
Net Assets	$	1,470,929,216
Net Assets Consist of:
Paid in surplus	$	1,487,975,146
Undistributed net investment income		3,261,417
Accumulated net realized loss		(290,437,129	)
Unrealized appreciation on investments and foreign currency transactions (d)		270,129,782
Net Assets	$	1,470,929,216
Net Assets
Class A	$	895,692,053
Class B		575,237,163
Capital Shares Outstanding*
Class A		85,771,348
Class B		55,530,159
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.44
Class B		10.36

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,198,866,171.
(b)	Includes securities loaned at value of $95,919.
(c)	Identified cost of cash denominated in foreign currencies was $3,337,308.
(d)	Includes foreign capital gains tax of $4,650,917.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	20,482,392
Interest		4,460
Securities lending income		31,627
Total investment income		20,518,479
Expenses
Management fees		6,267,072
Administration fees		22,613
Custodian and accounting fees		537,723
Distribution and service fees—Class B		695,795
Audit and tax services		25,244
Legal		18,198
Trustees’ fees and expenses		26,454
Shareholder reporting		50,278
Insurance		4,579
Miscellaneous		69,773
Total expenses		7,717,729
Less management fee waiver		(371,917	)
Net expenses		7,345,812
Net Investment Income		13,172,667
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments (b)		27,474,061
Foreign currency transactions		(274,888	)
Net realized gain		27,199,173
Net change in unrealized appreciation on:
Investments (c)		190,195,701
Foreign currency transactions		12,094
Net change in unrealized appreciation		190,207,795
Net realized and unrealized gain		217,406,968
Net Increase in Net Assets From Operations	$	230,579,635

(a)	Net of foreign withholding taxes of $2,617,872
(b)	Net of foreign capital gains tax of $158,440.
(c)	Includes change in foreign capital gains tax of $(1,103,378).

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	13,172,667		$	18,993,755
Net realized gain (loss)		27,199,173			(5,232,287	)
Net change in unrealized appreciation		190,207,795			148,933,051
Increase in net assets from operations		230,579,635			162,694,519
From Distributions to Shareholders
Net investment income
Class A		(11,675,909	)		(10,463,607	)
Class B		(6,238,369	)		(5,168,856	)
Total distributions		(17,914,278	)		(15,632,463	)
Decrease in net assets from capital share transactions		(59,981,305	)		(129,207,167	)
Total increase in net assets		152,684,052			17,854,889
Net Assets
Beginning of period		1,318,245,164			1,300,390,275
End of period	$	1,470,929,216		$	1,318,245,164
Undistributed net investment income
End of period	$	3,261,417		$	8,003,028

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		688,846		$	6,862,033			8,285,775		$	66,147,683
Reinvestments		1,121,605			11,675,909			1,208,268			10,463,607
Redemptions		(5,218,755	)		(53,396,564	)		(17,256,843	)		(156,541,734	)
Net decrease		(3,408,304	)	$	(34,858,622	)		(7,762,800	)	$	(79,930,444	)
Class B
Sales		1,855,725		$	17,965,643			4,502,554		$	38,698,310
Reinvestments		604,493			6,238,369			601,729			5,168,856
Redemptions		(4,955,082	)		(49,326,695	)		(10,453,610	)		(93,143,889	)
Net decrease		(2,494,864	)	$	(25,122,683	)		(5,349,327	)	$	(49,276,723	)
Decrease derived from capital shares transactions				$	(59,981,305	)				$	(129,207,167	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	8.99		$	8.14		$	9.62		$	10.39		$	11.04		$	9.36
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.13	(b)		0.12			0.13			0.13			0.15
Net realized and unrealized gain (loss) on investments		1.49			0.83			(1.41	)		(0.79	)		(0.64	)		1.63
Total from investment operations		1.59			0.96			(1.29	)		(0.66	)		(0.51	)		1.78
Less Distributions
Distributions from net investment income		(0.14	)		(0.11	)		(0.19	)		(0.11	)		(0.14	)		(0.10	)
Total distributions		(0.14	)		(0.11	)		(0.19	)		(0.11	)		(0.14	)		(0.10	)
Net Asset Value, End of Period	$	10.44		$	8.99		$	8.14		$	9.62		$	10.39		$	11.04
Total Return (%) (c)		17.66	(d)		11.83			(13.66	)		(6.41	)		(4.61	)		19.10
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.99	(e)		1.00			1.02			1.01			1.02			1.07
Net ratio of expenses to average net assets (%) (f)		0.93	(e)		0.94			1.00			0.99			1.01			1.07
Ratio of net investment income to average net assets (%)		1.95	(e)		1.49	(b)		1.29			1.30			1.28			1.50
Portfolio turnover rate (%)		9	(d)		15			116			49			33			29
Net assets, end of period (in millions)	$	895.7		$	801.5		$	789.2		$	873.8		$	1,075.9		$	578.1
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	8.91		$	8.07		$	9.53		$	10.30		$	10.94		$	9.27
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.11	(b)		0.09			0.11			0.10			0.13
Net realized and unrealized gain (loss) on investments		1.48			0.82			(1.38	)		(0.80	)		(0.62	)		1.62
Total from investment operations		1.56			0.93			(1.29	)		(0.69	)		(0.52	)		1.75
Less Distributions
Distributions from net investment income		(0.11	)		(0.09	)		(0.17	)		(0.08	)		(0.12	)		(0.08	)
Total distributions		(0.11	)		(0.09	)		(0.17	)		(0.08	)		(0.12	)		(0.08	)
Net Asset Value, End of Period	$	10.36		$	8.91		$	8.07		$	9.53		$	10.30		$	10.94
Total Return (%) (c)		17.55	(d)		11.50			(13.81	)		(6.70	)		(4.80	)		18.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.24	(e)		1.25			1.27			1.26			1.27			1.32
Net ratio of expenses to average net assets (%) (f)		1.18	(e)		1.19			1.25			1.24			1.26			1.32
Ratio of net investment income to average net assets (%)		1.70	(e)		1.23	(b)		1.03			1.05			0.95			1.25
Portfolio turnover rate (%)		9	(d)		15			116			49			33			29
Net assets, end of period (in millions)	$	575.2		$	516.8		$	511.2		$	597.1		$	644.8		$	641.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Aberdeen Emerging Markets Equity Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, foreign capital gain tax and passive foreign investment companies (“PFICs”). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $11,852,371. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $88,750. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	121,725,907	$	0	$	183,326,601

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$6,267,072		1.050	%	First $250 million
		1.000	%	$250 million to $500 million
		0.850	%	$500 million to $1 billion
		0.750	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Aberdeen Asset Managers Limited (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%	On the first $500 million
0.050%	$500 million to $1 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$15,632,463	$	28,277,823	$	—	$	—	$	15,632,463	$	28,277,823

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$17,677,059	$	—	$	63,048,159	$	(78,185,166	)	$	(232,149,517	)	$	(229,609,465	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had short-term post-enactment accumulated capital losses of $41,735,017, long-term post-enactment accumulated capital losses of $190,414,500, and the pre-enactment accumulated capital loss carryforwards expiring on December 31, 2017 were $78,185,166.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-17

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	132,225,722		4,556,757		8,530,847

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		136,443,598		8,869,728
Robert Boulware		136,416,973		8,896,353
Susan C. Gause		136,547,888		8,765,438
Nancy Hawthorne		136,763,047		8,550,279
Barbara A. Nugent		136,824,633		8,488,693
John Rosenthal		136,504,982		8,808,344
Linda B. Strumpf		136,511,156		8,802,170
Dawn M. Vroegop		136,427,237		8,886,089

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Brighthouse/Artisan International Portfolio returned 19.94% and 19.75%, respectively. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned 14.10%.

MARKET ENVIRONMENT / CONDITIONS

Non-U.S. equities advanced in the first half of 2017 as markets responded to a pick-up in global growth and solid corporate earnings. During the second quarter, Macron’s election victory in France buoyed sentiment as it raised hopes of reforms, not only in France, but throughout the Eurozone. Strength was fairly broad-based as all sectors participated in the advance, except Energy, as commodity-oriented stocks generally lagged. The Energy sector remained weak as volatility in the oil market reemerged, and increased oil production from U.S. shale hampered efforts by the Organization of the Petroleum Exporting Countries (OPEC) to rebalance the oil market via production cuts.

Growth stocks meaningfully outpaced their value peers, a reversal from 2016. This was evidenced by the outperformance of the Technology sector, which led all sectors, as markets generally favored secular growers over commodity-oriented stocks. From a regional perspective, non-U.S. equities—developed and emerging markets—outperformed U.S. equities in U.S. dollar terms, due partly to U.S. dollar weakness.

Inflationary pressures remained weak in most major economies, allowing central banks to keep monetary policy highly accommodative as they seek to spur faster economic growth. In the Eurozone, the European Central Bank’s (the “ECB”) quantitative easing (“QE”) program is currently making 60 billion euros in monthly asset purchases while maintaining its benchmark interest rate at zero. However, comments by ECB policy makers in June suggested the central bank is preparing markets for tapering of stimulus over the coming year. In Japan, the Bank of Japan left its existing policy of QE and yield curve control in place with the 10-year bond yield capped at 0%. In the U.S., the Federal Reserve (the “Fed”) continued its steady pace of tightening—hiking its target rate in June—the fourth time since December 2015. The Fed also provided more detail on upcoming balance sheet normalization as it seeks to unwind its $4.5 trillion portfolio of bonds. Nonetheless, U.S. financial conditions remained accommodative as corporate borrowing costs remained historically low.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outpaced the MSCI All Country World ex-U.S. Index over the trailing 6-month period. Outperformance was largely driven by stock picking. Stock selection was especially strong in the Financials, Health Care and Technology sectors. The Portfolio’s minimal exposure to a weak Energy sector was also helpful. The Portfolio benefited from the growth-over-value performance pattern, in contrast to 2016’s value-led market, which acted as a relative-performance headwind.

The Portfolio’s top contributors included Alibaba (China), Wirecard (Germany) and Ryanair (Ireland). Alibaba is China’s largest e-commerce company operating the country’s most popular online marketplaces. The company is achieving strong growth in its core commerce segment and has made progress building its cloud business. We remain attracted to the secular growth prospects in online and mobile commerce—particularly given China’s still-low penetration rate versus major developed markets. In mobile, we see significant room for monetization from currently low ad-penetration rates. Further, we believe the company can leverage its massive stockpile of consumer data for more personalized marketing and, ultimately, increased user engagement.

Wirecard is successfully integrating accretive acquisitions in higher-growth Asian markets, and more recently in the U.S. Wirecard recently completed the purchase of U.S.-based pre-paid card business Citi Prepaid Services, providing the company with the opportunity to cross-sell and deepen its relationships with a large base of Fortune 200 clients. In our view, we believe Wirecard as one of the best-positioned companies to participate in the secular growth of e-commerce globally.

With its low fares and low cost base, Ryanair has taken market share and has grown substantially faster than overall European air traffic while generating strong free cash flow. Cost control has been an additional bright spot with non-fuel unit costs down year over year, whereas for most other European airlines, they are either flat or up. Additionally, the company’s load factors (a measure of capacity utilization) were above 90%, which was best among the European airlines. With strong cash generation and a 4.4 billion euros gross cash position on its balance sheet, the company is returning cash to shareholders. After completing €1.0 billion in share buybacks in fiscal year 2017, the company announced a €600 million stock buyback. On valuation ground, at period end we believed the stock remained attractive, trading at a cheaper price relative to its historical relationship with European stocks.

Although most of the Portfolio’s holdings were positive returners during the period, there were a few detractors including MMC Norilsk Nickel (Russia), Tenaris (Italy) and Deutsche Telekom (Germany). MMC Norilsk Nickel, a metals and mining company, was down on lower metals prices. Tenaris, a provider of steel pipe products mainly for the oil and gas industry, was weak alongside much of the Energy sector. Deutsche Telekom, a leading integrated telecom operator with wireline, broadband, mobile and IT services, was a new purchase in May and experienced a low-single digit percentage decline over the course of a month and a half.

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*—(Continued)

In comparison to the second half of 2016, when the Portfolio had above-average portfolio activity as our fundamental research identified new areas of growth at more compelling valuations, turnover in the first half of 2017 was more in-line with historical averages. Among new purchases were Samsung Electronics (Korea), a multinational electronics conglomerate, previously mentioned Deutsche Telekom, and Eiffage (France), a construction and public works company. The biggest sales included a few financial holdings, including AXA (France), UBS Group (Switzerland) and Swedbank (Sweden).

At period end, Portfolio positioning remained focused on our themes and geared toward what we consider to be dominant, high-quality companies that are exposed to positive secular trends. As always, we will maintain our focus on sustainable growth, placing a high amount of conviction behind companies we believe offer sustainable competitive advantages, strong management teams and reasonable valuations. As of June 30, 2017 the Portfolio’s largest sector overweight relative to the benchmark was Consumer Staples and the largest relative underweight was Energy. As a result of our bottom-up stock decisions, the Portfolio’s biggest changes in sector weightings were an increase in Technology and a decrease in Financials.

Mark L. Yockey

Charles-Henri Hamker

Andrew Euretig

Portfolio Managers

Artisan Partners Limited Partnership

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI AC WORLD (EX-U.S.) INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		Since Inception2
Brighthouse/Artisan International Portfolio
Class A		19.94		14.26		1.74
Class B		19.75		13.94		1.36
MSCI AC World (ex-U.S.) Index		14.10		20.45		2.19

¹ The MSCI AC World (ex-U.S.) Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² Inception date of the Class A and Class B shares are 4/29/2014 and 11/12/2014, respectively. Index since inception return is based on the Class A inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Deutsche Boerse AG		4.4
Linde AG		4.3
Alibaba Group Holding, Ltd. (ADR)		3.8
Nestle S.A.		3.6
Allianz SE		3.6
Canadian Pacific Railway, Ltd.		3.5
ING Groep NV		3.4
Medtronic plc		3.4
Ryanair Holdings plc (HSBC Bank plc), 10/29/18		3.3
Aon plc		3.1

Top Countries

	% of Net Assets
Germany		22.6
United Kingdom		13.5
United States		12.6
Japan		8.9
Switzerland		5.9
Netherlands		5.7
China		5.3
Italy		4.5
France		4.1
Canada		3.5

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse/Artisan International Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A	Actual		0.80	%	$	1,000.00	$	1,199.40	$	4.36
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class B	Actual		1.05	%	$	1,000.00	$	1,197.50	$	5.72
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.59	$	5.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—91.1% of Net Assets

Security Description	Shares		Value
Australia—0.1%
Westpac Banking Corp.		47,848	$	1,116,752
Belgium—0.3%
Telenet Group Holding NV (a)		47,659		3,002,755
Brazil—0.7%
Ambev S.A. (ADR)		1,422,191		7,807,828
Canada—3.5%
Canadian Pacific Railway, Ltd.		242,867		39,055,442
Chile—0.1%
Sociedad Quimica y Minera de Chile S.A. (ADR)		48,341		1,596,220
China—5.3%
Alibaba Group Holding, Ltd. (ADR) (a)		294,730		41,527,457
NetEase, Inc. (ADR)		36,911		11,096,554
Tencent Holdings, Ltd.		162,400		5,795,275
				58,419,286
Denmark—0.3%
Genmab A/S (a)		12,772		2,734,321
ISS A/S (144A)		14,675		577,727
				3,312,048
France—4.1%
BNP Paribas S.A.		16,132		1,173,311
Eiffage S.A (144A).		128,841		11,717,999
Schneider Electric SE (a)		153,371		11,805,263
Vallourec S.A. (a) (b)		673,360		4,124,563
Zodiac Aerospace		594,447		16,164,701
				44,985,837
Germany—21.1%
Allianz SE		199,544		39,323,907
Beiersdorf AG		197,702		20,821,961
Deutsche Boerse AG		465,039		49,178,467
Deutsche Post AG		470,791		17,665,943
Deutsche Telekom AG		790,844		14,212,814
Linde AG		248,375		47,177,882
SAP SE		111,799		11,685,136
Vonovia SE		212,990		8,463,095
Wirecard AG (b)		392,334		24,987,913
				233,517,118
Hong Kong—2.7%
AIA Group, Ltd.		4,058,772		29,666,133
Indonesia—0.7%
Bank Rakyat Indonesia Persero Tbk PT		6,263,700		7,152,772
Italy—4.5%
Assicurazioni Generali S.p.A.		1,035,042		17,102,723
Intesa Sanpaolo S.p.A.		6,633,311		21,161,073
Italy—(Continued)
UniCredit S.p.A. (a)		606,515		11,437,180
				49,700,976
Japan—8.9%
Bridgestone Corp.		189,400		8,178,705
Calbee, Inc.		310,800		12,226,017
Isuzu Motors, Ltd.		204,557		2,530,016
Japan Tobacco, Inc.		946,592		33,270,587
Nippon Telegraph & Telephone Corp.		220,700		10,439,965
Nomura Holdings, Inc.		1,135,900		6,836,127
NTT DoCoMo, Inc.		1,051,592		24,822,983
				98,304,400
Luxembourg—0.1%
RTL Group S.A. (a)		16,644		1,258,795
Mexico—0.6%
Wal-Mart de Mexico S.A.B. de C.V.		2,866,200		6,645,620
Netherlands—5.7%
Akzo Nobel NV		140,364		12,185,128
ASML Holding NV		100,805		13,124,919
ING Groep NV		2,186,157		38,021,497
				63,331,544
Russia—0.5%
MMC Norilsk Nickel PJSC (ADR)		407,955		5,641,185
South Korea—2.7%
LG Household & Health Care, Ltd.		5,153		4,471,681
Samsung Electronics Co., Ltd.		12,409		25,745,975
				30,217,656
Spain—1.7%
Grifols S.A.		288,125		8,035,174
Grifols S.A. (ADR)		506,904		10,710,881
				18,746,055
Switzerland—5.9%
Idorsia, Ltd. (a)		31,610		596,664
Nestle S.A.		462,097		40,253,269
Swatch Group AG (The) - Bearer Shares		27,195		10,053,955
Wolseley plc		241,099		14,826,902
				65,730,790
Taiwan—1.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		3,086,000		21,058,680
United Kingdom—10.2%
BAE Systems plc		987,860		8,162,644
Coca-Cola European Partners plc		720,284		29,293,950
ConvaTec Group plc (144A) (a)		3,764,420		15,654,729
Experian plc		546,642		11,225,730

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
United Kingdom—(Continued)
Liberty Global plc - Class A (a)		425,634	$	13,671,364
Liberty Global plc - Class C (a)		693,179		21,613,321
London Stock Exchange Group plc		56,741		2,696,773
Merlin Entertainments plc		499,864		3,130,502
St. James’s Place plc		131,430		2,024,172
Unilever NV		103,921		5,743,194
				113,216,379
United States—9.5%
Allegion plc		84,061		6,819,028
Amazon.com, Inc. (a)		15,940		15,429,920
Aon plc		257,388		34,219,735
Medtronic plc		418,487		37,140,721
WABCO Holdings, Inc. (a)		85,013		10,840,008
				104,449,412
Total Common Stocks (Cost $886,293,265)				1,007,933,683
Equity Linked Security—3.3%
United Kingdom—3.3%
Ryanair Holdings plc (HSBC Bank plc), 10/29/18 (c) (Cost $23,424,655)		1,776,245		36,436,128
Preferred Stock—1.5%
Germany—1.5%
Henkel AG & Co. KGaA (Cost $13,599,999)		118,747		16,343,313
Short-Term Investment—3.1%
Repurchase Agreement—3.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $34,266,198 on 07/03/17, collateralized by $34,880,000 U.S. Government Agency Obligations with rates ranging from 0.000% - 0.875%, maturity dates ranging from 07/14/17 - 08/15/17, with a value of $34,952,058.		34,265,856		34,265,856
Total Short-Term Investments (Cost $34,265,856)				34,265,856
Securities Lending Reinvestments (d)—2.4%
Security Description	Principal Amount*		Value
Repurchase Agreements—2.2%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $544,175 on 07/03/17, collateralized by $566,426 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $555,009.		544,126		544,126
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $4,300,394 on 07/03/17, collateralized by $4,283,474 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $4,386,000.		4,300,000		4,300,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $3,800,380 on 07/03/17, collateralized by $3,863,587 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $3,876,012.		3,800,000		3,800,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,501,163 on 07/03/17, collateralized by $326 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,667,735.		1,500,000		1,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $3,500,365 on 07/03/17, collateralized by $3,155,889 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $3,572,331.		3,500,000		3,500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $5,500,614 on 07/03/17, collateralized by $10,967,340 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $5,610,653.		5,500,000		5,500,000

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $5,000,492 on 07/03/17, collateralized by $7,508,816 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $5,100,000.		5,000,000	$	5,000,000
				24,144,126
Time Deposits—0.2%
Australia New Zealand Bank 1.150%, 07/03/17		300,000		300,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		700,000		700,000
Standard Chartered plc 1.200%, 07/03/17		1,250,000		1,250,000
				2,250,000
Total Securities Lending Reinvestments (Cost $26,394,126)				26,394,126
Total Investments—101.4% (Cost $983,977,901) (e)				1,121,373,106
Other assets and liabilities (net)—(1.4)%				(15,818,624	)
Net Assets—100.0%			$	1,105,554,482

*	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 June 30, 2017, the market value of securities loaned was $25,155,419 and the collateral received consisted of cash in the amount of $26,394,126. 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 June 30, 2017.
(e)	As of June 30, 2017, the aggregate cost of investments was $983,977,901. The aggregate unrealized appreciation and depreciation of investments were $150,372,368 and $(12,977,163), respectively, resulting in net unrealized appreciation of $137,395,205.
(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 June 30, 2017, the market value of 144A securities was $27,950,455, which is 2.5% 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.

Ten Largest Industries as of June 30, 2017 (Unaudited)	% of Net Assets
Insurance		11.1
Banks		10.5
Chemicals		5.5
Capital Markets		5.3
Internet Software & Services		5.3
Health Care Equipment & Supplies		4.8
Food Products		4.7
Media		3.6
Road & Rail		3.5
Beverages		3.4

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	1,116,752		$	—	$	1,116,752
Belgium		—		3,002,755			—		3,002,755
Brazil		7,807,828		—			—		7,807,828
Canada		39,055,442		—			—		39,055,442
Chile		1,596,220		—			—		1,596,220
China		52,624,011		5,795,275			—		58,419,286
Denmark		—		3,312,048			—		3,312,048
France		—		44,985,837			—		44,985,837
Germany		—		233,517,118			—		233,517,118
Hong Kong		—		29,666,133			—		29,666,133
Indonesia		—		7,152,772			—		7,152,772
Italy		—		49,700,976			—		49,700,976
Japan		—		98,304,400			—		98,304,400
Luxembourg		—		1,258,795			—		1,258,795
Mexico		6,645,620		—			—		6,645,620
Netherlands		—		63,331,544			—		63,331,544
Russia		—		5,641,185			—		5,641,185
South Korea		—		30,217,656			—		30,217,656
Spain		10,710,881		8,035,174			—		18,746,055
Switzerland		596,664		65,134,126			—		65,730,790
Taiwan		—		21,058,680			—		21,058,680
United Kingdom		64,578,635		48,637,744			—		113,216,379
United States		104,449,412		—			—		104,449,412
Total Common Stocks		288,064,713		719,868,970			—		1,007,933,683
Total Equity Linked Security*		—		36,436,128			—		36,436,128
Total Preferred Stock*		—		16,343,313			—		16,343,313
Total Short-Term Investment*		—		34,265,856			—		34,265,856
Total Securities Lending Reinvestments*		—		26,394,126			—		26,394,126
Total Investments	$	288,064,713	$	833,308,393		$	—	$	1,121,373,106
Collateral for Securities Loaned (Liability)	$	—	$	(26,394,126	)	$	—	$	(26,394,126	)

* 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.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,121,373,106
Cash denominated in foreign currencies (c)		1,528,388
Receivable for:
Investments sold		7,171,618
Fund shares sold		8,087
Dividends and interest		5,059,019
Total Assets		1,135,140,218
Liabilities
Collateral for securities loaned		26,394,126
Payables for:
Investments purchased		1,095,716
Fund shares redeemed		1,056,355
Accrued Expenses:
Management fees		690,172
Distribution and service fees		62
Deferred trustees’ fees		63,287
Other expenses		286,018
Total Liabilities		29,585,736
Net Assets	$	1,105,554,482
Net Assets Consist of:
Paid in surplus	$	1,071,596,653
Undistributed net investment income		13,615,698
Accumulated net realized loss		(117,061,796	)
Unrealized appreciation on investments and foreign currency transactions		137,403,927
Net Assets	$	1,105,554,482
Net Assets
Class A	$	1,105,254,297
Class B		300,185
Capital Shares Outstanding*
Class A		107,853,238
Class B		29,335
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.25
Class B		10.23

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $983,977,901.
(b)	Includes securities loaned at value of $25,155,419.
(c)	Identified cost of cash denominated in foreign currencies was $1,529,633.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	17,799,339
Interest		8,270
Securities lending income		479,147
Total investment income		18,286,756
Expenses
Management fees		3,960,003
Administration fees		16,806
Custodian and accounting fees		113,948
Distribution and service fees—Class B		340
Audit and tax services		26,359
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		13,611
Insurance		3,444
Miscellaneous		26,100
Total expenses		4,205,313
Less broker commission recapture		(650	)
Net expenses		4,204,663
Net Investment Income		14,082,093
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		6,336,480
Foreign currency transactions		(24,380	)
Net realized gain		6,312,100
Net change in unrealized appreciation on:
Investments		171,789,372
Foreign currency transactions		186,479
Net change in unrealized appreciation		171,975,851
Net realized and unrealized gain		178,287,951
Net Increase in Net Assets From Operations	$	192,370,044

(a) Net of foreign withholding taxes of $2,244,010.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	14,082,093		$	14,870,894
Net realized gain (loss)		6,312,100			(67,146,285	)
Net change in unrealized appreciation (depreciation)		171,975,851			(41,413,395	)
Increase (decrease) in net assets from operations		192,370,044			(93,688,786	)
From Distributions to Shareholders
Net investment income
Class A		(14,575,517	)		(9,444,914	)
Class B		(3,371	)		(2,296	)
Total distributions		(14,578,888	)		(9,447,210	)
Increase (decrease) in net assets from capital share transactions		(39,250,448	)		83,258,267
Total increase (decrease) in net assets		138,540,708			(19,877,729	)
Net Assets
Beginning of period		967,013,774			986,891,503
End of period	$	1,105,554,482		$	967,013,774
Undistributed net investment income
End of period	$	13,615,698		$	14,112,493

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		1,201,472		$	11,033,394			8,666,274		$	79,842,455
Reinvestments		1,437,427			14,575,517			1,049,435			9,444,914
Redemptions		(6,432,172	)		(64,877,109	)		(662,593	)		(6,159,519	)
Net increase (decrease)		(3,793,273	)	$	(39,268,198	)		9,053,116		$	83,127,850
Class B
Sales		2,768		$	25,463			17,297		$	156,994
Reinvestments		333			3,371			255			2,296
Redemptions		(1,124	)		(11,084	)		(3,107	)		(28,873	)
Net increase		1,977		$	17,750			14,445		$	130,417
Increase (decrease) derived from capital shares transactions				$	(39,250,448	)				$	83,258,267

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014(a)
Net Asset Value, Beginning of Period	$	8.66		$	9.62		$	10.04		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.13			0.14			0.09			0.06
Net realized and unrealized gain (loss) on investments		1.60			(1.01	)		(0.43	)		(0.02	)
Total from investment operations		1.73			(0.87	)		(0.34	)		0.04
Less Distributions
Distributions from net investment income		(0.14	)		(0.09	)		(0.08	)		0.00
Total distributions		(0.14	)		(0.09	)		(0.08	)		0.00
Net Asset Value, End of Period	$	10.25		$	8.66		$	9.62		$	10.04
Total Return (%) (c)		19.94	(d)		(9.11	)		(3.49	)		0.40	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.80	(e)		0.80			0.81			0.83	(e)
Ratio of net investment income to average net assets (%)		2.67	(e)		1.52			0.86			0.86	(e)
Portfolio turnover rate (%)		23	(d)		80			49			33	(d)
Net assets, end of period (in millions)	$	1,105.3		$	966.8		$	986.8		$	974.8
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014(f)
Net Asset Value, Beginning of Period	$	8.64		$	9.61		$	10.03		$	10.15
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.12			0.12			0.05			(0.00	)(g)
Net realized and unrealized gain (loss) on investments		1.59			(1.01	)		(0.39	)		(0.12	)
Total from investment operations		1.71			(0.89	)		(0.34	)		(0.12	)
Less Distributions
Distributions from net investment income		(0.12	)		(0.08	)		(0.08	)		0.00
Total distributions		(0.12	)		(0.08	)		(0.08	)		0.00
Net Asset Value, End of Period	$	10.23		$	8.64		$	9.61		$	10.03
Total Return (%) (c)		19.75	(d)		(9.27	)		(3.49	)		(1.18	)(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.05	(e)		1.05			1.06			1.29	(e)
Ratio of net investment income (loss) to average net assets (%)		2.51	(e)		1.36			0.50			(0.04	)(e)
Portfolio turnover rate (%)		23	(d)		80			49			33	(d)
Net assets, end of period (in millions)	$	0.3		$	0.2		$	0.1		$	0.0	(h)

(a)	Commencement of operations of the Portfolio and Class A was April 29, 2014.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Commencement of operations of Class B was November 12, 2014.
(g)	Net investment loss was less than $0.01.
(h)	Net assets, end of period rounds to less than $0.1 million.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Artisan International Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $34,265,856. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $24,144,126. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	233,929,975	$	0	$	292,084,871

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.750% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $3,960,003.

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Artisan Partners Limited Partnership (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$9,447,210	$	7,750,549	$	—	$	—	$	9,447,210	$	7,750,549

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$14,417,824	$	—	$	(35,574,428	)	$	(122,627,753	)	$	(143,784,357	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

At December 31, 2016, the Portfolio had short-term accumulated capital losses of $67,531,488 and long-term accumulated capital losses of $55,096,265.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-17

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
110,980,725		0		0

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		110,980,725		0
Robert Boulware		110,980,725		0
Susan C. Gause		110,980,725		0
Nancy Hawthorne		110,980,725		0
Barbara A. Nugent		110,980,725		0
John Rosenthal		110,980,725		0
Linda B. Strumpf		110,980,725		0
Dawn M. Vroegop		110,980,725		0

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Managed by Eaton Vance Management

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Brighthouse/Eaton Vance Floating Rate Portfolio returned 1.88% and 1.66%, respectively. The Portfolio’s benchmark, the S&P/LSTA Leveraged Loan Index¹, returned 1.91%.

MARKET ENVIRONMENT / CONDITIONS

During the first half of 2017, the loan market, as measured by the S&P/LSTA Leveraged Loan Index (the “Index”) returned 1.91%. The composition of the performance for the period was driven by a positive 2.33% in coupon income and negatively impacted by a price decline of -0.42%. As the market headed into calendar year 2017, loans had generated positive returns in ten straight calendar months that began in March 2016. This trend continued for the first five calendar months of 2017 before a softening in technical factors resulted in a modest negative monthly return of -0.04% in June 2017. Despite June’s marginal loss, loans posted a positive stream of gains from January to May of 0.56%, 0.50%, 0.08%, 0.44%, and 0.37%, sequentially.

The environment for loan market technicals, largely in place for much of calendar year 2016, continued during the first five months of 2017 before an easing of conditions began in June 2017. On the demand side, collateralized loan obligation (“CLO”) issuance remained strong over the first half of calendar year 2017, however retail demand, which had remained generally robust over the first five months of 2017 given the backdrop of recent Federal Reserve interest rate increases, slowed to $153 million for the four weeks ended June 28. The drop in demand compares to $5.7 billion in retail inflows during December 2016. On the supply side, the reduced supply environment which persisted for much of calendar year 2016 continued into 2017 before reversing somewhat in June. Refinancing activity remained strong during the period but decelerated from the torrid pace that was present during the first several months of 2017. The net effect of these technical conditions was a modest decline in the weighted average loan price, which finished the period at $98.02.

With respect to fundamentals, the loan market’s stable environment continued throughout the period. The par-weighted default rate by principle amount ended the period at 1.54% on a trailing twelve-month basis, which remains low from a historical perspective and is slightly below the end of 2016 year’s rate of 1.58%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the first half of the year, the Portfolio slightly underperformed the Index on a net basis. During the period, lower-rated loans generally outpaced higher-rated loans. Looking at Index performance across quality segments, lower quality CCC-rated loans and D-rated (defaulted) loans returned 5.76% and 2.76%, respectively and outperformed BB- and B-rated loans, which returned 1.33% and 2.09%, respectively. The Portfolio’s overweight to higher-quality BB-rated loans and an underweight to better-performing CCC and D-rated loans, detracted from relative performance. Favorable security selection across credit tiers helped relative performance.

With respect to industry-level performance, the retailers (ex-food & drug) industry was the worst-performing area of the market during the six-month period. The Portfolio’s underweight to the industry benefited relative performance. An underweight to the electronics/electrical and lodging & casinos industries represented a drag on relative performance as these industries modestly outpaced the broader loan market.

The cornerstones of the strategy’s investment philosophy remained intense, internal credit research and broad diversification. The Portfolio held 412 issuer positions across 35 industries as of June 30, 2017. Important to note, we believe the optimal risk/return profile can be achieved predominately through interest income realized through investments of higher quality loans, rather than primarily seeking the capital gains associated with distressed loans. As of the end of the reporting period, the Portfolio maintained an overweight position in BB loans (39.2% vs. 34.7% in the Index) and an underweight exposure to the distressed CCC loan category (3.3% vs. 5.5% in the Index).

Given the floating-rate nature of the asset class, the Portfolio is exposed to minimal interest rate risk as the loans in the Portfolio reset their coupons every 51 days on average as of June 30, 2017, which resulted in a portfolio duration of roughly 0.14 years.

Scott H. Page

Craig P. Russ

Andrew N. Sveen

Portfolio Managers

Eaton Vance Management

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P/LSTA LEVERAGED LOAN INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Brighthouse/Eaton Vance Floating Rate Portfolio
Class A		1.88		6.84		3.86		4.01
Class B		1.66		6.52		3.60		3.75
S&P/LSTA Leveraged Loan Index		1.91		7.42		4.58		4.57

¹ The Standard & Poor’s/Loan Syndications and Trading Association (S&P/LSTA) Leveraged Loan Index is a weekly total return index that uses mark-to-market pricing to calculate market value change. The Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included represent a broad cross section of leveraged loans syndicated in the U.S., including dollar-denominated loans to overseas issuers.

² Inception date of the Class A and Class B shares is 4/30/2010. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Ten Largest Industries as of June 30, 2017 (Unaudited)

	% of Net Assets
Software		6.1
Media		5.9
Telecommunications		5.8
Healthcare-Services		5.8
Retail		5.0
Commercial Services		4.9
Pharmaceuticals		4.7
Chemicals		4.3
Insurance		3.5
Diversified Financial Services		3.3

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse/Eaton Vance Floating Rate Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A	Actual		0.67	%	$	1,000.00	$	1,018.80	$	3.35
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36
Class B	Actual		0.92	%	$	1,000.00	$	1,016.60	$	4.60
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.23	$	4.61

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—94.3% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.5%
inVentiv Health, Inc. Term Loan B, 4.952%, 11/09/23		2,238,750	$	2,249,145
J.D. Power & Associates 1st Lien Term Loan, 5.546%, 09/07/23		694,750		699,092
Vestcom Parent Holdings, Inc. 1st Lien Term Loan, 5.464%, 12/19/23		995,000		999,975
				3,948,212
Aerospace/Defense—2.3%
Accudyne Industries LLC Term Loan, 4.226%, 12/13/19		5,335,643		5,302,296
Flying Fortress, Inc. Term Loan, 3.546%, 04/30/20		2,729,167		2,745,086
TransDigm, Inc. Extended Term Loan F, 4.226%, 06/09/23		3,307,672		3,308,188
Term Loan C, 4.284%, 02/28/20		4,767,440		4,775,187
Term Loan D, 4.292%, 06/04/21		1,746,000		1,748,183
Wesco Aircraft Hardware Corp. Term Loan A, 4.230%, 10/04/21		1,491,875		1,494,207
				19,373,147
Auto Components—1.1%
American Axle & Manufacturing, Inc. Term Loan B, 3.470%, 04/06/24		2,945,250		2,933,837
CS Intermediate Holdco 2 LLC Term Loan B, 3.546%, 10/26/23		1,303,648		1,305,889
Dayco Products LLC Term Loan B, 6.178%, 05/19/23		1,000,000		998,750
Federal-Mogul Holdings Corp. Term Loan C, 4.927%, 04/15/21		3,292,329		3,305,706
Visteon Corp. Delayed Draw Term Loan B, 3.546%, 03/24/24		685,417		689,058
				9,233,240
Auto Manufacturers—0.3%
FCA U.S. LLC Term Loan B, 3.160%, 12/31/18		2,460,873		2,475,486
Auto Parts & Equipment—0.7%
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan, 3.120%, 04/30/19		2,433,333		2,455,131
Horizon Global Corp. Term Loan B, 5.726%, 06/30/21		381,496		384,358
TI Group Automotive Systems LLC Term Loan, 3.976%, 06/30/22		1,670,250		1,672,338
Tower Automotive Holdings USA LLC Term Loan B, 3.875%, 03/07/24		1,236,620		1,238,939
				5,750,766
Banks—0.1%
Freedom Mortgage Corp. 1st Lien Term Loan, 6.862%, 02/23/22		1,072,031		1,084,092
Beverages—0.3%
Flavors Holdings, Inc. 1st Lien Term Loan, 7.046%, 04/03/20		690,000		655,500
Jacobs Douwe Egberts International B.V. Term Loan B5, 3.438%, 07/02/22		1,857,207		1,870,557
				2,526,057
Building Materials—1.1%
CPG International, Inc. Term Loan, 5.046%, 05/03/24		1,941,101		1,943,123
GCP Applied Technologies, Inc. Term Loan B, 4.476%, 02/03/22		543,125		546,520
Henry Co. LLC Term Loan B, 5.726%, 10/05/23		298,500		303,537
Quikrete Holdings, Inc. 1st Lien Term Loan, 3.976%, 11/15/23		3,759,304		3,756,696
Summit Materials Cos. I LLC Term Loan B, 3.976%, 07/17/22		1,599,906		1,615,154
Tank Holding Corp. Term Loan, 5.545%, 03/16/22		656,067		656,887
				8,821,917
Capital Markets—1.4%
Armor Holding II LLC 1st Lien Term Loan, 5.800%, 06/26/20		2,099,019		2,108,639
Corporate Capital Trust, Inc. Term Loan B, 4.563%, 05/20/19		1,137,367		1,149,423
Donnelley Financial Solutions, Inc. Term Loan B, 5.076%, 09/30/23		348,000		351,839
Guggenheim Partners LLC Term Loan, 3.966%, 07/21/23		3,968,991		4,000,620
NXT Capital, Inc. Term Loan, 5.730%, 11/22/22		2,438,685		2,478,314
Salient Partners L.P. Term Loan, 9.658%, 05/19/21		719,000		697,430
Sheridan Investment Partners II L.P. Term Loan A, 4.710%, 12/16/20		98,623		83,336
Term Loan B, 4.710%, 12/16/20		708,971		599,081
Term Loan M, 4.710%, 12/16/20		36,781		31,080
Virtus Investment Partners, Inc. Term Loan, 4.952%, 06/01/24		475,000		482,125
				11,981,887
Chemicals—4.3%
Alpha 3 B.V. Term Loan B1, 4.296%, 01/31/24		525,000		527,231
Aruba Investments, Inc. Term Loan B, 4.796%, 02/02/22		295,463		296,632
Ashland, Inc. Term Loan B, 3.208%, 05/24/24		525,000		527,953
Axalta Coating Systems U.S. Holdings, Inc. Term Loan, 3.296%, 06/01/24		3,400,000		3,415,089
Emerald Performance Materials LLC 1st Lien Term Loan, 4.726%, 08/01/21		480,448		484,532
Ferro Corp. Term Loan B, 3.726%, 02/14/24		399,000		401,494

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Flint Group GmbH Term Loan C, 4.153%, 09/07/21		137,959	$	137,183
Flint Group U.S. LLC 1st Lien Term Loan B2, 4.153%, 09/07/21		834,541		829,846
Gemini HDPE LLC Term Loan B, 4.172%, 08/07/21		1,908,775		1,920,705
Huntsman International LLC Term Loan B1, 3.871%, 10/01/21		794,000		799,086
Term Loan B2, 4.121%, 04/01/23		1,786,500		1,795,979
Ineos U.S. Finance LLC Term Loan, 3.976%, 03/31/22		684,305		687,192
Term Loan, 3.976%, 04/01/24		621,875		625,373
Kraton Polymers LLC Term Loan B, 5.226%, 01/06/22		2,166,471		2,190,608
Kronos Worldwide, Inc. Term Loan, 4.300%, 02/18/20		314,438		315,879
MacDermid, Inc. Term Loan B5, 4.726%, 06/07/20		304,161		306,415
Term Loan B6, 4.226%, 06/07/23		3,008,439		3,020,033
Minerals Technologies, Inc. Term Loan B, 3.522%, 02/14/24		1,005,288		1,015,341
Orion Engineered Carbons GmbH Term Loan, 3.796%, 07/25/21		466,047		467,795
OXEA Finance LLC Term Loan B2, 4.400%, 01/15/20		1,109,131		1,095,961
PolyOne Corp. Term Loan B, 3.377%, 11/12/22		962,853		971,478
PQ Corp. Term Loan, 5.476%, 11/04/22		2,153,291		2,177,147
Sonneborn LLC Term Loan, 4.976%, 12/10/20		351,764		354,842
Sonneborn Refined Products B.V. Term Loan, 4.976%, 12/10/20		62,076		62,619
Tata Chemicals North America, Inc. Term Loan B, 4.063%, 08/07/20		840,404		839,879
Trinseo Materials Operating SCA Term Loan B, 4.476%, 11/05/21		1,298,500		1,312,432
Tronox Pigments (Netherlands) B.V. Term Loan, 4.796%, 03/19/20		4,389,497		4,424,951
Unifrax Corp. Term Loan B, 5.046%, 04/04/24		525,000		530,906
Univar, Inc. Term Loan B, 3.976%, 07/01/22		3,217,892		3,224,261
Venator Materials Corp. Term Loan B, 06/20/24 (b)		350,000		351,860
Versum Materials, Inc. Term Loan, 3.796%, 09/29/23		595,500		601,827
				35,712,529
Coal—0.2%
Murray Energy Corp. Term Loan B2, 8.546%, 04/16/20		1,907,852		1,868,503
Commercial Services—4.8%
Acosta Holdco, Inc. Term Loan, 4.476%, 09/26/21		2,707,122		2,451,396
Commercial Services—(Continued)
Albany Molecular Research, Inc. Term Loan B, 5.906%, 07/16/21		1,380,697		1,389,039
Brickman Group, Ltd. LLC 1st Lien Term Loan, 4.217%, 12/18/20		853,195		855,927
Bright Horizons Family Solutions, Inc. Term Loan B, 3.476%, 11/07/23		1,967,438		1,981,373
Cast & Crew Payroll LLC 1st Lien Term Loan, 4.800%, 08/12/22		373,125		374,524
Element Materials Technology Group U.S. Holdings, Inc. Term Loan B, 06/01/24 (b)		350,000		353,214
Garda World Security Corp. Term Loan, 5.226%, 05/24/24		1,862,808		1,874,450
Hertz Corp. (The) Term Loan B, 3.976%, 06/30/23		1,014,750		1,013,402
IAP Worldwide Services, Inc. 2nd Lien Term Loan, 8.000%, 07/18/19 (c) (d)		332,893		266,381
Revolver, 1.375%, 07/18/18 (c) (d) (e)		248,024		245,445
IPC Corp. Term Loan B, 5.680%, 08/06/21		1,661,750		1,578,663
Jaguar Holding Co. II Term Loan, 4.013%, 08/18/22		6,664,421		6,673,272
KAR Auction Services, Inc. Term Loan B4, 3.563%, 03/11/21		3,007,774		3,030,332
Live Nation Entertainment, Inc. Term Loan B3, 3.500%, 10/31/23		2,622,131		2,631,964
LSC Communications, Inc. Term Loan B, 7.226%, 09/30/22		979,167		988,958
Merrill Communications LLC Term Loan, 6.422%, 06/01/22		613,608		615,525
Monitronics International, Inc. Term Loan B2, 6.796%, 09/30/22		3,093,564		3,126,820
Prime Security Services Borrower LLC 1st Lien Term Loan, 3.974%, 05/02/22		2,613,201		2,619,966
Rent-A-Center, Inc. Term Loan B, 4.230%, 03/19/21		121,458		119,561
ServiceMaster Co. Term Loan B, 3.726%, 11/08/23		2,860,625		2,880,280
SGS Cayman L.P. Term Loan B, 6.671%, 04/23/21		197,405		189,509
Weight Watchers International, Inc. Term Loan B2, 4.377%, 04/02/20		4,893,285		4,730,559
				39,990,560
Computers—1.1%
Avast Software B.V. Term Loan B, 4.546%, 09/30/23		1,901,555		1,921,363
Harland Clarke Holdings Corp. Term Loan B6, 6.796%, 02/09/22		397,484		398,577
MTS Systems Corp. Term Loan B, 5.330%, 07/05/23		1,290,250		1,295,476
SkillSoft Corp. 1st Lien Term Loan, 5.976%, 04/28/21		3,884,133		3,677,788
Tempo Acquisition LLC Term Loan, 4.060%, 05/01/24		825,000		827,664

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Computers—(Continued)
TNS, Inc. 1st Lien Term Loan, 5.230%, 02/14/20		767,370	$	773,365
				8,894,233
Construction Materials—0.2%
Fairmount Santrol, Inc. Term Loan B2, 4.796%, 09/05/19		1,832,328		1,745,292
Cosmetics/Personal Care—0.3%
Coty, Inc. Term Loan B, 3.576%, 10/27/22		814,718		819,810
Galleria Co. Term Loan B, 4.125%, 09/29/23		1,675,000		1,687,824
				2,507,634
Distributors—0.3%
American Builders & Contractors Supply Co., Inc. Term Loan B, 3.726%, 10/31/23		2,493,750		2,502,236
PFS Holding Corp. 1st Lien Term Loan, 4.730%, 01/31/21		241,875		229,479
				2,731,715
Diversified Consumer Services—0.2%
Coinamatic Canada, Inc. 1st Lien Term Loan, 4.476%, 05/14/22		43,815		43,924
KUEHG Corp. 1st Lien Term Loan, 5.046%, 08/13/22		1,478,517		1,488,221
WASH Multifamily Laundry Systems LLC 1st Lien Term Loan, 4.476%, 05/14/22		250,185		250,810
				1,782,955
Diversified Financial Services—3.3%
AlixPartners LLP Term Loan B, 4.296%, 04/04/24		1,820,438		1,831,133
Altisource Solutions S.a.r.l. Term Loan B, 4.726%, 12/09/20		425,322		370,030
Aptean, Inc. 1st Lien Term Loan, 12/20/22 (b)		350,000		352,187
1st Lien Term Loan, 6.000%, 12/20/22		922,688		928,454
Aretec Group, Inc. 2nd Lien Term Loan, 2.000%, 05/23/21		3,046,827		3,016,359
Term Loan, 8.000%, 11/23/20		1,069,257		1,086,633
Citco Funding LLC Term Loan, 4.226%, 03/31/22		3,063,527		3,100,865
Clipper Acquisitions Corp. Term Loan B, 3.468%, 02/06/20		1,459,303		1,465,688
Focus Financial Partners LLC 1st Lien Term Loan, 05/22/24 (b)		1,050,000		1,059,844
Harbourvest Partners LLC Term Loan, 3.655%, 02/04/21		651,659		651,659
Lightstone Generation LLC Term Loan B, 5.724%, 01/30/24		1,429,411		1,399,235
Term Loan C, 5.726%, 01/30/24		88,406		86,539
LPL Holdings, Inc. Term Loan B, 3.825%, 03/11/24		1,321,688		1,330,154
Diversified Financial Services—(Continued)
MIP Delaware LLC Term Loan B1, 4.296%, 03/09/20		177,304		177,969
NFP Corp. Term Loan B, 4.796%, 01/08/24		2,044,241		2,056,251
Nord Anglia Education Finance LLC Term Loan, 4.702%, 03/31/21		2,144,024		2,150,724
PGX Holdings, Inc. 1st Lien Term Loan, 6.480%, 09/29/20		1,506,337		1,512,458
Walker & Dunlop, Inc. Term Loan B, 5.476%, 12/11/20		667,100		673,771
Walter Investment Management Corp. Term Loan, 4.976%, 12/18/20		3,988,048		3,666,013
				26,915,966
Electric—1.5%
Calpine Construction Finance Co. L.P. Term Loan B1, 3.480%, 05/03/20		984,000		983,846
Term Loan B2, 3.730%, 01/31/22		987,121		984,858
Calpine Corp. 1st Lien Term Loan, 2.980%, 11/30/17		600,000		600,750
Term Loan B5, 4.050%, 01/15/24		4,147,906		4,147,906
Term Loan B8, 2.980%, 12/31/19		448,875		449,331
Dayton Power & Light Co. (The) Term Loan B, 4.480%, 08/24/22		547,250		556,307
Granite Acquisition, Inc. Term Loan B, 5.296%, 12/19/21		2,429,164		2,441,526
Term Loan C, 5.296%, 12/19/21		109,579		110,136
Invenergy Thermal Operating I LLC Term Loan B, 6.796%, 10/19/22		409,835		394,466
Longview Power LLC Term Loan B, 7.230%, 04/13/21		1,249,500		852,784
Talen Energy Supply LLC Term Loan B2, 5.226%, 04/15/24		697,900		650,501
				12,172,411
Electrical Components & Equipment—0.5%
Electrical Components International, Inc. Term Loan B, 6.046%, 05/28/21		1,287,446		1,295,493
Electro Rent Corp. 1st Lien Term Loan, 6.226%, 01/19/24		1,194,000		1,205,940
Pelican Products, Inc. Term Loan, 5.546%, 04/11/20		1,549,697		1,557,446
				4,058,879
Electronics—0.7%
EIG Investors Corp. Term Loan, 5.242%, 02/09/23		4,333,250		4,354,015
Excelitas Technologies Corp. 1st Lien Term Loan, 6.300%, 10/31/20		1,779,242		1,780,354
				6,134,369
Energy Equipment & Services—0.4%
EnergySolutions LLC Term Loan, 6.980%, 05/29/20		1,675,750		1,690,413

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Energy Equipment & Services—(Continued)
Seadrill Partners Finco LLC Term Loan B, 4.296%, 02/21/21		3,146,347	$	2,001,863
				3,692,276
Entertainment—1.5%
Amaya Holdings B.V. Term Loan B, 4.796%, 08/01/21		4,784,190		4,798,811
CDS U.S. Intermediate Holdings, Inc. 1st Lien Term Loan, 5.296%, 07/08/22		1,906,218		1,919,323
Gateway Casinos & Entertainment, Ltd. Term Loan B1, 5.046%, 02/22/23		375,000		378,750
National CineMedia LLC Term Loan, 3.980%, 11/26/19		500,000		501,016
SeaWorld Parks & Entertainment, Inc. Term Loan B5, 4.296%, 03/31/24		2,373,446		2,372,174
Seminole Hard Rock Entertainment, Inc. Term Loan B, 4.046%, 05/14/20		264,000		265,375
Sesac Holdco II LLC 1st Lien Term Loan, 4.457%, 02/23/24		523,688		523,033
WMG Acquisition Corp. Term Loan D, 3.716%, 11/01/23		1,795,999		1,798,806
				12,557,288
Environmental Control—0.6%
Advanced Disposal Services, Inc. Term Loan B3, 3.939%, 11/10/23		3,472,234		3,493,936
Clean Harbors, Inc. Term Loan B, 06/27/24 (b)		275,000		276,031
Darling International, Inc. Term Loan B, 3.730%, 01/06/21		675,625		681,748
GFL Environmental, Inc. Term Loan B, 4.046%, 09/29/23		794,000		796,812
				5,248,527
Food—2.7%
Albertson’s LLC Term Loan B4, 3.976%, 08/25/21		1,481,106		1,464,560
Term Loan B5, 4.293%, 12/21/22		1,492,509		1,477,934
Term Loan B6, 4.251%, 06/22/23		4,056,357		4,016,110
Blue Buffalo Co., Ltd. Term Loan B, 3.216%, 05/18/24		950,000		959,500
Centerplate, Inc. Term Loan A, 4.978%, 11/26/19		455,934		455,934
Del Monte Foods, Inc. 1st Lien Term Loan, 4.435%, 02/18/21		1,479,084		1,201,756
Dole Food Co., Inc. Term Loan B, 4.153%, 04/06/24		1,650,000		1,655,745
High Liner Foods, Inc. Term Loan B, 4.376%, 04/24/21		781,451		784,381
JBS USA LLC Term Loan B, 5.750%, 10/30/22		5,112,188		4,989,976
Nomad Foods Europe Midco, Ltd. Term Loan B, 3.909%, 04/18/24		550,000		552,320
NPC International, Inc. 1st Lien Term Loan, 4.716%, 04/19/24		1,575,000		1,583,859
Food—(Continued)
Pinnacle Foods Finance LLC Term Loan B, 3.076%, 02/02/24		746,250		749,515
Post Holdings, Inc. Incremental Term Loan, 3.470%, 05/24/24		1,575,000		1,578,937
Supervalu, Inc. Delayed Draw Term Loan, 4.726%, 06/08/24		224,438		217,985
Term Loan B, 4.726%, 06/08/24		374,063		363,308
				22,051,820
Forest Products & Paper—0.1%
Expera Specialty Solutions LLC Term Loan B, 5.976%, 11/03/23		992,500		998,083
Hand/Machine Tools—0.5%
Apex Tool Group LLC Term Loan B, 4.500%, 01/31/20		1,818,382		1,772,923
Milacron LLC Amended Term Loan B, 4.226%, 09/28/23		2,661,625		2,671,606
				4,444,529
Health Care Technology—0.1%
Press Ganey Holdings, Inc. 1st Lien Term Loan, 4.476%, 10/21/23		721,375		724,306
Healthcare-Products—2.3%
Alere, Inc. Term Loan B, 4.480%, 06/18/22		1,598,251		1,603,371
CeramTec Acquisition Corp. Term Loan B2, 3.952%, 08/30/20		30,485		30,713
CHG Healthcare Services, Inc. Term Loan B, 4.422%, 06/07/23		2,099,430		2,120,424
Convatec, Inc. Term Loan B, 3.796%, 10/31/23		572,125		575,701
DJO Finance LLC Term Loan, 4.387%, 06/08/20		3,397,855		3,366,849
Faenza Acquisition GmbH Term Loan B1, 3.952%, 08/30/20		253,357		255,257
Term Loan B3, 3.952%, 08/30/20		77,096		77,674
Greatbatch, Ltd. Term Loan B, 4.710%, 10/27/22		2,167,417		2,178,254
Kinetic Concepts, Inc. Term Loan B, 4.546%, 02/02/24		2,550,000		2,540,968
Mallinckrodt International Finance S.A. Term Loan B, 4.046%, 09/24/24		4,068,428		4,062,326
Medical Depot Holdings, Inc. 1st Lien Term Loan, 6.796%, 01/03/23		691,250		635,518
New Millennium HoldCo, Inc. Term Loan, 7.726%, 12/21/20		279,682		169,907
Sterigenics-Nordion Holdings LLC Term Loan B, 4.150%, 05/15/22		712,340		711,004
Tecomet, Inc. Term Loan B, 4.922%, 05/02/24		750,000		750,469
				19,078,435

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—5.8%
Acadia Healthcare Co., Inc. Term Loan B1, 3.976%, 02/11/22		738,674	$	745,714
Term Loan B2, 3.801%, 02/16/23		1,492,424		1,504,923
ADMI Corp. Term Loan B, 4.945%, 04/30/22		960,386		970,590
Alliance Healthcare Services, Inc. Term Loan B, 4.439%, 06/03/19		1,138,872		1,141,244
Ardent Legacy Acquisitions, Inc. Term Loan B, 6.796%, 08/04/21		488,750		491,499
BioClinica, Inc. 1st Lien Term Loan, 5.375%, 10/20/23		646,750		634,085
CareCore National LLC Term Loan B, 5.226%, 03/05/21		3,045,059		3,086,928
Commerce Merger Sub, Inc. 1st Lien Term Loan, 05/31/24 (b)		625,000		625,781
Community Health Systems, Inc. Term Loan G, 3.960%, 12/31/19		2,008,878		2,008,408
Term Loan H, 4.151%, 01/27/21		2,315,330		2,314,504
Concentra, Inc. 1st Lien Term Loan, 4.211%, 06/01/22		476,731		477,695
CPI Holdco LLC 1st Lien Term Loan, 5.300%, 03/21/24		648,375		650,806
DaVita HealthCare Partners, Inc. Term Loan B, 3.976%, 06/24/21		3,104,000		3,125,896
Envision Healthcare Corp. Term Loan B, 4.300%, 12/01/23		6,745,875		6,782,977
Equian LLC Delayed Draw Term Loan, 4.959%, 05/20/24 (e)		94,118		94,971
Term Loan B, 4.928%, 05/20/24		305,882		308,655
Iasis Healthcare LLC Term Loan B3, 5.296%, 02/16/21		1,322,574		1,332,163
Kindred Healthcare, Inc. Term Loan, 4.688%, 04/09/21		3,060,974		3,079,468
MMM Holdings, Inc. Term Loan, 10.250%, 06/30/19		950,964		931,945
MPH Acquisition Holdings LLC Term Loan B, 4.296%, 06/07/23		2,182,133		2,184,588
MSO of Puerto Rico, Inc. Term Loan, 10.250%, 12/12/17		691,346		677,519
National Mentor Holdings, Inc. Term Loan B, 4.296%, 01/31/21		1,043,718		1,050,241
National Surgical Hospitals, Inc. Term Loan, 4.726%, 06/01/22		982,381		983,272
Onex Carestream Finance L.P. 1st Lien Term Loan, 5.275%, 06/07/19		832,390		828,436
Opal Acquisition, Inc. Term Loan B, 5.236%, 11/27/20		1,690,987		1,569,799
Ortho-Clinical Diagnostics, Inc. Term Loan B, 5.046%, 06/30/21		3,282,665		3,271,382
RadNet, Inc. Reprice Term Loan, 4.405%, 06/30/23		1,371,562		1,377,777
Select Medical Corp. Term Loan B, 4.650%, 03/06/24		1,571,063		1,585,783
Surgery Center Holdings, Inc. Term Loan B, 06/06/24 (b)		925,000		928,469
Team Health Holdings, Inc. 1st Lien Term Loan, 3.976%, 02/06/24		1,945,125		1,937,101
Healthcare-Services—(Continued)
U.S. Anesthesia Partners, Inc. Term Loan, 4.466%, 06/23/24		900,000		902,250
				47,604,869
Hotels, Restaurants & Leisure—1.0%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 3.504%, 02/16/24		6,699,149		6,697,755
Eldorado Resorts LLC Term Loan B, 3.375%, 04/17/24		1,172,063		1,165,287
				7,863,042
Household Products/Wares—0.9%
KIK Custom Products, Inc. Term Loan B, 5.793%, 08/26/22		1,402,096		1,417,575
Libbey Glass, Inc. Term Loan B, 4.096%, 04/09/21		405,818		373,353
Prestige Brands, Inc. Term Loan B4, 3.976%, 01/26/24		676,734		680,782
Spectrum Brands, Inc. Term Loan B, 3.174%, 06/23/22		1,930,301		1,939,470
Spin Holdco, Inc. Term Loan B, 4.966%, 11/14/22		3,066,358		3,055,337
Zep, Inc. Term Loan, 5.226%, 06/27/22		343,000		344,286
				7,810,803
Industrial Conglomerates—0.3%
IG Investment Holdings LLC Term Loan, 5.296%, 10/31/21		2,350,536		2,375,511
Insurance—3.5%
Alliant Holdings I, Inc. Term Loan B, 4.417%, 08/12/22		2,356,996		2,364,545
AmWINS Group, Inc. Term Loan B, 4.130%, 01/25/24		2,064,625		2,067,852
AssuredPartners, Inc. Term Loan, 4.726%, 10/21/22		1,236,051		1,237,287
Asurion LLC 2nd Lien Term Loan, 8.726%, 03/03/21		1,575,000		1,584,187
Term Loan B4, 4.476%, 08/04/22		5,057,657		5,089,267
Term Loan B5, 4.226%, 11/03/23		3,031,909		3,052,753
Camelot UK Holdco, Ltd. Term Loan B, 4.726%, 10/03/23		1,116,577		1,124,485
Cunningham Lindsey U.S., Inc. 1st Lien Term Loan, 5.046%, 12/10/19		1,801,104		1,626,997
Hub International, Ltd. Term Loan B, 4.422%, 10/02/20		3,240,213		3,255,928
UFC Holdings LLC 1st Lien Term Loan, 4.470%, 08/18/23		1,985,000		1,992,976
USI, Inc. Term Loan B, 4.180%, 05/16/24		2,150,000		2,139,519
VF Holding Corp. Reprice Term Loan, 4.546%, 06/30/23		3,252,925		3,256,484
				28,792,280

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Internet—2.5%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 4.340%, 10/19/23		2,054,250	$	2,075,756
Ascend Learning LLC Term Loan B, 5.726%, 07/31/19		1,835,897		1,840,200
Getty Images, Inc. Term Loan B, 4.796%, 10/18/19		4,447,593		4,112,169
Go Daddy Operating Co. LLC Term Loan B, 3.726%, 02/15/24		5,119,498		5,136,776
Match Group, Inc. Term Loan B1, 4.367%, 11/16/22		481,250		483,656
SurveyMonkey, Inc. Term Loan, 5.800%, 04/13/24		1,600,000		1,610,000
Uber Technologies Term Loan B, 5.216%, 07/13/23		4,447,063		4,452,621
Vivid Seats, Ltd. 1st Lien Term Loan, 06/21/24 (b)		975,000		977,438
				20,688,616
Internet Software & Services—0.6%
Answers Finance LLC 2nd Lien Term Loan, 9.000%, 09/15/21		151,027		148,006
Extreme Reach, Inc. 1st Lien Term Loan, 7.550%, 02/07/20		2,448,032		2,452,113
Sutherland Global Services, Inc. Term Loan B, 6.671%, 04/23/21		848,041		814,120
Travelport Finance (Luxembourg) S.a.r.l. Term Loan B, 4.432%, 09/02/21		1,144,690		1,149,085
				4,563,324
Investment Company Securities—0.4%
Fortress Investment Group LLC Term Loan B, 06/02/22 (b)		1,100,000		1,107,791
LSF9 Atlantis Holdings LLC Term Loan, 7.060%, 05/01/23		950,000		959,797
TKC Holdings, Inc. 1st Lien Term Loan, 5.376%, 02/01/23		972,563		971,955
				3,039,543
IT Services—0.0%
Global Payments, Inc. 1st Lien Term Loan, 3.226%, 04/22/23		334,844		336,698
Leisure Products—0.8%
Bombardier Recreational Products, Inc. Term Loan B, 4.230%, 06/30/23		4,328,250		4,358,781
Sabre GLBL, Inc. Term Loan B, 3.976%, 02/22/24		935,890		943,662
Steinway Musical Instruments, Inc. 1st Lien Term Loan, 4.922%, 09/19/19		1,653,693		1,599,948
				6,902,391
Leisure Time—0.5%
ClubCorp Club Operations, Inc. Term Loan, 4.046%, 12/15/22		1,784,222		1,797,233
Leisure Time—(Continued)
Delta 2 (LUX) S.a.r.l. Term Loan B3, 4.504%, 02/01/24		650,000		651,320
SRAM LLC Term Loan, 4.609%, 03/15/24		1,537,371		1,542,175
				3,990,728
Lodging—1.8%
Boyd Gaming Corp. Term Loan B3, 3.688%, 09/15/23		968,707		971,389
Caesars Entertainment Operating Co. Extended Term Loan B6, 0.000%, 03/01/22 (f)		1,282,347		1,527,596
CCC Information Services, Inc. 1st Lien Term Loan, 4.230%, 04/27/24		1,225,000		1,223,469
CityCenter Holdings LLC Term Loan B, 3.716%, 04/18/24		1,900,000		1,905,428
Four Seasons Hotels, Ltd. 1st Lien Term Loan, 3.726%, 11/30/23		895,500		901,377
Golden Nugget, Inc. Delayed Draw Term Loan, 4.680%, 11/21/19		129,749		131,614
Term Loan B, 4.710%, 11/21/19		302,748		307,099
Hilton Worldwide Finance LLC Term Loan B2, 3.216%, 10/25/23		4,330,935		4,348,679
MGM Growth Properties Operating Partnership L.P. Term Loan B, 3.476%, 04/25/23		1,876,250		1,881,410
Playa Resorts Holding B.V. Term Loan B, 4.170%, 04/05/24		1,000,000		1,002,625
Tropicana Entertainment, Inc. Term Loan, 4.296%, 11/27/20		385,000		386,925
				14,587,611
Machinery—0.8%
Allison Transmission, Inc. Term Loan B3, 3.220%, 09/23/22		1,017,239		1,024,521
CPM Holdings, Inc. Term Loan B, 5.476%, 04/11/22		765,042		776,199
Delachaux S.A. Term Loan B2, 4.796%, 10/28/21		417,088		419,173
Dynacast International LLC Term Loan B, 4.546%, 01/28/22		1,208,651		1,217,716
Global Brass & Copper, Inc. Term Loan B, 5.500%, 07/18/23		818,813		821,863
Paladin Brands Holding, Inc. Term Loan B, 7.296%, 08/16/19		1,165,651		1,145,252
Zebra Technologies Corp. Term Loan B, 3.723%, 10/27/21		1,364,830		1,372,514
				6,777,238
Machinery-Diversified—1.3%
Clark Equipment Co. Term Loan B, 3.929%, 05/18/24		2,119,688		2,126,642
EWT Holdings III Corp. 1st Lien Term Loan, 5.046%, 01/15/21		3,198,924		3,218,918
1st Lien Term Loan, 5.796%, 01/15/21		567,813		571,362

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Machinery-Diversified—(Continued)
Gardner Denver, Inc. Term Loan, 4.546%, 07/30/20		3,870,194	$	3,883,739
Manitowoc Foodservice, Inc. Term Loan B, 4.226%, 03/03/23		835,897		843,734
				10,644,395
Marine—0.2%
Stena International S.a.r.l. Term Loan B, 4.300%, 03/03/21		1,644,750		1,435,044
Media—5.9%
ALM Media Holdings, Inc. 1st Lien Term Loan, 5.796%, 07/31/20		395,781		368,077
AMC Entertainment, Inc. Term Loan, 3.459%, 12/15/22		2,068,500		2,076,904
Term Loan B, 3.466%, 12/15/23		523,688		525,324
AP NMT Acquisition B.V. 1st Lien Term Loan, 6.898%, 08/13/21		1,146,231		1,067,786
Atlantic Broadband Finance LLC Term Loan B, 3.726%, 11/30/19		698,029		700,559
CBS Radio, Inc. Term Loan B, 10/17/23 (b)		450,000		452,438
Term Loan B, 4.716%, 10/17/23		1,148,342		1,157,486
Charter Communications Operating LLC Term Loan E, 3.230%, 07/01/20		1,272,000		1,276,671
Term Loan I Add, 3.480%, 01/15/24		2,049,063		2,059,166
Crossmark Holdings, Inc. 1st Lien Term Loan, 4.796%, 12/20/19		1,410,904		1,004,094
Cumulus Media Holdings, Inc. Term Loan, 4.480%, 12/23/20		4,395,366		3,554,752
Entercom Radio LLC Term Loan, 4.703%, 11/01/23		906,458		911,670
Entravision Communications Corp. Term Loan, 3.796%, 05/31/20		1,706,833		1,711,100
Global Eagle Entertainment, Inc. 1st Lien Term Loan, 8.322%, 01/06/23		1,117,969		992,197
Gray Television, Inc. Term Loan B, 3.551%, 02/07/24		223,875		225,610
Hubbard Radio LLC Term Loan B, 4.480%, 05/27/22		569,931		570,287
iHeartCommunications, Inc.		425,533		348,937
Extended Term Loan E, 8.726%, 07/30/19
Term Loan D, 7.976%, 01/30/19		1,323,104		1,084,945
Information Resources, Inc. 1st Lien Term Loan, 5.466%, 01/18/24		1,795,500		1,804,758
Kasima LLC Term Loan B, 3.792%, 05/17/21		363,235		365,354
Mediacom Illinois LLC Term Loan K, 3.440%, 02/15/24		463,152		466,481
MH Sub I LLC 1st Lien Term Loan, 4.976%, 07/08/21		778,934		787,697
Delayed Draw Term Loan, 4.750%, 07/08/21 (e)		211,765		213,717
Incremental 1st Lien Term Loan, 4.976%, 07/08/21		386,245		389,806
Media—(Continued)
Mission Broadcasting, Inc. Term Loan B2, 4.246%, 01/17/24		293,164		294,355
Nexstar Broadcasting, Inc. Term Loan B, 4.238%, 01/17/24		2,967,018		2,979,073
Numericable Group S.A. Term Loan B11, 3.944%, 07/31/25		1,800,000		1,787,947
ProQuest LLC Term Loan B, 5.476%, 10/24/21		1,645,272		1,658,896
Raycom TV Broadcasting LLC Term Loan B, 4.226%, 08/04/21		2,938,591		2,934,918
Sinclair Television Group, Inc. Term Loan B2, 3.480%, 01/03/24		1,773,306		1,777,548
Springer Science+Business Media Deutschland GmbH Term Loan B9, 4.796%, 08/14/20		856,544		859,087
Univision Communications, Inc. Term Loan C5, 3.976%, 03/15/24		7,400,771		7,278,200
Ziggo Secured Finance Partnership Term Loan E, 3.659%, 04/15/25		5,125,000		5,118,594
				48,804,434
Metal Fabricate/Hardware—1.5%
Ameriforge Group, Inc. Term Loan, 9.296%, 05/12/24 (c) (d)		748,766		787,627
Penn Engineering & Manufacturing Corp. Term Loan B, 3.970%, 05/30/24		250,000		251,250
Rexnord LLC Term Loan B, 3.971%, 08/21/23		5,851,659		5,861,168
WireCo WorldGroup, Inc. 1st Lien Term Loan, 6.702%, 09/30/23		570,688		576,156
Zekelman Industries, Inc. Term Loan B, 4.789%, 06/14/21		4,908,237		4,953,230
				12,429,431
Mining—0.2%
Neenah Foundry Co. Term Loan, 7.751%, 04/26/19		1,459,159		1,448,215
New Day Aluminum LLC First Out Term Loan, 4.000%, 10/28/20 (c) (d)		28,555		0
Noranda Aluminum Acquisition Corp. Term Loan B, 0.000%, 02/28/19 (c) (d) (f)		481,897		79,320
				1,527,535
Miscellaneous Manufacturing—1.0%
Filtration Group Corp. 1st Lien Term Loan, 4.476%, 11/21/20		856,860		863,911
Gates Global LLC Term Loan B, 4.546%, 04/01/24		3,515,594		3,523,652
Husky Injection Molding Systems, Ltd. 1st Lien Term Loan, 4.476%, 06/30/21		2,976,898		2,995,875
Werner Co. Term Loan, 06/23/24 (b)		525,000		523,688
				7,907,126

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Multi-Utilities—0.1%
Lonestar Generation LLC Term Loan B, 5.452%, 02/22/21		534,817	$	438,550
Office/Business Equipment—0.6%
Brand Energy & Infrastructure Services, Inc. Term Loan, 5.491%, 06/21/24		500,000		499,125
CDW LLC Term Loan B, 3.300%, 08/17/23		4,175,519		4,197,265
				4,696,390
Oil & Gas—2.5%
BCP Raptor LLC Term Loan B, 5.466%, 06/06/24		675,000		668,250
Bronco Midstream Funding LLC Term Loan B, 5.172%, 08/15/20		2,053,528		2,080,481
CITGO Holding, Inc. Term Loan B, 9.796%, 05/12/18		752,857		759,915
Citgo Petroleum Corp. Term Loan B, 4.796%, 07/29/21		2,410,594		2,420,639
Crestwood Holdings LLC Term Loan B1, 9.209%, 06/19/19		1,348,798		1,321,822
Emerald Expositions Holding, Inc. Term Loan B, 4.296%, 05/22/24		1,075,000		1,088,438
Fieldwood Energy LLC 1st Lien Last Out Term Loan, 8.421%, 09/30/20		297,370		237,152
1st Lien Term Loan, 4.171%, 09/28/18		1,051,437		1,013,761
1st Lien Term Loan, 8.296%, 08/31/20		225,000		212,625
2nd Lien Term Loan, 8.421%, 09/30/20		377,630		213,361
MEG Energy Corp. Term Loan B, 4.696%, 12/31/23		5,450,644		5,315,512
Oxbow Carbon LLC Term Loan B, 4.726%, 01/19/20		641,875		647,491
Paragon Offshore Finance Co. Term Loan B, 6.000%, 07/18/21		839,375		324,733
Sheridan Production Partners I LLC Term Loan B2, 4.730%, 10/01/19		1,054,811		911,093
Term Loan B2 I-A, 4.730%, 10/01/19		139,771		120,727
Term Loan B2 I-M, 4.730%, 10/01/19		85,373		73,741
Southcross Energy Partners L.P. 1st Lien Term Loan, 5.546%, 08/04/21		483,916		432,500
Southcross Holdings Borrower L.P. Term Loan B, 3.500%, 04/13/23		55,819		49,818
TPF II Power LLC Term Loan B, 5.226%, 10/02/23		1,250,899		1,251,211
Ultra Resources, Inc. 1st Lien Term Loan, 4.117%, 04/12/24		1,150,000		1,143,891
				20,287,161
Packaging & Containers—2.3%
Berry Plastics Group, Inc. Term Loan I, 3.681%, 10/01/22		843,223		845,173
BWAY Holding Co. Term Loan B, 4.326%, 04/03/24		1,950,000		1,950,696
Packaging & Containers—(Continued)
Consolidated Container Co. LLC 1st Lien Term Loan, 4.726%, 05/22/24		375,000		377,871
Flex Acquisition Co., Inc. 1st Lien Term Loan, 4.398%, 12/29/23		3,225,000		3,241,931
Reynolds Group Holdings, Inc. Term Loan, 4.226%, 02/05/23		8,571,456		8,599,579
SIG Combibloc U.S. Acquisition, Inc. Term Loan, 4.226%, 03/13/22		2,589,398		2,606,840
Signode Industrial Group U.S., Inc. Term Loan B, 4.007%, 05/04/21		1,054,688		1,054,688
				18,676,778
Pharmaceuticals—4.7%
Akorn, Inc. Term Loan B, 5.500%, 04/16/21		895,627		905,680
Alkermes, Inc. Term Loan B, 3.970%, 09/25/21		358,083		360,768
Amneal Pharmaceuticals LLC Term Loan, 4.796%, 11/01/19		4,421,336		4,454,496
Arbor Pharmaceuticals, Inc. Term Loan B, 6.296%, 07/05/23		2,557,421		2,594,184
Auris Luxembourg III S.a.r.l. Term Loan B7, 4.296%, 01/17/22		1,723,061		1,734,907
Change Healthcare Holdings, Inc. Term Loan B, 3.976%, 03/01/24		7,281,750		7,291,988
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 5.500%, 04/29/24		4,525,000		4,568,481
Genoa, a QoL Healthcare Co. LLC 1st Lien Term Loan, 4.976%, 10/28/23		570,688		573,898
Grifols Worldwide Operations USA, Inc. Term Loan, 3.436%, 01/31/25		3,241,875		3,250,797
HLF Financing S.a.r.l. Term Loan B, 6.726%, 02/13/23		1,422,813		1,437,041
Horizon Pharma, Inc. Term Loan B, 4.875%, 03/29/24		1,166,435		1,172,996
Indivior Finance S.a.r.l. Term Loan B, 7.254%, 12/19/19		807,467		815,541
Patheon Holdings I B.V. Term Loan, 4.504%, 04/20/24		2,550,000		2,559,032
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 5.830%, 04/01/22*		7,160,967		7,265,897
				38,985,706
Pipelines—0.3%
Energy Transfer Equity L.P. Term Loan B, 3.826%, 02/02/24		2,220,000		2,211,873
Professional Services—0.2%
Trans Union LLC Term Loan B2, 3.726%, 04/09/23		1,484,678		1,496,609
Real Estate—1.3%
Americold Realty Operating Partnership L.P. Term Loan B, 4.976%, 12/01/22		409,810		414,932

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Real Estate—(Continued)
Auction.com LLC Term Loan B, 6.230%, 05/12/19		1,026,375	$	1,035,356
DTZ U.S. Borrower LLC 1st Lien Term Loan, 4.447%, 11/04/21		3,860,431		3,865,739
RE/MAX International, Inc. Term Loan B, 4.046%, 12/15/23		1,910,117		1,922,056
Realogy Corp. Term Loan B, 3.476%, 07/20/22		2,573,904		2,594,495
RHP Hotel Properties L.P. Term Loan B, 3.440%, 05/11/24		798,000		800,660
				10,633,238
Real Estate Investment Trusts—0.5%
ESH Hospitality, Inc. Term Loan B, 3.726%, 08/30/23		1,265,453		1,271,668
Quality Care Properties, Inc. 1st Lien Term Loan, 6.476%, 10/31/22		2,512,375		2,535,406
				3,807,074
Retail—5.0%
Ascena Retail Group, Inc. Term Loan B, 5.625%, 08/21/22		2,043,726		1,740,574
Bass Pro Group LLC Term Loan, 4.367%, 06/05/20		1,129,189		1,128,474
Term Loan B, 6.296%, 12/16/23		1,225,000		1,193,172
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 4.968%, 02/03/24		925,000		898,888
David’s Bridal, Inc. Term Loan B, 5.300%, 10/11/19		1,612,459		1,249,656
Evergreen Acqco 1 L.P. Term Loan, 5.000%, 07/09/19		1,453,511		1,384,469
General Nutrition Centers, Inc. Term Loan, 3.730%, 03/04/19		1,315,033		1,241,391
Harbor Freight Tools USA, Inc. Term Loan B, 4.476%, 08/18/23		1,533,388		1,535,198
J. Crew Group, Inc. Term Loan B, 4.246%, 03/05/21		3,154,228		1,904,365
Landry’s, Inc. Term Loan B, 3.913%, 10/04/23		2,462,981		2,458,619
Men’s Wearhouse, Inc. (The) Term Loan B, 4.613%, 06/18/21		870,914		836,077
Michaels Stores, Inc. Term Loan B1, 3.938%, 01/30/23		2,697,146		2,694,497
Nature’s Bounty Co. (The) Term Loan B, 4.796%, 05/05/23		3,638,342		3,646,983
Neiman Marcus Group, Ltd. LLC Term Loan, 4.339%, 10/25/20		1,984,910		1,502,329
Party City Holdings, Inc. Term Loan, 4.188%, 08/19/22		2,452,835		2,457,434
PetSmart, Inc. Term Loan B2, 4.220%, 03/11/22		3,930,536		3,660,005
Pier 1 Imports (U.S.), Inc. Term Loan B, 4.796%, 04/30/21		1,489,048		1,438,793
Pilot Travel Centers LLC Term Loan B, 3.226%, 05/25/23		1,450,630		1,460,785
Retail—(Continued)
Rite Aid Corp. 2nd Lien Term Loan, 5.980%, 08/21/20		450,000		453,094
Sage Automotive Holdings, Inc. 1st Lien Term Loan, 6.226%, 10/27/22		696,500		701,724
Serta Simmons Bedding LLC 1st Lien Term Loan, 4.586%, 11/08/23		4,239,375		4,238,493
Toys “R” Us Property Co. I LLC Term Loan B, 6.226%, 08/21/19		3,008,521		2,899,462
Yum! Brands, Inc. 1st Lien Term Loan B, 3.209%, 06/16/23		967,700		972,739
				41,697,221
Semiconductors—0.7%
Bright Bidco B.V. Term Loan B, 02/27/24 (b)		1,050,000		1,066,406
Cypress Semiconductor Corp. Term Loan B, 4.840%, 07/05/21		1,034,688		1,046,198
Entegris, Inc. Term Loan B, 3.476%, 04/30/21		209,829		211,599
Lattice Semiconductor Corp. Term Loan, 5.334%, 03/10/21		1,829,212		1,826,925
M/A-COM Technology Solutions Holdings, Inc. Add on Term Loan, 3.459%, 05/17/24		1,158,954		1,156,420
Microsemi Corp. Term Loan B, 3.326%, 01/15/23		368,524		369,945
				5,677,493
Software—6.1%
Campaign Monitor Finance Pty, Ltd. 1st Lien Term Loan, 6.546%, 03/18/21 (c) (d)		709,274		673,101
Eze Castle Software, Inc. 1st Lien Term Loan, 4.296%, 04/06/20		2,572,136		2,591,427
First Data Corp. Term Loan, 3.466%, 07/08/22		2,405,003		2,404,335
Term Loan, 3.716%, 04/26/24		2,000,000		2,001,750
Hyland Software, Inc. 1st Lien Term Loan, 4.476%, 07/01/22		2,684,174		2,702,907
Incremental Term Loan B, 07/01/22 (b)		500,000		503,490
Infoblox, Inc. 1st Lien Term Loan, 6.226%, 11/07/23		1,325,000		1,335,766
Infor (U.S.), Inc. Term Loan B6, 4.046%, 02/01/22		7,784,604		7,748,460
Informatica Corp. Term Loan, 4.796%, 08/05/22		3,726,295		3,726,683
ION Trading Finance, Ltd. Term Loan B1, 4.046%, 08/11/23		2,291,735		2,278,844
Kronos, Inc. Term Loan B, 4.680%, 11/01/23		5,547,125		5,591,879
MA FinanceCo. LLC Term Loan B2, 3.672%, 11/19/21		1,901,085		1,901,680
Term Loan B3, 04/26/24 (b)		457,873		458,388
MISYS Europe S.A. 1st Lien Term Loan, 4.736%, 06/13/24		2,475,000		2,478,571

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Quintiles IMS, Inc. Term Loan B, 3.232%, 03/07/24		2,236,684	$	2,254,624
Renaissance Learning, Inc. 1st Lien Term Loan, 5.046%, 04/09/21		1,731,548		1,740,476
Rocket Software, Inc. 1st Lien Term Loan, 5.546%, 10/14/23		1,116,563		1,128,007
Seattle Spinco, Inc. Term Loan B3, 03/14/18 (b)		3,092,127		3,095,606
SS&C Technologies, Inc. Term Loan B1, 3.476%, 07/08/22		1,658,161		1,667,192
Term Loan B2, 3.476%, 07/08/22		100,575		101,123
Synchronoss Technologies, Inc. Term Loan, 4.082%, 01/19/24		748,125		737,464
Syncsort, Inc. 1st Lien Term Loan, 6.546%, 12/09/22		696,500		699,765
Veritas Bermuda, Ltd. Term Loan B, 5.796%, 01/27/23		2,203,418		2,209,202
Wall Street Systems Delaware, Inc. Term Loan B, 4.792%, 08/26/23		721,375		724,757
				50,755,497
Technology Hardware, Storage & Peripherals—0.3%
Western Digital Corp. Term Loan B, 3.976%, 04/29/23		2,158,255		2,174,610
Telecommunications—5.8%
CenturyLink, Inc. Term Loan B, 1.375%, 01/31/25		4,850,000		4,803,231
Colorado Buyer, Inc. Term Loan B, 4.170%, 05/01/24		775,000		780,619
CommScope, Inc. Term Loan B5, 3.296%, 12/29/22		833,150		835,754
Consolidated Communications, Inc. Delayed Draw Term Loan B2, 10/05/23 (b)		625,000		628,281
Term Loan B, 4.230%, 10/04/23		397,000		399,680
CSC Holdings LLC 1st Lien Term Loan, 3.459%, 07/17/25		2,460,938		2,457,093
Digicel International Finance, Ltd. Term Loan B, 4.940%, 05/28/24		725,000		730,740
Frontier Communications Corp. Term Loan B1, 4.910%, 06/15/24		1,825,000		1,799,906
Intelsat Jackson Holdings S.A. Term Loan B2, 4.000%, 06/30/19		7,125,000		7,074,534
Level 3 Financing, Inc. Term Loan B, 3.466%, 02/22/24		2,550,000		2,559,032
MCC Iowa LLC Term Loan H, 3.690%, 01/29/21		912,000		918,265
Onvoy LLC 1st Lien Term Loan B, 5.796%, 02/10/24		673,313		675,277
Radiate Holdco LLC 1st Lien Term Loan, 4.226%, 02/01/24		673,313		665,528
Sprint Communications, Inc. 1st Lien Term Loan B, 3.750%, 02/02/24		3,291,750		3,295,275
Switch, Ltd. Term Loan B, 06/20/24 (b)		225,000		226,125
Telecommunications—(Continued)
Syniverse Holdings, Inc. Term Loan, 4.172%, 04/23/19		1,709,691		1,602,835
Term Loan B, 4.296%, 04/23/19		1,847,521		1,732,051
Telenet Financing USD LLC Term Loan AI, 3.909%, 06/30/25		2,275,000		2,278,556
Telenet International Finance S.a.r.l. Add On Term Loan AI, 3.909%, 06/30/25		600,000		603,375
Telesat Canada Term Loan B4, 4.300%, 11/17/23		4,590,370		4,622,884
UPC Financing Partnership Term Loan AP, 3.909%, 04/15/25		2,500,000		2,505,937
Virgin Media Bristol LLC Term Loan I, 3.909%, 01/31/25		6,450,000		6,461,423
				47,656,401
Thrifts & Mortgage Finance—0.0%
Ocwen Financial Corp. Term Loan B, 6.076%, 12/05/20		365,625		363,911
Trading Companies & Distributors—0.4%
Delos Finance S.a.r.l. A Deferred Principal, 3.546%, 10/06/23		2,675,000		2,691,957
Solenis International L.P. 1st Lien Term Loan, 4.452%, 07/31/21		289,911		291,156
STS Operating, Inc. Term Loan, 4.959%, 02/12/21		303,655		304,035
				3,287,148
Transportation—0.1%
Kenan Advantage Group, Inc. Term Loan, 4.226%, 07/31/22		576,965		577,867
Term Loan B, 4.226%, 07/31/22		176,585		176,861
PODS LLC Term Loan B2, 4.339%, 02/02/22		323,341		325,362
				1,080,090
Trucking & Leasing—0.8%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. Term Loan B1, 3.462%, 09/20/20		250,000		252,277
Term Loan B2, 3.962%, 03/20/22		5,925,000		5,984,285
				6,236,562
Wireless Telecommunication Services—0.2%
SBA Senior Finance II LLC Term Loan B1, 3.480%, 03/24/21		1,915,750		1,922,455
Total Floating Rate Loans (Cost $785,895,380)				778,670,500
Common Stocks—0.5%
Capital Markets—0.1%
RCS Capital Corp. (g) (h)		35,138		570,997

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Commercial Services—0.1%
IAP Worldwide Services LLC (c) (d) (g) (h)		44	$	719,075
Gas Utilities—0.0%
Southcross Holding GP LLC (c) (d) (g) (h)		59		0
Southcross Holding L.P. - Class A (g) (h)		59		33,778
				33,778
Health Care Providers & Services—0.0%
Millennium Health LLC (g) (h)		31,600		59,250
Internet Software & Services—0.1%
Answers Corp. (g) (h)		29,070		439,684
Metals & Mining—0.1%
Ameriforge Group, Inc. (g) (h)		48,583		1,700,405
Oil, Gas & Consumable Fuels—0.1%
Samson Resources II LLC - Class A (g) (h)		19,666		465,429
Total Common Stocks (Cost $2,867,073)				3,988,618
Short-Term Investment—5.9%
Repurchase Agreement—5.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $48,362,068 on 07/03/17, collateralized by $49,255,000 U.S. Treasury Note at 1.375% due 02/29/20 with a value of $49,329,572.		48,361,584		48,361,584
Total Short-Term Investments (Cost $48,361,584)				48,361,584
Total Investments—100.7% (Cost $837,124,037)				831,020,702
Unfunded Loan Commitments—(0.1)% (Cost $(529,104))				(529,104	)
Net Investments—100.6% (Cost $836,594,933) (i)				830,491,598
Other assets and liabilities (net)—(0.6)%				(5,166,551	)
Net Assets—100.0%			$	825,325,047

*	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 June 30, 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 June 30, 2017, these securities represent 0.3% of net assets.
(d)	Illiquid security. As of June 30, 2017, these securities represent 0.3% 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 June 30, 2017, the aggregate cost of investments was $836,594,933. The aggregate unrealized appreciation and depreciation of investments were $5,404,060 and $(11,507,395), respectively, resulting in net unrealized depreciation of $(6,103,335).

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Floating Rate Loans
Advertising	$	—	$	3,948,212	$	—	$	3,948,212
Aerospace/Defense		—		19,373,147		—		19,373,147
Auto Components		—		9,233,240		—		9,233,240
Auto Manufacturers		—		2,475,486		—		2,475,486
Auto Parts & Equipment		—		5,750,766		—		5,750,766
Banks		—		1,084,092		—		1,084,092
Beverages		—		2,526,057		—		2,526,057
Building Materials		—		8,821,917		—		8,821,917
Capital Markets		—		11,981,887		—		11,981,887
Chemicals		—		35,712,529		—		35,712,529
Coal		—		1,868,503		—		1,868,503
Commercial Services (Less Unfunded Loan Commitments of $223,222)		—		39,478,734		288,604		39,767,338
Computers		—		8,894,233		—		8,894,233
Construction Materials		—		1,745,292		—		1,745,292
Cosmetics/Personal Care		—		2,507,634		—		2,507,634
Distributors		—		2,731,715		—		2,731,715
Diversified Consumer Services		—		1,782,955		—		1,782,955
Diversified Financial Services		—		26,915,966		—		26,915,966
Electric		—		12,172,411		—		12,172,411
Electrical Components & Equipment		—		4,058,879		—		4,058,879
Electronics		—		6,134,369		—		6,134,369
Energy Equipment & Services		—		3,692,276		—		3,692,276
Entertainment		—		12,557,288		—		12,557,288
Environmental Control		—		5,248,527		—		5,248,527
Food		—		22,051,820		—		22,051,820
Forest Products & Paper		—		998,083		—		998,083
Hand/Machine Tools		—		4,444,529		—		4,444,529
Health Care Technology		—		724,306		—		724,306
Healthcare-Products		—		19,078,435		—		19,078,435
Healthcare-Services (Less Unfunded Loan Commitments of $94,118)		—		47,510,751		—		47,510,751
Hotels, Restaurants & Leisure		—		7,863,042		—		7,863,042
Household Products/Wares		—		7,810,803		—		7,810,803
Industrial Conglomerates		—		2,375,511		—		2,375,511
Insurance		—		28,792,280		—		28,792,280
Internet		—		20,688,616		—		20,688,616

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Internet Software & Services	$	—	$	4,563,324	$	—	$	4,563,324
Investment Company Securities		—		3,039,543		—		3,039,543
IT Services		—		336,698		—		336,698
Leisure Products		—		6,902,391		—		6,902,391
Leisure Time		—		3,990,728		—		3,990,728
Lodging		—		14,587,611		—		14,587,611
Machinery		—		6,777,238		—		6,777,238
Machinery-Diversified		—		10,644,395		—		10,644,395
Marine		—		1,435,044		—		1,435,044
Media (Less Unfunded Loan Commitments of $211,764)		—		48,592,670		—		48,592,670
Metal Fabricate/Hardware		—		11,641,804		787,627		12,429,431
Mining		—		1,448,215		79,320		1,527,535
Miscellaneous Manufacturing		—		7,907,126		—		7,907,126
Multi-Utilities		—		438,550		—		438,550
Office/Business Equipment		—		4,696,390		—		4,696,390
Oil & Gas		—		20,287,161		—		20,287,161
Packaging & Containers		—		18,676,778		—		18,676,778
Pharmaceuticals		—		38,985,706		—		38,985,706
Pipelines		—		2,211,873		—		2,211,873
Professional Services		—		1,496,609		—		1,496,609
Real Estate		—		10,633,238		—		10,633,238
Real Estate Investment Trusts		—		3,807,074		—		3,807,074
Retail		—		41,697,221		—		41,697,221
Semiconductors		—		5,677,493		—		5,677,493
Software		—		50,082,396		673,101		50,755,497
Technology Hardware, Storage & Peripherals		—		2,174,610		—		2,174,610
Telecommunications		—		47,656,401		—		47,656,401
Thrifts & Mortgage Finance		—		363,911		—		363,911
Trading Companies & Distributors		—		3,287,148		—		3,287,148
Transportation		—		1,080,090		—		1,080,090
Trucking & Leasing		—		6,236,562		—		6,236,562
Wireless Telecommunication Services		—		1,922,455		—		1,922,455
Total Floating Rate Loans (Less Unfunded Loan Commitments)		—		776,312,744		1,828,652		778,141,396
Common Stocks
Capital Markets		—		570,997		—		570,997
Commercial Services		—		—		719,075		719,075
Gas Utilities		—		33,778		0		33,778
Health Care Providers & Services		—		59,250		—		59,250
Internet Software & Services		—		439,684		—		439,684
Metals & Mining		—		1,700,405		—		1,700,405
Oil, Gas & Consumable Fuels		—		465,429		—		465,429
Total Common Stocks		—		3,269,543		719,075		3,988,618
Total Short-Term Investment*		—		48,361,584		—		48,361,584
Total Net Investments	$	—	$	827,943,871	$	2,547,727	$	830,491,598

* 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 June 30, 2017 is not presented.

Transfers from Level 2 to Level 3 in the amount of $695,116 were due to a decline in market activity for significant observable inputs, which resulted in a lack of available market inputs to determine price.

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	830,491,598
Cash		7,616,890
Receivable for:
Investments sold		3,983,601
Fund shares sold		6,140
Interest		1,290,265
Other assets		55,091
Total Assets		843,443,585
Liabilities
Payables for:
Investments purchased		17,010,875
Fund shares redeemed		187,657
Accrued Expenses:
Management fees		408,992
Distribution and service fees		22,184
Deferred trustees’ fees		106,584
Other expenses		382,246
Total Liabilities		18,118,538
Net Assets	$	825,325,047
Net Assets Consist of:
Paid in surplus	$	830,326,256
Undistributed net investment income		14,856,744
Accumulated net realized loss		(13,754,618	)
Unrealized depreciation on investments		(6,103,335	)
Net Assets	$	825,325,047
Net Assets
Class A	$	718,003,847
Class B		107,321,200
Capital Shares Outstanding*
Class A		70,896,925
Class B		10,656,207
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.13
Class B		10.07

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $836,594,933.
(b)	Investments at value is net of unfunded loan commitments of $529,104.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Interest	$	18,035,249
Total investment income		18,035,249
Expenses
Management fees		2,468,410
Administration fees		13,055
Custodian and accounting fees		148,156
Distribution and service fees—Class B		134,045
Audit and tax services		60,065
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		14,830
Insurance		2,782
Miscellaneous		8,468
Total expenses		2,894,513
Net Investment Income		15,140,736
Net Realized and Unrealized Loss
Net realized loss on investments		(238,727	)
Net change in unrealized depreciation on investments		(210,287	)
Net realized and unrealized loss		(449,014	)
Net Increase in Net Assets From Operations	$	14,691,722

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	15,140,736		$	32,298,101
Net realized loss		(238,727	)		(7,287,994	)
Net change in unrealized appreciation (depreciation)		(210,287	)		48,472,892
Increase in net assets from operations		14,691,722			73,482,999
From Distributions to Shareholders
Net investment income
Class A		(28,266,395	)		(29,765,999	)
Class B		(4,034,076	)		(3,864,826	)
Total distributions		(32,300,471	)		(33,630,825	)
Increase (decrease) in net assets from capital share transactions		23,493,651			(46,720,593	)
Total increase (decrease) in net assets		5,884,902			(6,868,419	)
Net Assets
Beginning of period		819,440,145			826,308,564
End of period	$	825,325,047		$	819,440,145
Undistributed net investment income
End of period	$	14,856,744		$	32,016,479

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		106,093		$	1,107,505			205,871		$	2,070,080
Reinvestments		2,790,365			28,266,395			3,009,707			29,765,999
Redemptions		(1,086,101	)		(11,357,883	)		(7,976,249	)		(79,923,523	)
Net increase (decrease)		1,810,357		$	18,016,017			(4,760,671	)	$	(48,087,444	)
Class B
Sales		1,335,482		$	13,829,700			2,348,588		$	23,664,620
Reinvestments		400,206			4,034,076			392,767			3,864,826
Redemptions		(1,194,627	)		(12,386,142	)		(2,623,540	)		(26,162,595	)
Net increase		541,061		$	5,477,634			117,815		$	1,366,851
Increase (decrease) derived from capital shares transactions				$	23,493,651					$	(46,720,593	)

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.35		$	9.86		$	10.31		$	10.63		$	10.69		$	10.34
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.40			0.39			0.37			0.42			0.46
Net realized and unrealized gain (loss) on investments		0.01			0.52			(0.45	)		(0.26	)		0.01			0.30
Total from investment operations		0.20			0.92			(0.06	)		0.11			0.43			0.76
Less Distributions
Distributions from net investment income		(0.42	)		(0.43	)		(0.39	)		(0.38	)		(0.44	)		(0.38	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.05	)		(0.05	)		(0.03	)
Total distributions		(0.42	)		(0.43	)		(0.39	)		(0.43	)		(0.49	)		(0.41	)
Net Asset Value, End of Period	$	10.13		$	10.35		$	9.86		$	10.31		$	10.63		$	10.69
Total Return (%) (b)		1.88	(c)		9.50			(0.66	)		1.01			4.13			7.51
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.67	(d)		0.67			0.67			0.67			0.67			0.68
Ratio of net investment income to average net assets (%)		3.73	(d)		4.01			3.83			3.59			3.95			4.42
Portfolio turnover rate (%)		24	(c)		40			23			30			40			42
Net assets, end of period (in millions)	$	718.0		$	715.4		$	728.3		$	793.5		$	871.0		$	759.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.29		$	9.80		$	10.24		$	10.58		$	10.64		$	10.29
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.38			0.36			0.35			0.39			0.44
Net realized and unrealized gain (loss) on investments		(0.01	)		0.51			(0.43	)		(0.28	)		0.02			0.30
Total from investment operations		0.17			0.89			(0.07	)		0.07			0.41			0.74
Less Distributions
Distributions from net investment income		(0.39	)		(0.40	)		(0.37	)		(0.36	)		(0.42	)		(0.36	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.05	)		(0.05	)		(0.03	)
Total distributions		(0.39	)		(0.40	)		(0.37	)		(0.41	)		(0.47	)		(0.39	)
Net Asset Value, End of Period	$	10.07		$	10.29		$	9.80		$	10.24		$	10.58		$	10.64
Total Return (%) (b)		1.66	(c)		9.27			(0.83	)		0.74			3.84			7.33
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.92	(d)		0.92			0.92			0.92			0.92			0.93
Ratio of net investment income to average net assets (%)		3.48	(d)		3.76			3.58			3.34			3.67			4.18
Portfolio turnover rate (%)		24	(c)		40			23			30			40			42
Net assets, end of period (in millions)	$	107.3		$	104.1		$	98.0		$	109.6		$	117.8		$	71.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Eaton Vance Floating Rate Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 the authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, 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 Adviser 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 its 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 a pricing service to value securities principally traded in these foreign markets in order

BHFTI-20

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. The Portfolio has no permanent book-tax differences at December 31, 2016.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

BHFTI-21

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2017, the Portfolio had open unfunded loan commitments of $529,104. At June 30, 2017, the Portfolio had sufficient cash and/or securities to cover these commitments.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $48,361,584, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	201,155,307	$	0	$	186,998,072

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers s is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$2,468,410		0.625	%	First $100 million
		0.600	%	Over $100 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Eaton Vance Management (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-23

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$33,630,825	$	33,471,045	$	—	$	—	$	33,630,825	$	33,471,045

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$32,112,726	$	—	$	(6,589,170	)	$	(12,823,457	)	$	12,700,099

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had post-enactment long-term accumulated capital losses of $12,823,457.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-24

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
71,553,188		4,102,246		3,673,117

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		73,087,604		6,240,947
Robert Boulware		73,042,071		6,286,479
Susan C. Gause		73,188,347		6,140,203
Nancy Hawthorne		73,054,244		6,274,306
Barbara A. Nugent		73,206,423		6,122,128
John Rosenthal		73,192,371		6,136,180
Linda B. Strumpf		73,186,823		6,141,727
Dawn M. Vroegop		73,070,240		6,258,310

BHFTI-25

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Managed by Franklin Advisors, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Brighthouse/Franklin Low Duration Total Return Portfolio returned 1.26% and 1.12%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Government/Credit 1-3 Year Index¹, returned 0.72%.

MARKET ENVIRONMENT / CONDITIONS

U.S. economic growth decelerated in 2017’s first half, largely due to slower growth in consumer spending and declines in private inventory investment and government spending. However, an increase in exports as well as residential and nonresidential fixed investment aided growth. The manufacturing sector generally expanded, and the services sector also continued to grow. The unemployment rate decreased from 4.7% in December 2016 to 4.4% at period-end. Monthly retail sales were volatile, but grew for most of the period. Annual inflation, as measured by the Consumer Price Index, eased from 2.1% to 1.6% during the period.

The U.S. Federal Reserve (the “Fed”), at its March meeting, increased the federal funds target rate from 0.50%–0.75% to 0.75%–1.00%. The Fed again increased its target range by a quarter point to 1.00%–1.25% at its June meeting. The Fed made both of these increases amid signs of a growing U.S. economy, a strengthening labor market and an improvement in business spending.

The 10-year Treasury yield, which moves inversely to its price, shifted throughout the period. It increased early during the period amid expectations of rate hikes by the Fed and upbeat economic data. During the latter part of the period, U.S. political turmoil, geopolitical tensions in the Middle East and the Korean peninsula, resulted in a decline in the yield. However, in June, the yield rose again due to renewed optimism for improvement in economic growth. Overall, the U.S. Treasury yield fell from 2.45% on December 30, 2016, to 2.31% at period-end.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period, the Portfolio’s exposures to Non-Agency Residential Mortgage-Backed Securities (“RMBS”) contributed to performance relative to the benchmark. Investment grade corporate credit (“IG”) and Commercial Mortgage-Backed Securities (“CMBS”) also benefited relative performance. In contrast, the Portfolio’s Treasury Inflation-Protected Securities (“TIPS”) positioning was a detractor from relative performance as was the Portfolio’s exposure to Sovereign developed market bonds.

Over the period, we increased the Portfolio’s allocations to Treasuries, RMBS and Bank Loans. We decreased the Portfolio’s exposure to Asset-Backed Securities, IG and CMBS.

In addition, the Portfolio employed derivatives as a tool in seeking efficient management of certain risk. We used derivatives to manage portfolio duration, credit risk and currency exposures. During the period, the use of derivatives provided exposures through means that we believed to be advantageous to the Portfolio.

At period-end, we were overweight compared to the benchmark in TIPS and many of the credit sectors, including RMBS and Bank Loans, based on our belief that valuations remained relatively attractive on a longer-term basis. At period-end, the Portfolio’s heaviest allocation positioning was in IG, followed by U.S. Treasuries and RMBS.

Roger A. Bayston

Kent Burns

Christopher J. Molumphy

Portfolio Managers

Franklin Advisers, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. GOVERNMENT/CREDIT 1-3 YEAR BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Brighthouse/Franklin Low Duration Total Return Portfolio
Class A		1.26		2.86		1.84		1.66
Class B		1.12		2.62		1.59		1.42
Bloomberg Barclays U.S. Government/Credit 1-3 Year Bond Index		0.72		0.35		0.95		1.01

¹ The Bloomberg Barclays U.S. Government/Credit 1-3 Year Bond Index measures performance of U.S. Dollar-denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have maturities ranging from one to three years.

² Inception date of the Class A and B shares is 4/29/2011. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		36.7
U.S. Treasury & Government Agencies		31.7
Asset-Backed Securities		10.7
Mortgage-Backed Securities		10.7
Floating Rate Loans		5.7
Foreign Government		1.6
Municipals		0.7
Investment Company Securities		0.4
Common Stocks		0.1

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse/Franklin Low Duration Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.52	%	$	1,000.00	$	1,012.60	$	2.59
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61
Class B(a)	Actual		0.77	%	$	1,000.00	$	1,011.20	$	3.84
	Hypothetical*		0.77	%	$	1,000.00	$	1,020.98	$	3.86

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—36.7% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
Lockheed Martin Corp. 1.850%, 11/23/18		1,600,000	$	1,602,656
Agriculture—0.6%
Imperial Brands Finance plc 2.950%, 07/21/20 (144A) (a)		3,100,000		3,152,374
Reynolds American, Inc. 2.300%, 06/12/18		3,200,000		3,213,936
				6,366,310
Auto Manufacturers—0.5%
Fiat Chrysler Automobiles NV 4.500%, 04/15/20 (a)		2,000,000		2,047,500
Ford Motor Credit Co. LLC 2.597%, 11/04/19		3,000,000		3,019,941
				5,067,441
Auto Parts & Equipment—0.4%
Delphi Automotive plc 3.150%, 11/19/20		4,500,000		4,596,916
Banks—12.1%
ANZ New Zealand International, Ltd. 2.850%, 08/06/20 (144A) (a)		4,600,000		4,668,379
Banca Monte dei Paschi di Siena S.p.A. 2.875%, 04/16/21 (EUR)		4,100,000		4,998,379
Banco Popular Espanol S.A. 1.000%, 03/03/22 (EUR)		1,100,000		1,293,088
Bank of America Corp. 2.198%, 01/15/19 (b)		6,600,000		6,682,830
2.600%, 01/15/19		2,500,000		2,523,542
2.650%, 04/01/19		1,500,000		1,518,065
Bank of New York Mellon Corp. (The) 2.049%, 08/17/20 (b)		3,900,000		3,971,857
BB&T Corp. 2.050%, 06/19/18		1,000,000		1,003,922
Capital One Financial Corp. 2.500%, 05/12/20		1,700,000		1,707,364
3.050%, 03/09/22 (a)		2,700,000		2,721,214
Citigroup, Inc. 1.925%, 04/08/19 (b)		1,600,000		1,610,378
2.400%, 02/18/20 (a)		4,600,000		4,624,739
Depfa ACS Bank 2.125%, 10/13/17 (CHF)		2,750,000		2,882,209
Deutsche Bank AG 2.482%, 08/20/20 (b)		3,700,000		3,714,578
Goldman Sachs Group, Inc. (The) 2.446%, 09/15/20 (b)		8,700,000		8,849,405
HSBC Holdings plc 3.400%, 03/08/21		1,500,000		1,541,695
HSBC USA, Inc. 2.000%, 08/07/18		4,600,000		4,612,972
Industrial & Commercial Bank of China, Ltd. 3.231%, 11/13/19		2,700,000		2,746,254
Banks—(Continued)
ING Bank NV 1.989%, 10/01/19 (144A) (b)		6,300,000		6,332,350
Intesa Sanpaolo S.p.A.
3.875%, 01/16/18		3,900,000		3,936,067
3.875%, 01/15/19 (a)		6,100,000		6,250,499
JPMorgan Chase & Co.
1.850%, 03/22/19		6,500,000		6,493,162
2.200%, 10/22/19 (a)		4,000,000		4,012,788
2.400%, 06/07/21 (a)		1,100,000		1,097,916
Morgan Stanley 2.310%, 01/27/20 (b)		7,900,000		8,019,535
National Australia Bank, Ltd.
1.875%, 07/23/18		3,800,000		3,812,358
Norddeutsche Landesbank Girozentrale
2.000%, 02/05/19 (144A)		4,000,000		4,006,784
Regions Financial Corp.
2.000%, 05/15/18		3,200,000		3,202,605
Royal Bank of Canada
2.100%, 10/14/20		3,700,000		3,693,673
Toronto-Dominion Bank (The)
2.250%, 03/15/21 (144A)		4,000,000		3,995,504
Wells Fargo & Co.
2.033%, 07/22/20 (b)		7,800,000		7,917,055
2.500%, 03/04/21		1,100,000		1,103,805
Westpac Banking Corp.
2.250%, 11/09/20 (144A)		3,700,000		3,708,906
Woori Bank
4.750%, 04/30/24 (144A)		2,400,000		2,512,394
				131,766,271
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc.
2.650%, 02/01/21		3,400,000		3,445,587
Coca-Cola Femsa S.A.B. de C.V.
2.375%, 11/26/18 (a)		2,400,000		2,411,956
				5,857,543
Biotechnology—1.2%
Amgen, Inc.
1.772%, 05/22/19 (a) (b)		4,500,000		4,536,648
Baxalta, Inc.
2.000%, 06/22/18		1,400,000		1,402,260
Biogen, Inc.
2.900%, 09/15/20		4,500,000		4,590,207
Celgene Corp.
2.300%, 08/15/18		3,000,000		3,017,202
				13,546,317
Chemicals—0.1%
E.I. du Pont de Nemours & Co.
2.200%, 05/01/20 (a)		600,000		603,256
Computers—0.6%
Dell International LLC / EMC Corp.
3.480%, 06/01/19 (144A)		2,800,000		2,865,453

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Computers—(Continued)
Hewlett Packard Enterprise Co.
3.229%, 10/05/18 (b)		3,600,000	$	3,668,562
				6,534,015
Cosmetics/Personal Care—0.3%
Colgate-Palmolive Co.
0.900%, 05/01/18		2,000,000		1,989,982
Procter & Gamble Co. (The)
1.700%, 11/03/21		1,500,000		1,480,386
				3,470,368
Diversified Financial Services—1.3%
Capital One Bank USA N.A.
2.300%, 06/05/19		5,900,000		5,905,387
Navient Corp.
5.500%, 01/15/19		1,400,000		1,457,750
6.625%, 07/26/21		500,000		538,125
Protective Life Global Funding
1.722%, 04/15/19 (144A)		1,900,000		1,886,915
2.262%, 04/08/20 (144A) (a)		3,100,000		3,097,743
Seven & Seven, Ltd.
2.430%, 09/11/19 (144A) (b)		800,000		795,252
Springleaf Finance Corp.
6.000%, 06/01/20 (a)		600,000		633,000
				14,314,172
Electric—1.9%
Calpine Corp.
5.375%, 01/15/23 (a)		5,310,000		5,177,250
Dominion Energy, Inc.
2.500%, 12/01/19		1,900,000		1,914,796
Engie S.A.
1.625%, 10/10/17 (144A)		1,000,000		999,214
PSEG Power LLC
3.000%, 06/15/21 (a)		3,300,000		3,350,711
Southern Co. (The)
2.350%, 07/01/21		2,800,000		2,779,599
2.450%, 09/01/18		3,000,000		3,019,734
State Grid Overseas Investment, Ltd.
1.750%, 05/22/18 (144A)		1,100,000		1,096,779
2.750%, 05/07/19 (144A)		1,100,000		1,110,121
Talen Energy Supply LLC
9.500%, 07/15/22 (144A) (a)		800,000		688,000
				20,136,204
Food—0.7%
JBS USA LUX S.A. / JBS USA Finance, Inc.
7.250%, 06/01/21 (144A)		1,900,000		1,899,050
Kraft Heinz Foods Co.
2.000%, 07/02/18		2,400,000		2,406,077
Kroger Co. (The)
2.600%, 02/01/21 (a)		3,200,000		3,200,118
				7,505,245
Gas—0.5%
Sempra Energy
2.850%, 11/15/20		5,700,000		5,785,215
Healthcare-Products—0.7%
Edwards Lifesciences Corp.
2.875%, 10/15/18		1,400,000		1,413,080
Stryker Corp.
2.000%, 03/08/19		4,400,000		4,412,144
Zimmer Biomet Holdings, Inc.
2.700%, 04/01/20		2,000,000		2,018,234
				7,843,458
Healthcare-Services—0.6%
HCA, Inc.
4.250%, 10/15/19 (a)		1,400,000		1,452,500
Tenet Healthcare Corp.
5.500%, 03/01/19 (a)		4,300,000		4,450,500
7.500%, 01/01/22 (144A) (a)		400,000		433,920
				6,336,920
Holding Companies-Diversified—0.3%
Hutchison Whampoa International, Ltd.
1.625%, 10/31/17 (144A)		3,200,000		3,192,355
Home Builders—2.2%
Beazer Homes USA, Inc.
5.750%, 06/15/19 (a)		16,000,000		16,770,000
KB Home
4.750%, 05/15/19		1,000,000		1,030,000
Lennar Corp.
6.950%, 06/01/18		5,500,000		5,724,400
				23,524,400
Insurance—2.4%
Jackson National Life Global Funding
2.250%, 04/29/21 (144A)		4,200,000		4,155,114
2.300%, 04/16/19 (144A)		1,500,000		1,507,752
Metropolitan Life Global Funding I
3.875%, 04/11/22 (144A) (a)		1,200,000		1,270,234
New York Life Global Funding
2.100%, 01/02/19 (144A)		4,000,000		4,019,324
2.150%, 06/18/19 (144A)		5,000,000		5,028,880
NUVEEN FINANCE LLC
2.950%, 11/01/19 (144A)		3,100,000		3,144,305
Pricoa Global Funding I
2.550%, 11/24/20 (144A)		3,700,000		3,725,804
Prudential Financial, Inc.
1.962%, 08/15/18 (b)		3,000,000		3,019,686
				25,871,099
Internet—0.4%
Alibaba Group Holding, Ltd.
2.500%, 11/28/19		4,000,000		4,030,368

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Lodging—0.4%
Marriott International, Inc.
2.875%, 03/01/21		4,800,000	$	4,870,814
Machinery-Diversified—0.1%
CNH Industrial Capital LLC
3.875%, 10/15/21 (a)		1,200,000		1,231,500
Media—1.4%
CBS Corp.
2.300%, 08/15/19		6,000,000		6,039,198
CSC Holdings LLC
7.625%, 07/15/18 (a)		2,500,000		2,637,500
NBCUniversal Enterprise, Inc.
1.974%, 04/15/19 (144A)		3,000,000		3,010,464
Time Warner, Inc.
2.100%, 06/01/19		4,000,000		4,001,648
				15,688,810
Mining—0.0%
FMG Resources August 2006 Pty, Ltd.
4.750%, 05/15/22 (144A)		500,000		501,875
Oil & Gas—1.2%
Anadarko Petroleum Corp.
4.850%, 03/15/21		2,300,000		2,454,882
California Resources Corp.
8.000%, 12/15/22 (144A) (a)		1,016,000		642,620
Sanchez Energy Corp.
7.750%, 06/15/21 (a)		1,200,000		1,086,000
Sinopec Group Overseas Development, Ltd.
2.375%, 04/12/20 (144A)		2,000,000		2,001,016
2.500%, 04/28/20 (144A)		3,500,000		3,516,480
Statoil ASA
1.639%, 11/08/18 (a) (b)		3,100,000		3,114,787
				12,815,785
Oil & Gas Services—0.2%
Petrofac, Ltd.
3.400%, 10/10/18 (144A)		1,200,000		1,128,178
Weatherford International, Ltd.
7.750%, 06/15/21 (a)		700,000		703,500
				1,831,678
Pharmaceuticals—0.5%
Allergan Funding SCS
2.350%, 03/12/18		4,000,000		4,016,700
Valeant Pharmaceuticals International, Inc.
5.375%, 03/15/20 (144A)		1,700,000		1,642,625
				5,659,325
Pipelines—1.3%
Enable Midstream Partners L.P.
2.400%, 05/15/19 (a)		2,200,000		2,191,378
Pipelines—(Continued)
Energy Transfer L.P.
4.150%, 10/01/20		1,600,000		1,661,770
EnLink Midstream Partners L.P.
2.700%, 04/01/19		500,000		498,905
Enterprise Products Operating LLC
2.550%, 10/15/19 (a)		1,600,000		1,613,814
Kinder Morgan Finance Co. LLC
6.000%, 01/15/18 (144A)		2,000,000		2,041,530
Kinder Morgan, Inc.
3.050%, 12/01/19		2,600,000		2,645,173
Sabine Pass Liquefaction LLC
5.625%, 02/01/21		2,200,000		2,395,081
Williams Partners L.P.
4.125%, 11/15/20		600,000		627,176
				13,674,827
Real Estate Investment Trusts—0.5%
American Tower Corp.
3.300%, 02/15/21 (a)		2,700,000		2,770,535
3.400%, 02/15/19		2,200,000		2,245,967
				5,016,502
Retail—0.7%
Dollar General Corp.
1.875%, 04/15/18		2,900,000		2,902,105
KSouth Africa, Ltd.
3.000%, 12/31/22 (144A) (c)		606,141		24,246
25.000%, 12/31/22 (144A) (c)		87,550		91,928
Toys “R” Us, Inc.
7.375%, 10/15/18 (a)		1,170,000		1,053,000
Walgreens Boots Alliance, Inc.
1.750%, 11/17/17 (a)		4,000,000		4,002,496
				8,073,775
Semiconductors—0.4%
Maxim Integrated Products, Inc.
2.500%, 11/15/18		4,200,000		4,234,171
Software—0.5%
Fiserv, Inc.
2.700%, 06/01/20		5,500,000		5,564,801
Telecommunications—2.0%
AT&T, Inc.
2.450%, 06/30/20		3,700,000		3,718,999
Cisco Systems, Inc.
2.450%, 06/15/20		3,800,000		3,860,982
Intelsat Jackson Holdings S.A.
7.250%, 10/15/20 (a)		500,000		472,500
Juniper Networks, Inc.
3.125%, 02/26/19		4,100,000		4,169,388
Sprint Communications, Inc.
9.000%, 11/15/18 (144A) (a)		260,000		282,181

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
3.360%, 09/20/21 (144A)		1,800,000	$	1,815,750
Telefonica Emisiones S.A.U.
3.192%, 04/27/18		1,800,000		1,819,030
Verizon Communications, Inc.
2.992%, 09/14/18 (a) (b)		5,500,000		5,599,517
				21,738,347
Trucking & Leasing—0.1%
Park Aerospace Holdings, Ltd.
5.250%, 08/15/22 (144A)		1,300,000		1,358,916
Total Corporate Bonds & Notes (Cost $397,109,431)				400,211,655
U.S. Treasury & Government Agencies—31.7%
Agency Sponsored Mortgage - Backed—5.2%
Fannie Mae 15 Yr. Pool
4.500%, 09/01/24		706,559		744,845
4.500%, 03/01/25		1,419,958		1,497,399
Fannie Mae ARM Pool 2.300%, 11/01/32 (b)		16,123		16,862
2.450%, 05/01/19 (b)		726		725
2.534%, 10/01/35 (b)		28,311		28,521
2.548%, 11/01/33 (b)		3,714		3,876
2.550%, 08/01/29 (b)		6,632		6,907
2.555%, 01/01/20 (b)		34,590		34,977
2.561%, 03/01/33 (b)		12,123		12,553
2.572%, 03/01/28 (b)		11,269		11,544
2.585%, 06/01/25 (b)		83,634		85,212
2.624%, 11/01/33 (b)		8,220		8,607
2.652%, 10/01/32 (b)		27,868		29,311
2.665%, 06/01/32 (b)		10,034		10,059
2.681%, 08/01/33 (b)		116,907		122,407
2.683%, 07/01/33 (b)		50,504		52,376
2.690%, 12/01/25 (b)		11,215		11,295
2.710%, 02/01/25 (b)		85,442		88,537
2.719%, 03/01/35 (b)		38,350		39,753
2.723%, 07/01/35 (b)		33,667		35,453
2.732%, 02/01/36 (b)		73,730		76,606
2.741%, 12/01/32 (b)		329,021		347,516
2.741%, 09/01/37 (b)		57,981		61,415
2.746%, 04/01/27 (b)		6,496		6,762
2.760%, 07/01/35 (b)		48,135		50,251
2.777%, 12/01/33 (b)		79,631		84,594
2.780%, 07/01/32 (b)		3,126		3,152
2.788%, 11/01/34 (b)		7,589		7,827
2.790%, 09/01/32 (b)		14,541		14,895
2.798%, 07/01/33 (b)		59,809		63,424
2.840%, 09/01/33 (b)		3,952		4,011
2.847%, 03/01/36 (b)		212,553		223,165
2.855%, 07/01/25 (b)		2,285		2,368
2.865%, 12/01/34 (b)		45,675		47,927
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool 2.875%, 05/01/19 (b)		9,421		9,454
2.879%, 11/01/35 (b)		3,209,549		3,369,000
2.885%, 08/01/37 (b)		25,983		27,369
2.890%, 08/01/32 (b)		50,506		52,780
2.893%, 03/01/30 (b)		1,203		1,263
2.895%, 09/01/30 (b)		62,876		65,473
2.895%, 01/01/32 (b)		11,754		11,884
2.895%, 09/01/39 (b)		5,585		5,838
2.900%, 01/01/32 (b)		8,287		8,763
2.921%, 09/01/35 (b)		22,239		23,393
2.925%, 09/01/32 (b)		4,800		4,844
2.927%, 07/01/33 (b)		34,950		36,562
2.945%, 11/01/35 (b)		146,345		151,989
2.951%, 11/01/34 (b)		3,668,223		3,882,923
2.952%, 08/01/30 (b)		24,373		25,003
2.962%, 03/01/37 (b)		17,358		18,067
2.964%, 09/01/36 (b)		1,509		1,584
2.969%, 02/01/35 (b)		46,578		49,137
2.970%, 08/01/35 (b)		770,868		811,417
2.970%, 03/01/38 (b)		26,364		27,783
2.980%, 12/01/32 (b)		25,016		26,395
2.991%, 11/01/35 (b)		27,211		28,549
2.992%, 08/01/34 (b)		15,995		16,911
2.995%, 11/01/32 (b)		64,803		68,117
3.006%, 01/01/36 (b)		74,971		79,558
3.010%, 08/01/35 (b)		6,498		6,676
3.012%, 09/01/33 (b)		10,614		11,138
3.017%, 04/01/36 (b)		64,436		66,895
3.032%, 07/01/28 (b)		6,956		7,223
3.034%, 07/01/33 (b)		28,850		29,856
3.075%, 06/01/26 (b)		459		459
3.090%, 01/01/29 (b)		12,640		12,828
3.100%, 10/01/36 (b)		8,604		9,127
3.106%, 04/01/36 (b)		4,932		5,218
3.107%, 12/01/32 (b)		35,370		37,354
3.125%, 02/01/34 (b)		77,429		78,620
3.131%, 06/01/28 (b)		2,342		2,449
3.135%, 09/01/37 (b)		4,738		5,069
3.139%, 10/01/33 (b)		34,563		36,194
3.140%, 02/01/36 (b)		11,270		11,892
3.150%, 06/01/35 (b)		48,762		49,539
3.163%, 11/01/36 (b)		2,740,129		2,893,815
3.175%, 06/01/30 (b)		9,317		9,511
3.175%, 02/01/44 (b)		29,959		30,987
3.198%, 06/01/33 (b)		24,625		25,168
3.210%, 02/01/36 (b)		28,861		30,229
3.214%, 11/01/36 (b)		3,403		3,576
3.280%, 02/01/33 (b)		37,397		37,868
3.308%, 03/01/33 (b)		51,310		53,911
3.322%, 09/01/35 (a) (b)		4,460,779		4,711,092
3.331%, 02/01/33 (b)		131,892		134,694
3.338%, 02/01/32 (b)		76,370		76,882
3.403%, 12/01/35 (b)		134,696		138,941
3.407%, 05/01/33 (b)		16,881		17,786
3.440%, 06/01/34 (b)		64,612		64,282

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae ARM Pool 3.447%, 11/01/35 (b)		1,390,688	$	1,477,929
3.455%, 03/01/36 (b)		33,932		35,440
3.458%, 09/01/32 (b)		87,613		88,487
3.458%, 03/01/36 (b)		13,650		14,510
3.481%, 09/01/33 (b)		97,557		103,227
3.498%, 08/01/33 (b)		64,446		68,970
3.500%, 04/01/34 (b)		144,732		152,681
3.505%, 03/01/36 (b)		49,787		52,171
3.525%, 05/01/32 (b)		6,655		6,688
3.525%, 08/01/32 (b)		28,659		29,268
3.525%, 04/01/34 (b)		18,638		19,153
3.560%, 04/01/35 (b)		611,783		649,281
3.560%, 04/01/40 (b)		7,417		7,854
3.597%, 03/01/37 (b)		13,958		14,817
3.612%, 05/01/34 (b)		21,649		22,864
3.625%, 10/01/33 (b)		53,363		54,524
3.625%, 05/01/34 (b)		87,679		92,138
3.700%, 02/01/25 (b)		8,567		8,628
3.708%, 08/01/32 (b)		57,114		58,095
4.504%, 05/01/34 (b)		117,807		120,506
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
3.816%, 12/25/27 (b)		4,668,518		4,783,050
3.866%, 03/25/28 (b)		5,769,874		5,915,633
4.066%, 04/25/28 (b)		4,560,217		4,723,246
4.116%, 07/25/28 (b)		390,000		406,016
Ginnie Mae II 30 Yr. Pool
4.000%, TBA (d)		15,600,000		16,415,343
				56,558,986
U.S. Treasury—26.5%
U.S. Treasury Inflation Indexed Notes
0.125%, 04/15/21 (e)		5,570,694		5,562,210
0.125%, 01/15/22 (e)		16,203,900		16,179,659
0.125%, 07/15/22 (e)		7,336,149		7,326,788
0.125%, 01/15/23 (e)		11,122,230		11,020,539
0.125%, 07/15/24 (e)		4,530,724		4,450,381
0.625%, 01/15/24 (e)		4,191,480		4,251,188
1.375%, 01/15/20 (e)		10,888,256		11,284,958
1.875%, 07/15/19 (e)		10,718,136		11,171,041
U.S. Treasury Notes
1.000%, 08/15/18 (a)		5,000,000		4,983,010
1.375%, 02/28/19		24,000,000		24,002,808
1.500%, 02/28/19		24,000,000		24,049,680
1.625%, 06/30/19		22,000,000		22,097,966
3.125%, 05/15/19 (a)		45,000,000		46,451,970
3.375%, 11/15/19 (a)		32,000,000		33,433,760
3.500%, 05/15/20		23,000,000		24,264,103
3.625%, 08/15/19		36,900,000		38,602,308
				289,132,369
Total U.S. Treasury & Government Agencies (Cost $348,413,223)				345,691,355
Asset-Backed Securities—10.7%
Security Description	Principal Amount*		Value
Asset-Backed - Credit Card—2.5%
American Express Credit Account Master Trust
2.419%, 09/15/20 (b)		1,825,000		1,838,857
Capital One Multi-Asset Execution Trust
1.199%, 07/15/20 (b)		4,850,000		4,849,857
Chase Issuance Trust
1.439%, 04/15/20 (b)		4,580,000		4,586,575
1.529%, 04/15/21 (b)		5,340,000		5,359,817
1.590%, 02/18/20		1,000,000		1,000,898
Discover Card Execution Note Trust
1.589%, 07/15/21 (b)		5,610,000		5,635,672
1.609%, 04/15/21 (b)		4,020,000		4,038,340
				27,310,016
Asset-Backed - Home Equity—0.4%
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
1.576%, 10/25/35 (b)		737,344		734,190
GSAA Home Equity Trust
2.161%, 02/25/35 (b)		2,322,715		2,303,885
Home Loan Trust
5.980%, 06/25/34		272,132		279,781
NovaStar Mortgage Funding Trust
2.866%, 03/25/35 (b)		165,319		165,655
RAAC Trust
1.916%, 03/25/34 (b)		336,294		320,227
				3,803,738
Asset-Backed - Manufactured Housing—0.0%
Conseco Financial Corp.
7.640%, 03/15/28 (b)		488,363		498,212
Asset-Backed - Other—7.8%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
2.041%, 06/25/34 (b)		1,032,112		1,032,495
Apidos CLO XIV
4.850%, 04/15/25 (144A)		1,710,000		1,714,636
Atrium X
3.036%, 07/16/25 (144A) (b)		980,000		987,976
Atrium XI
3.303%, 10/23/25 (144A) (b)		3,650,000		3,636,308
BlueMountain CLO, Ltd.
2.570%, 10/29/25 (144A) (b)		540,199		540,344
BlueMountain Fuji U.S. CLO I, Ltd.
3.637%, 07/20/29 (144A) (b)		600,000		599,983
Carlyle Global Market Strategies
1.000%, 07/20/29 (144A) (b)		500,000		500,000
Carlyle Global Market Strategies CLO, Ltd.
2.606%, 01/20/29 (144A) (b)		1,710,000		1,716,543
Carlyle U.S. CLO, Ltd.
Zero Coupon, 07/20/31 (144A) (b)		642,000		642,000
Catamaran CLO, Ltd.
4.108%, 10/18/26 (144A) (b)		2,384,800		2,395,114
Cent CLO, Ltd.
2.470%, 01/30/25 (144A) (b)		3,951,677		3,953,696

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Cent CLO, Ltd. 2.589%, 11/07/26 (144A) (b)		1,710,000	$	1,712,562
4.129%, 11/07/26 (144A) (b)		2,650,000		2,651,092
Centerline REIT, Inc.
4.760%, 09/21/45 (144A) (b)		833,753		837,164
5.040%, 09/21/45 (144A)		1,780,000		1,693,670
Colony American Homes
2.359%, 05/17/31 (144A) (b)		3,250,027		3,267,808
3.059%, 05/17/31 (144A) (b)		460,000		463,850
Countrywide Asset-Backed Certificates
1.966%, 03/25/34 (b)		294,683		294,068
2.266%, 12/25/34 (b)		287,440		288,411
Dryden 34 Senior Loan Fund
Zero Coupon, 10/15/26 (144A) (b)		900,000		901,819
Dryden 49 Senior Loan Fund
Zero Coupon, 07/18/30 (144A) (b)		380,000		380,000
Eaton Vance CLO, Ltd.
2.358%, 07/15/26 (144A) (b)		2,592,000		2,593,428
Galaxy CLO, Ltd.
2.408%, 04/15/25 (144A) (b)		4,465,000		4,467,697
GSAMP Trust
2.221%, 06/25/35 (b)		524,144		525,613
Highbridge Loan Management, Ltd.
5.800%, 10/20/24 (144A)		510,000		510,690
Invitation Homes Trust
2.309%, 09/17/31 (144A) (b)		2,756,544		2,761,718
2.509%, 08/17/32 (144A) (b)		2,629,504		2,641,495
2.559%, 06/17/32 (144A) (b)		4,518,324		4,559,591
2.659%, 03/17/32 (144A) (b)		1,501,224		1,514,638
2.809%, 09/17/31 (144A) (b)		2,950,000		2,949,996
Madison Park Funding, Ltd.
1.000%, 07/27/30 (b)		2,100,000		2,100,000
Morgan Stanley ABS Capital I, Inc. Trust
1.951%, 01/25/35 (b)		302,777		302,585
NZCG Funding, Ltd.
2.720%, 04/27/27 (144A) (b)		4,969,875		4,970,327
Octagon Investment Partners LLC
3.610%, 07/20/30 (144A) (b)		126,643		126,390
Octagon Investment Partners, Ltd.
2.311%, 08/12/26 (144A) (b)		400,000		399,796
2.578%, 07/15/27 (144A) (b)		3,645,114		3,646,387
Structured Asset Investment Loan Trust 2.256%, 12/25/34 (b)		539,878		540,521
SWAY Residential Trust 2.509%, 01/17/32 (144A) (b)		83,999		83,999
TCI-Cent CLO, Ltd. Zero Coupon, 07/25/30 (144A) (b)		254,559		254,559
Towd Point Mortgage Trust 2.500%, 10/25/56 (144A) (b)		2,647,724		2,650,421
2.750%, 10/25/56 (144A) (b)		2,446,803		2,465,663
2.750%, 04/25/57 (144A) (b)		1,869,593		1,887,415
3.000%, 03/25/54 (144A) (b)		1,030,599		1,042,743
Tricon American Homes Trust 2.422%, 05/17/32 (144A) (b)		4,457,815		4,482,732
Voya CLO, Ltd. Zero Coupon, 07/20/30 (144A) (b) (f)		221,301		221,301
Asset-Backed - Other—(Continued)
Voya CLO, Ltd. 2.638%, 04/18/27 (144A) (b)		1,190,000		1,197,047
2.658%, 10/14/26 (144A) (b)		1,070,000		1,070,477
West CLO, Ltd. 3.258%, 07/18/26 (144A) (b)		1,230,000		1,229,990
4.008%, 07/18/26 (144A) (b)		3,240,000		3,240,233
				84,646,991
Total Asset-Backed Securities (Cost $115,273,482)				116,258,957
Mortgage-Backed Securities—10.7%
Collateralized Mortgage Obligations—8.3%
Adjustable Rate Mortgage Trust 3.374%, 02/25/35 (b)		1,927,332		1,895,945
American Home Mortgage Investment Trust 2.930%, 10/25/34 (b)		1,175,479		1,151,817
CHL Mortgage Pass-Through Trust 3.157%, 07/25/34 (b)		675,245		677,519
3.608%, 05/25/34 (b)		1,298,526		1,289,162
Credit Suisse First Boston Mortgage Securities Corp. 5.000%, 09/25/19		197,293		201,986
Fannie Mae Connecticut Avenue Securities 2.166%, 05/25/24 (b)		126,099		126,332
4.116%, 07/25/24 (b)		1,470,000		1,553,338
4.216%, 07/25/24 (b)		5,625,000		5,997,863
4.766%, 07/25/29 (b)		2,980,000		3,147,025
5.216%, 05/25/25 (b)		3,346,012		3,594,146
5.516%, 02/25/25 (b)		5,175,788		5,630,630
5.766%, 02/25/25 (b)		5,049,969		5,455,094
6.116%, 11/25/24 (b)		332,651		380,154
6.216%, 11/25/24 (b)		1,924,836		2,169,830
6.216%, 07/25/25 (b)		3,479,000		3,858,556
First Horizon Alternative Mortgage Securities Trust 2.848%, 12/25/34 (b)		887,180		864,531
Freddie Mac Structured Agency Credit Risk Debt Notes 2.566%, 03/25/29 (b)		250,000		254,035
3.066%, 10/25/27 (b)		4,560,000		4,677,085
3.416%, 02/25/24 (b)		276,996		284,758
3.416%, 03/25/25 (b)		1,032,069		1,044,019
3.416%, 10/25/28 (b)		2,500,000		2,551,516
3.466%, 11/25/28 (b)		1,770,000		1,818,876
3.616%, 08/25/24 (b)		124,684		125,232
3.616%, 01/25/25 (b)		869,991		873,837
3.716%, 08/25/24 (b)		2,430,317		2,464,974
3.866%, 10/25/24 (b)		924,890		932,045
3.966%, 09/25/28 (b)		800,000		830,113
4.016%, 05/25/28 (b)		5,132,520		5,313,962
4.516%, 10/25/27 (b)		1,500,000		1,676,829
5.016%, 03/25/25 (b)		3,840,000		4,175,527
5.116%, 12/25/27 (b)		4,925,000		5,438,038
5.216%, 08/25/24 (b)		450,000		491,144

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Freddie Mac Structured Agency Credit Risk Debt Notes 5.766%, 10/25/24 (b)		990,658	$	1,091,796
5.916%, 03/25/28 (b)		1,000,000		1,137,066
Impac Secured Assets CMN Owner Trust
1.981%, 02/25/35 (b)		1,120,000		1,103,200
MASTR Alternative Loan Trust
5.000%, 02/25/18		71,674		73,062
5.000%, 08/25/18		138,596		139,401
5.500%, 12/25/18		104,939		105,445
5.500%, 04/25/19		210,761		213,447
5.542%, 11/25/19 (b)		259,379		263,402
Merrill Lynch Mortgage Investors Trust
1.956%, 03/25/28 (b)		588,772		560,805
2.094%, 01/25/29 (b)		692,907		654,481
3.045%, 04/25/35 (b)		366,166		355,095
3.141%, 10/25/36 (b)		1,169,811		1,148,823
New York Mortgage Trust
1.891%, 02/25/36 (b)		435,455		386,519
Sequoia Mortgage Trust
1.852%, 11/20/34 (b)		419,266		389,868
Structured Adjustable Rate Mortgage Loan Trust
1.656%, 08/25/35 (b)		958,638		914,041
3.366%, 09/25/34 (b)		2,015,655		2,004,962
Structured Asset Mortgage Investments Trust
1.909%, 02/19/35 (b)		747,669		696,854
1.949%, 12/19/33 (b)		308,123		296,610
Thornburg Mortgage Securities Trust
1.856%, 09/25/43 (b)		471,501		455,321
WaMu Mortgage Pass-Through Certificates Trust
1.446%, 04/25/45 (b)		2,041,490		1,946,933
1.506%, 07/25/45 (b)		1,146,648		1,114,639
1.546%, 01/25/45 (b)		2,420,343		2,357,982
Wells Fargo Mortgage-Backed Securities Trust
3.116%, 02/25/35 (b)		1,092,828		1,107,945
3.152%, 06/25/35 (b)		720,673		721,151
				90,184,766
Commercial Mortgage-Backed Securities—2.4%
Banc of America Commercial Mortgage Trust
5.695%, 07/10/46 (b)		278,450		277,999
5.842%, 09/10/45 (b)		1,130,000		1,127,476
Bear Stearns Commercial Mortgage Securities Trust
5.279%, 10/12/42 (b)		800,000		790,614
5.611%, 09/11/41 (b)		23,786		23,901
CD Commercial Mortgage Trust
5.434%, 07/15/44 (b)		635,318		634,421
Citigroup Commercial Mortgage Trust
1.571%, 02/10/48 (b) (g)		3,821,135		309,806
5.482%, 10/15/49		1,000,153		945,755
5.866%, 12/10/49 (b)		2,200,000		2,201,470
Colony Multifamily Mortgage Trust
2.543%, 04/20/50 (144A)		1,530,678		1,525,144
Commercial Mortgage-Backed Securities—(Continued)
Core Industrial Trust
3.040%, 02/10/34 (144A)		2,110,000		2,165,006
CSAIL Commercial Mortgage Trust
1.008%, 06/15/57 (b) (g)		15,924,660		772,674
GE Commercial Mortgage Corp. Trust
5.606%, 12/10/49 (b)		960,000		968,423
Greenwich Capital Commercial Mortgage Trust
5.951%, 07/10/38 (b)		2,195,792		2,086,711
GS Mortgage Securities Corp. II
1.029%, 05/10/50 (b) (g)		20,050,496		949,814
JPMorgan Chase Commercial Mortgage Securities Trust
5.115%, 07/15/41		11,690		11,691
5.464%, 12/12/43		271,502		271,369
5.824%, 12/15/44 (b)		1,922,568		1,917,944
LB-UBS Commercial Mortgage Trust
5.276%, 02/15/41 (b)		870,023		870,391
Merrill Lynch Mortgage Trust
5.540%, 11/12/37 (b)		779,661		778,807
Morgan Stanley Capital Trust
5.628%, 03/12/44 (b)		497,776		497,489
Multi Security Asset Trust L.P.
5.880%, 11/28/35 (144A) (b)		4,350,000		4,371,653
Resource Capital Corp., Ltd.
2.222%, 04/15/32 (144A) (b)		267,199		267,164
2.572%, 08/15/32 (144A) (b)		480,154		478,828
Wachovia Bank Commercial Mortgage Trust
6.131%, 10/15/35 (144A) (b)		321,851		329,065
Wells Fargo Commercial Mortgage Trust
1.802%, 11/15/49 (b) (g)		14,376,821		1,482,868
				26,056,483
Total Mortgage-Backed Securities (Cost $115,122,534)				116,241,249
Floating Rate Loans (h)—5.7%
Aerospace/Defense—0.3%
FGI Operating Co. LLC
Term Loan, 5.500%, 04/19/19		3,640,286		3,461,304
Air Freight & Logistics—0.1%
XPO Logistics, Inc.
Term Loan B, 3.405%, 11/01/21		1,190,103		1,194,566
Airlines—0.0%
Air Canada
Term Loan B, 3.460%, 10/06/23		33,034		33,213
United Airlines, Inc.
Term Loan B, 3.422%, 04/01/24		148,501		149,225
				182,438
Auto Manufacturers—0.1%
Navistar International Corp.
Term Loan B, 5.090%, 08/07/20		881,904		893,206

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Auto Parts & Equipment—0.0%
Goodyear Tire & Rubber Co. (The)
2nd Lien Term Loan, 3.120%, 04/30/19		186,125	$	187,792
TI Group Automotive Systems LLC
Term Loan, 3.976%, 06/30/22		96,081		96,201
				283,993
Chemicals—0.1%
Chemours Company (The)
Term Loan B, 3.570%, 05/12/22		446,963		449,198
OCI Beaumont LLC
Term Loan B3, 8.025%, 08/20/19		581,652		588,922
				1,038,120
Coal—0.2%
Bowie Resource Holdings LLC
1st Lien Term Loan, 6.976%, 08/14/20		1,378,842		1,335,178
2nd Lien Delayed Draw Term Loan, 11.976%, 02/16/21		371,429		346,822
				1,682,000
Commercial Services—0.3%
Avis Budget Car Rental LLC
Term Loan B, 3.300%, 03/15/22		1,191,952		1,189,270
Hertz Corp. (The)
Term Loan B, 06/30/23 (i)		1,700,000		1,697,743
Live Nation Entertainment, Inc.
Term Loan B2, 3.500%, 10/31/23		64,704		64,844
				2,951,857
Computers—0.3%
Abacus Innovations Corp.
Term Loan B, 3.500%, 08/16/23		188,623		190,250
Dell, Inc.
Term Loan A3, 3.230%, 12/31/18		657,570		659,282
Sungard Availability Services Capital, Inc.
Term Loan B, 6.226%, 03/31/19		1,943,869		1,943,177
				2,792,709
Diversified Financial Services—0.2%
Lightstone Generation LLC
Term Loan B, 5.724%, 01/30/24		2,348,829		2,299,243
Term Loan C, 5.726%, 01/30/24		145,270		142,203
				2,441,446
Electric—0.3%
Calpine Construction Finance Co. L.P.
Term Loan B1, 3.480%, 05/03/20		1,989,637		1,989,327
EFS Cogen Holdings I LLC
Term Loan B, 4.796%, 06/28/23		111,581		112,487
NRG Energy, Inc.
Term Loan B, 3.546%, 06/30/23		801,900		801,328
				2,903,142
Entertainment—0.3%
Greektown Holdings LLC
Term Loan B, 4.226%, 03/21/24		3,042,643		3,046,921
Lions Gate Entertainment Corp.
Term Loan A, 3.226%, 12/08/21		439,898		441,410
				3,488,331
Food—0.4%
Aramark Services, Inc.
Term Loan A, 2.976%, 03/09/22		310,288		311,839
JBS USA LLC
Term Loan B, 5.750%, 10/30/22		4,384,625		4,279,807
				4,591,646
Forest Products & Paper—0.2%
Appvion, Inc.
Term Loan, 7.790%, 06/28/19		1,033,832		1,007,555
Caraustar Industries, Inc.
Term Loan B, 6.796%, 03/14/22		1,186,980		1,189,948
				2,197,503
Healthcare-Services—0.4%
Cyanco Intermediate Corp.
Term Loan B, 5.726%, 05/01/20		1,873,835		1,884,765
U.S. Renal Care, Inc.
Term Loan B, 5.546%, 12/31/22		2,244,304		2,185,391
				4,070,156
Household Products/Wares—0.1%
Spectrum Brands, Inc.
Term Loan B, 3.179%, 06/23/22		1,437,972		1,444,802
Industrial Conglomerates—0.1%
OSG Bulk Ships, Inc.
Term Loan, 5.430%, 08/05/19		764,336		726,119
Insurance—0.0%
RPI Finance Trust
Term Loan A3, 3.046%, 10/14/21		246,704		247,012
Internet Software & Services—0.1%
Onsite U.S. Finco LLC
Term Loan, 5.716%, 07/30/21 (j)		1,801,958		1,351,468
Rackspace Hosting, Inc.
1st Lien Term Loan, 4.172%, 11/03/23		325,144		323,518
				1,674,986
IT Services—0.0%
Global Payments Inc.
Delayed Draw Term Loan A, 2.939%, 10/29/21		524,664		524,664
Leisure Time—0.0%
Aristocrat Leisure, Ltd.
Term Loan B, 3.406%, 10/20/21		111,482		112,095

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Lodging—0.0%
Caesars Entertainment Operating Co.
Term Loan, 03/31/24 (i)		70,777	$	70,645
Machinery—0.3%
Allison Transmission, Inc.
Term Loan B3, 3.220%, 09/23/22		709,598		714,678
Harsco Corp.
Term Loan B, 6.250%, 11/02/23		194,597		198,246
UTEX Industries, Inc.
1st Lien Term Loan, 5.226%, 05/22/21		2,626,994		2,362,106
Zebra Technologies Corp.
Term Loan B, 3.723%, 10/27/21		332,307		334,178
				3,609,208
Media—0.0%
Altice U.S. Finance I Corp.
Term Loan, 3.466%, 07/28/25		167,203		167,328
AMC Entertainment, Inc.
Term Loan, 3.459%, 12/15/22		101,472		101,885
Term Loan B, 3.466%, 12/15/23		65,029		65,232
				334,445
Oil & Gas—0.4%
Fieldwood Energy LLC
1st Lien Term Loan, 4.171%, 09/28/18		3,636,576		3,506,266
Oxbow Carbon LLC
Term Loan B, 4.726%, 01/19/20		483,835		488,068
				3,994,334
Oil & Gas Services—0.1%
Navios Maritime Midstream Partners L.P.
Term Loan B, 5.780%, 06/18/20		852,689		852,333
Pharmaceuticals—0.1%
Endo Luxembourg Finance Co. I S.a.r.l.
Term Loan B, 5.500%, 04/29/24		384,151		387,842
Valeant Pharmaceuticals International, Inc.
Term Loan B F1, 5.830%, 04/01/22*		883,283		896,226
				1,284,068
Retail—0.6%
Ascena Retail Group, Inc.
Term Loan B, 5.625%, 08/21/22		2,294,304		1,953,983
Dollar Tree, Inc.
Term Loan A, 2.938%, 07/06/20		357,935		358,830
Evergreen Acqco 1 L.P.
Term Loan, 5.000%, 07/09/19		2,491,558		2,373,209
PetSmart, Inc.
Term Loan B2, 4.220%, 03/11/22		1,915,051		1,783,241
Smart & Final Stores LLC
1st Lien Term Loan, 4.796%, 11/15/22		628,686		608,777
				7,078,040
Semiconductors—0.2%
MKS Instruments, Inc.
Term Loan B2, 3.976%, 05/01/23		163,242		164,262
ON Semiconductor Corp.
Term Loan B, 3.476%, 03/31/23		1,775,103		1,780,096
				1,944,358
Software—0.2%
BMC Software Finance, Inc.
Revolver Term Loan, 0.500%, 09/10/18 (k)		1,825,218		1,761,335
Technology Hardware, Storage & Peripherals—0.1%
Western Digital Corp.
Term Loan B, 3.976%, 04/29/23		551,687		555,867
Telecommunications—0.2%
CommScope, Inc.
Term Loan B5, 3.296%, 12/29/22		426,378		427,710
Consolidated Communications, Inc.
Term Loan B, 4.230%, 10/04/23		161,661		162,752
CSC Holdings LLC
1st Lien Term Loan, 3.459%, 07/17/25		807,605		806,344
Global Tel*Link Corp.
1st Lien Term Loan, 5.046%, 05/23/20		185,335		185,509
UPC Financing Partnership
Term Loan AP, 3.909%, 04/15/25		202,921		203,403
				1,785,718
Total Floating Rate Loans (Cost $63,753,335)				62,172,446
Foreign Government—1.6%
Sovereign—1.6%
Brazil Notas do Tesouro Nacional
6.000%, 08/15/18 (BRL) (e)		600,000		549,799
10.000%, 01/01/21 (BRL)		5,500,000		1,582,181
Export-Import Bank of China (The)
2.500%, 07/31/19 (144A)		4,000,000		4,026,898
Export-Import Bank of Korea
2.250%, 01/21/20		5,000,000		4,991,160
Indonesia Treasury Bonds
8.250%, 07/15/21 (IDR)		16,800,000,000		1,327,361
Japan Bank for International Cooperation
2.125%, 06/01/20		1,700,000		1,699,806
Mexican Bonos
7.750%, 12/14/17 (MXN)		19,000,000		1,050,359
8.500%, 12/13/18 (MXN)		17,100,000		963,687
Serbia International Bonds
5.250%, 11/21/17 (144A)		1,200,000		1,213,881
Total Foreign Government (Cost $17,299,654)				17,405,132

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Municipals—0.7%

Security Description	Shares/ Principal Amount*		Value
Industry Public Facilities Authority, Tax Allocation Revenue
3.389%, 01/01/20		3,525,000	$	3,589,402
State of Pennsylvania, General Obligation, Ltd.
5.000%, 01/15/20		2,800,000		3,052,140
State of Texas, General Obligation Unlimited
5.000%, 04/01/21		1,185,000		1,345,295
Total Municipals (Cost $7,953,884)				7,986,837
Investment Company Security—0.4%
PowerShares Senior Loan Portfolio (a) (Cost $3,830,888)		165,000		3,818,100
Common Stocks—0.1%
Diversified Financial Services—0.0%
Edcon Holdings, Ltd. (f) (j)		8,217,950		6,282
Edcon Holdings, Ltd. (f) (j)		817,800		625
				6,907
Oil, Gas & Consumable Fuels—0.1%
Energy XXI Gulf Coast, Inc. (a) (l)		38,479		714,555
Halcon Resources Corp. (a) (l)		65,445		297,120
Linn Energy, Inc. (a) (l)		8,053		245,939
				1,257,614
Paper & Forest Products—0.0%
Verso Corp. - Class A (a) (l)		1,665		7,809
Total Common Stocks (Cost $3,433,840)				1,272,330
Warrant—0.0%
Oil, Gas & Consumable Fuels—0.0%
Halcon Resources Corp., Expires 09/09/20 (l)		5,835		3,618
Paper & Forest Products—0.0%
Verso Corp., Expires 07/25/23 (l)		175		26
Total Warrants (Cost $0)				3,644
Short-Term Investments—3.2%
Discount Note—1.7%
Federal Home Loan Bank 0.439%, 07/03/17 (m)		19,000,000		18,999,314
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $16,009,687 on 07/03/17, collateralized by $15,285,000 U.S. Treasury Note at 3.625% due 02/15/20 with a value of $16,332,282.		16,009,527		16,009,527
Total Short-Term Investments (Cost $35,008,841)				35,008,841
Securities Lending Reinvestments (n)—11.7%
Certificates of Deposit—2.7%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		995,818		997,900
Bank of Montreal
1.130%, 07/07/17		2,000,000		1,999,980
Bank of Nova Scotia Houston
1.492%, 11/03/17 (b)		500,000		500,494
Bank of Tokyo-Mitsubishi, Ltd.
1.602%, 11/16/17 (b)		2,000,000		2,001,952
BNP Paribas New York
1.524%, 08/04/17 (b)		500,000		500,060
Canadian Imperial Bank
1.630%, 10/27/17 (b)		250,000		250,281
Credit Suisse AG New York
1.314%, 11/07/17 (b)		2,000,000		2,000,162
DNB NOR Bank ASA
1.412%, 07/28/17 (b)		400,000		400,050
KBC Bank NV
Zero Coupon, 09/08/17		1,993,124		1,995,620
Landesbank Baden-Wuerttemberg
1.150%, 07/03/17		1,500,000		1,499,985
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (b)		1,000,000		1,000,023
1.401%, 09/01/17 (b)		1,000,000		1,000,606
Mizuho Bank, Ltd., New York
1.400%, 11/27/17 (b)		1,000,000		999,540
1.451%, 09/01/17 (b)		1,300,000		1,300,283
1.610%, 08/02/17 (b)		750,000		750,229
Norinchukin Bank New York
1.297%, 11/13/17 (b)		1,000,000		1,000,078
1.687%, 07/12/17 (b)		1,500,000		1,500,181
Sumitomo Mitsui Banking Corp., New York
1.330%, 02/08/18 (b)		100,000		99,991
1.551%, 08/01/17 (b)		1,600,000		1,600,622
Sumitomo Mitsui Trust Bank, Ltd., New York
1.230%, 12/04/17 (b)		2,000,000		1,999,804
1.297%, 11/13/17 (b)		1,500,000		1,499,890
1.552%, 08/16/17 (b)		1,000,000		1,000,301
Toronto Dominion Bank New York
1.467%, 03/13/18 (b)		600,000		600,446
1.475%, 01/10/18 (b)		1,500,000		1,502,494
UBS, Stamford
1.722%, 07/31/17 (b)		400,409		400,228

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (n)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Wells Fargo Bank San Francisco N.A.
1.547%, 10/26/17 (b)		750,000	$	750,671
				29,151,871
Commercial Paper—1.2%
Barton Capital S.A.
1.210%, 07/10/17		996,841		999,674
Commonwealth Bank Australia
1.391%, 03/01/18		1,500,000		1,501,169
Erste Abwicklungsanstalt
1.379%, 07/18/17 (b)		2,400,000		2,400,139
ING Funding LLC
1.234%, 12/07/17 (b)		2,000,000		2,000,691
1.277%, 11/13/17 (b)		1,000,000		999,927
Manhattan Asset Funding Co.
1.434%, 09/07/17 (b)		1,200,000		1,200,072
National Australia Bank, Ltd.
1.563%, 12/06/17 (b)		1,000,000		1,001,351
Ridgefield Funding Co. LLC
1.434%, 09/07/17 (b)		1,000,000		1,000,400
Sheffield Receivables Co.
1.230%, 07/07/17		996,891		999,766
Westpac Banking Corp.
1.506%, 10/20/17 (b)		1,000,000		1,000,997
				13,104,186
Repurchase Agreements—5.9%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $1,479,225 on 07/03/17, collateralized by $1,539,709 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $1,508,675.		1,479,092		1,479,092
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $13,501,238 on 07/03/17, collateralized by $13,448,117 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $13,770,001.		13,500,000		13,500,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $15,001,500 on 07/03/17, collateralized by $15,251,000 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $15,300,046.		15,000,000		15,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $7,505,813 on 07/03/17, collateralized by $1,630 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $8,338,676.		7,500,000		7,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,507,268 on 09/29/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $711,338 on 10/02/17, collateralized by various Common Stock with a value of $770,000.		700,000		700,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,511,471 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $10,001,117 on 07/03/17, collateralized by $19,940,618 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $10,201,188.		10,000,000		10,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $8,000,787 on 07/03/17, collateralized by $12,014,106 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $8,160,000.		8,000,000		8,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000		5,000,000
				64,179,092
Time Deposits—1.9%
Australia New Zealand Bank
1.150%, 07/03/17		800,000		800,000

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (n)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Credit Industriel et Commercial
1.100%, 07/03/17		5,500,000	$	5,500,000
Landesbank Baden-Wuerttemberg
1.200%, 07/03/17		1,500,000		1,500,000
Nordea Bank New York
1.050%, 07/03/17		5,300,000		5,300,000
Shinkin Central Bank
1.330%, 07/25/17		2,000,000		2,000,000
Standard Chartered plc
1.200%, 07/03/17		5,400,000		5,400,000
				20,500,000
Total Securities Lending Reinvestments (Cost $126,921,603)				126,935,149
Total Investments—113.2% (Cost $1,234,120,715) (o)				1,233,005,695
Unfunded Loan Commitments—(0.2)% (Cost $(1,825,218))				(1,825,218	)
Net Investments—113.0% (Cost $1,232,295,497)				1,231,180,477
Other assets and liabilities (net)—(13.0)%				(142,030,202	)
Net Assets—100.0%			$	1,089,150,275

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $123,779,001 and the collateral received consisted of cash in the amount of $126,912,173. 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 June 30, 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)	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)	Principal amount of security is adjusted for inflation.
(f)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent less than 0.05% of net assets.
(g)	Interest only security.
(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 June 30, 2017, at which time the interest rate will be determined.
(j)	Illiquid security. As of June 30, 2017, these securities represent 0.1% of net assets.
(k)	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.
(l)	Non-income producing security.
(m)	The rate shown represents current yield to maturity.
(n)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(o)	As of June 30, 2017, the aggregate cost of investments was $1,232,295,497. The aggregate unrealized appreciation and depreciation of investments were $11,974,359 and $(13,089,379), respectively, resulting in net unrealized appreciation of $(1,115,020).
(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 June 30, 2017, the market value of 144A securities was $181,291,652, which is 16.6% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(BRL)—	Brazilian Real
(CHF)—	Swiss Franc
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(EUR)—	Euro
(IDR)—	Indonesian Rupiah
(MXN)—	Mexican Peso

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 30 Yr. Pool		4.000	%		TBA	$	(8,900,000	)	$	(9,381,504	)	$	(9,355,777	)

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	5,800,000	Deutsche Bank AG		10/26/17		USD	6,420,600	$	243,949
EUR	3,000,000	Goldman Sachs Bank USA		10/26/17		USD	3,382,350		64,830
INR	51,540,000	Deutsche Bank AG		10/26/17		USD	784,326		1,623
INR	45,300,000	JPMorgan Chase Bank N.A.		10/26/17		USD	688,450		2,344
MXN	120,300,000	JPMorgan Chase Bank N.A.		10/26/17		USD	6,155,751		357,447
Contracts to Deliver
AUD	4,331,148	Deutsche Bank AG		10/26/17		USD	3,186,989		(137,216	)
AUD	4,000,000	JPMorgan Chase Bank N.A.		10/26/17		USD	2,946,140		(123,905	)
CAD	1,160,000	JPMorgan Chase Bank N.A.		10/26/17		USD	886,708		(9,276	)
CAD	800,000	JPMorgan Chase Bank N.A.		10/26/17		USD	587,587		(30,332	)
EUR	253,765	Barclays Bank plc		10/26/17		USD	277,917		(13,674	)
EUR	2,962,067	Citibank N.A.		10/26/17		USD	3,244,708		(158,886	)
EUR	8,571,294	Deutsche Bank AG		10/26/17		USD	9,394,995		(453,937	)
EUR	3,500,000	Deutsche Bank AG		10/26/17		USD	3,838,450		(183,261	)
EUR	9,213,000	Goldman Sachs Bank USA		10/26/17		USD	10,094,684		(491,607	)
EUR	2,576,608	JPMorgan Chase Bank N.A.		10/26/17		USD	2,823,627		(137,050	)
EUR	1,035,310	JPMorgan Chase Bank N.A.		10/26/17		USD	1,134,974		(54,659	)
GBP	1,310,000	Deutsche Bank AG		10/26/17		USD	1,703,852		(8,255	)
JPY	99,997,600	Citibank N.A.		10/26/17		USD	883,519		(10,106	)
JPY	88,300,000	HSBC Bank plc		10/26/17		USD	780,035		(9,055	)
JPY	361,284,375	JPMorgan Chase Bank N.A.		10/26/17		USD	3,190,924		(37,683	)
JPY	73,371,250	JPMorgan Chase Bank N.A.		10/26/17		USD	648,199		(7,481	)
Cross Currency Contracts to Buy
GBP	830,000	JPMorgan Chase Bank N.A.		10/26/17		SEK	9,156,975		(9,240	)
SEK	9,530,088	JPMorgan Chase Bank N.A.		10/26/17		GBP	830,000		53,817
Net Unrealized Depreciation								$	(1,151,613	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Canada Government Bond 10 Year Futures		09/20/17		31			CAD	4,476,543		$	(92,144	)
U.S. Treasury Note 2 Year Futures		09/29/17		960			USD	207,730,583			(265,582	)
Futures Contracts—Short
U.S. Treasury Note 10 Year Futures		09/20/17		(169	)		USD	(21,312,306	)		97,525
U.S. Treasury Note 5 Year Futures		09/29/17		(364	)		USD	(42,996,590	)		104,308
Net Unrealized Depreciation										$	(155,893	)

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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/ (Depreciation)
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	$	151,862		$	—	$	151,862
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		(8,139	)		1,056		(9,195	)
Totals								$	143,723		$	1,056	$	142,667

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

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
Pay	3M LIBOR-BBA	1.152%	03/20/18	Citibank N.A.	Markit iBoxx USD Liquid High Yield Index	USD	2,350,000	$	17,443	$	—	$	17,443
Pay	3M LIBOR-BBA	1.274%	06/20/18	Citibank N.A.	Markit iBoxx USD Liquid High Yield Index	USD	2,350,000		32,769		—		32,769
Totals								$	50,212	$	—	$	50,212

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

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.28		(5.000%)		06/20/22	3.392%		USD	2,350,000	$	10,128
CDX.NA.HY.28		(5.000%)		06/20/22	3.392%		USD	2,350,000		(1,227)
ITRAXX.EUR.27		(1.000%)		06/20/22	0.561%		EUR	6,600,000		(11,325)
ITRAXX.EUR.27		(1.000%)		06/20/22	0.561%		EUR	6,900,000		(203)
ITRAXX.EUR.27		(1.000%)		06/20/22	0.561%		EUR	7,100,000		(28,892)
Olin Corp. 1.000%, due 12/20/21		(1.000%)		12/20/21	1.466%		USD	1,000,000		(5,562)
Net Unrealized Depreciation									$	(37,081)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
CDX.NA.IG.28		1.000%		06/20/22	0.607%		USD	7,700,000	$	862
CDX.NA.IG.28		1.000%		06/20/22	0.607%		USD	7,600,000		(5,140)
CDX.NA.IG.28		1.000%		06/20/22	0.607%		USD	7,600,000		(1,054)
Net Unrealized Depreciation									$	(5,332)

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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 June 30, 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.		1.224%		USD	600,000	$	(85,942)	$	(63,915)	$	(22,027)
AES Corp. 1.000%, due 06/01/19		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		1.226%		USD	500,000		(71,625)		(56,973)		(14,652)
AES Corp. 1.000%, due 06/01/19		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		1.226%		USD	500,000		(71,625)		(51,976)		(19,649)
AES Corp. 1.000%, due 06/01/19		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		1.226%		USD	1,500,000		(214,874)		(170,919)		(43,955)
AES Corp. 5.000%, due 06/20/22		(5.000%)		06/20/22	JPMorgan Chase Bank N.A.		1.801%		USD	1,300,000		(191,926)		(177,082)		(14,844)
AES Corp. 5.000%, due 06/20/22		(5.000%)		06/20/22	JPMorgan Chase Bank N.A.		1.801%		USD	2,000,000		(295,270)		(281,770)		(13,500)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Citibank N.A.		0.598%		USD	2,500,000		(214,653)		(129,684)		(84,969)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		0.598%		USD	2,000,000		(171,723)		(86,028)		(85,695)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		0.598%		USD	5,000,000		(429,307)		(249,868)		(179,439)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		0.598%		USD	5,000,000		(429,307)		(228,025)		(201,282)
Best Buy Co., Inc. 6.000%, due 06/20/22		(5.000%)		06/20/22	Citibank N.A.		1.247%		USD	660,000		(116,066)		(107,750)		(8,316)
Best Buy Co., Inc. 5.000%, due 06/20/22		(5.000%)		06/20/22	JPMorgan Chase Bank N.A.		1.247%		USD	650,000		(114,308)		(116,574)		2,266
CSC Holdings LLC 5.000%, due 09/20/18		(5.000%)		09/20/18	Barclays Bank plc		0.336%		USD	2,500,000		(142,670)		(146,999)		4,329
Calpine Corp. 5.375%, due 01/15/23		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		3.128%		USD	80,000		5,490		5,141		349
Lennar Corp. 4.750%, due 12/15/17		(5.000%)		06/20/18	Citibank N.A.		0.158%		USD	5,500,000		(259,719)		(628,661)		368,942
Lennar Corp. 4.750%, due 12/15/17		(5.000%)		09/20/19	Credit Suisse International		0.416%		USD	2,000,000		(201,640)		(285,162)		83,522
Olin Corp. 5.500%, due 08/15/22		(1.000%)		06/20/21	Citibank N.A.		1.203%		USD	2,200,000		16,979		168,529		(151,550)
Springleaf Finance Corp. 5.000%, due 06/20/20		(5.000%)		06/20/20	Barclays Bank plc		1.813%		USD	600,000		(54,272)		(55,619)		1,347
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000%)		03/20/19	Barclays Bank plc		1.124%		USD	1,800,000		(118,472)		(145,060)		26,588
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000%)		03/20/19	Citibank N.A.		1.124%		USD	2,500,000		(164,545)		(220,999)		56,454
Toys “R” Us, Inc. 7.375%, due 10/15/18		(5.000%)		12/20/18	JPMorgan Chase Bank N.A.		11.932%		USD	1,170,000		107,333		292,500		(185,167)
Totals											$	(3,218,142)	$	(2,736,894)	$	(481,248)

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 June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Calpine Corp. 5.375%, due 01/25/23		5.000%		06/20/21	JPMorgan Chase Bank N.A.		3.124%		USD	135,000	$	9,277	$	6,556	$	2,721
Calpine Corp. 5.375%, due 01/15/23		5.000%		06/21/21	JPMorgan Chase Bank N.A.		3.128%		USD	225,000		15,440		14,460		980
Calpine Corp. 5.375%, due 01/15/23		5.000%		06/21/21	JPMorgan Chase Bank N.A.		3.128%		USD	225,000		15,440		10,417		5,023

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Calpine Corp. 5.375%, due 01/15/23		5.000%		06/20/22	JPMorgan Chase Bank N.A.		4.159%		USD	350,000	$	12,793	$	25,327	$	(12,534)
Calpine Corp. 5.375%, due 01/15/23		5.000%		06/20/22	JPMorgan Chase Bank N.A.		4.159%		USD	75,000		2,741		5,809		(3,068)
Federative Republic of Brazil 1.000%, due 06/20/22		1.000%		06/20/22	Credit Suisse International		2.376%		USD	3,600,000		(226,151)		(239,341)		13,190
Simon Property Group L.P. 1.000%, due 06/20/22		1.000%		06/20/22	Citibank N.A.		0.848%		USD	1,300,000		9,304		4,387		4,917
Simon Property Group L.P. 1.000%, due 06/20/22		1.000%		06/20/22	Citibank N.A.		0.848%		USD	650,000		4,652		1,228		3,424
United Mexico States 5.950%, due 03/19/19		1.000%		06/20/20	Citibank N.A.		0.615%		USD	1,600,000		17,943		(20,033)		37,976
Totals											$	(138,561)	$	(191,190)	$	52,629

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
Bespoke 58% HY/42% IG 0-3% CDX Tranche		1.000%		06/20/19	Citibank N.A.		0.000%		USD	570,000	$	(101,323)	$	(153,900)	$	52,577
Bespoke Hong Kong 3-5% CDX Tranche		1.000%		12/20/18	Citibank N.A.		0.000%		USD	3,000,000		(17,716)		(126,283)		108,567
Totals											$	(119,039)	$	(280,183)	$	161,144

(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
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(SEK)—	Swedish Krona
(USD)—	United States Dollar
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(ITRAXX.EUR)—	Markit iTraxx Europe Index
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total Corporate Bonds & Notes*	$	—		$	400,211,655		$	—	$	400,211,655
Total U.S. Treasury & Government Agencies*		—			345,691,355			—		345,691,355
Asset-Backed Securities
Asset-Backed - Credit Card		—			27,310,016			—		27,310,016
Asset-Backed - Home Equity		—			3,803,738			—		3,803,738
Asset-Backed - Manufactured Housing		—			498,212			—		498,212
Asset-Backed - Other		—			84,425,690			221,301		84,646,991
Total Asset-Backed Securities		—			116,037,656			221,301		116,258,957
Total Mortgage-Backed Securities*		—			116,241,249			—		116,241,249
Total Floating Rate Loans (Less Unfunded Loan Commitments)*		—			60,347,228			—		60,347,228
Total Foreign Government*		—			17,405,132			—		17,405,132
Total Municipals		—			7,986,837			—		7,986,837
Total Investment Company Security		3,818,100			—			—		3,818,100
Common Stocks
Diversified Financial Services		—			—			6,907		6,907
Oil, Gas & Consumable Fuels		960,494			—			297,120		1,257,614
Paper & Forest Products		7,809			—			—		7,809
Total Common Stocks		968,303			—			304,027		1,272,330
Total Warrant*		3,644			—			—		3,644
Total Short-Term Investments*		—			35,008,841			—		35,008,841
Total Securities Lending Reinvestments*		—			126,935,149			—		126,935,149
Total Net Investments	$	4,790,047		$	1,225,865,102		$	525,328	$	1,231,180,477
Collateral for Securities Loaned (Liability)	$	—		$	(126,912,173	)	$	—	$	(126,912,173	)
TBA Forward Sales Commitments	$	—		$	(9,355,777	)	$	—	$	(9,355,777	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	724,010		$	—	$	724,010
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(1,875,623	)		—		(1,875,623	)
Total Forward Contracts	$	—		$	(1,151,613	)	$	—	$	(1,151,613	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	201,833		$	—		$	—	$	201,833
Futures Contracts (Unrealized Depreciation)		(357,726	)		—			—		(357,726	)
Total Futures Contracts	$	(155,893	)	$	—		$	—	$	(155,893	)

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	10,990		$	—	$	10,990
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(53,403	)		—		(53,403	)
Total Centrally Cleared Swap Contracts	$	—	$	(42,413	)	$	—	$	(42,413	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	419,466		$	—	$	419,466
OTC Swap Contracts at Value (Liabilities)		—		(3,701,273	)		—		(3,701,273	)
Total OTC Swap Contracts	$	—	$	(3,281,807	)	$	—	$	(3,281,807	)

*            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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b) (c)	$	1,231,180,477
Cash denominated in foreign currencies (d)		5,288,072
Cash collateral (e)		4,697,851
OTC swap contracts at market value (f)		419,466
Unrealized appreciation on forward foreign currency exchange contracts		724,010
Due from broker		230,000
Receivable for:
Investments sold		647,666
TBA securities sold		9,393,371
Fund shares sold		118,997
Interest		5,163,594
Variation margin on futures contracts		19,959
Interest on OTC swap contracts		28,612
Total Assets		1,257,912,075
Liabilities
Due to custodian		2,114,440
Forward sales commitments, at value		9,355,777
OTC swap contracts at market value (g)		3,701,273
Unrealized depreciation on forward foreign currency exchange contracts		1,875,623
Collateral for securities loaned		126,912,173
Payables for:
Investments purchased		6,928,594
TBA securities purchased		16,468,996
Fund shares redeemed		291,058
Foreign taxes		7,626
Variation margin on futures contracts		22,210
Variation margin on centrally cleared swap contracts		32,967
Interest on forward sales commitments		11,867
Interest on OTC swap contracts		104,799
Accrued Expenses:
Management fees		424,546
Distribution and service fees		59,387
Deferred trustees’ fees		98,903
Other expenses		351,561
Total Liabilities		168,761,800
Net Assets	$	1,089,150,275
Net Assets Consist of:
Paid in surplus	$	1,149,118,788
Undistributed net investment income		5,692,064
Accumulated net realized loss		(63,238,590	)
Unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(2,421,987	)
Net Assets	$	1,089,150,275
Net Assets
Class A	$	800,906,722
Class B		288,243,553
Capital Shares Outstanding*
Class A		83,629,332
Class B		30,229,337
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.58
Class B		9.54

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,232,295,497.
(b)	Investments at value is net of unfunded loan commitments of $1,825,218.
(c)	Includes securities loaned at value of $123,779,001.
(d)	Identified cost of cash denominated in foreign currencies was $5,166,065.
(e)	Includes collateral of $459,349 for futures contracts, $3,810,000 for OTC swap contracts and $428,502 for centrally cleared swap contracts.
(f)	Net premium paid on OTC swap contracts was $535,410.
(g)	Net premium paid on OTC swap contracts was $3,742,621.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	31,525
Interest (a)		14,076,924
Securities lending income		151,093
Total investment income		14,259,542
Expenses
Management fees		2,683,207
Administration fees		17,214
Custodian and accounting fees		117,247
Distribution and service fees—Class B		358,335
Audit and tax services		49,290
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		19,877
Insurance		3,656
Miscellaneous		11,696
Total expenses		3,305,224
Less management fee waiver		(117,938	)
Net expenses		3,187,286
Net Investment Income		11,072,256
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(961,022	)
Futures contracts		(110,659	)
Swap contracts		938,608
Foreign currency transactions		4,222,710
Net realized gain		4,089,637
Net change in unrealized appreciation (depreciation) on:
Investments		5,014,941
Futures contracts		(320,840	)
Swap contracts		(2,119,263	)
Foreign currency transactions		(5,349,272	)
Net change in unrealized depreciation		(2,774,434	)
Net realized and unrealized gain		1,315,203
Net Increase in Net Assets From Operations	$	12,387,459

(a) Net of foreign withholding taxes of $12,543.

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,072,256		$	23,610,626
Net realized gain (loss)		4,089,637			(14,459,662	)
Net change in unrealized appreciation (depreciation)		(2,774,434	)		29,974,104
Increase in net assets from operations		12,387,459			39,125,068
From Distributions to Shareholders
Net investment income
Class A		(13,246,156	)		(26,223,897	)
Class B		(4,085,536	)		(8,415,210	)
Total distributions		(17,331,692	)		(34,639,107	)
Increase (decrease) in net assets from capital share transactions		7,726,827			(377,924,885	)
Total increase (decrease) in net assets		2,782,594			(373,438,924	)
Net Assets
Beginning of period		1,086,367,681			1,459,806,605
End of period	$	1,089,150,275		$	1,086,367,681
Undistributed net investment income
End of period	$	5,692,064		$	11,951,500

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		259,796		$	2,514,335			400,152		$	3,851,582
Reinvestments		1,384,133			13,246,156			2,772,082			26,223,897
Redemptions		(1,269,537	)		(12,290,444	)		(40,132,261	)		(388,920,164	)
Net increase (decrease)		374,392		$	3,470,047			(36,960,027	)	$	(358,844,685	)
Class B
Sales		2,521,411		$	24,253,088			4,464,755		$	42,611,578
Reinvestments		428,703			4,085,536			893,334			8,415,210
Redemptions		(2,502,028	)		(24,081,844	)		(7,343,446	)		(70,106,988	)
Net increase (decrease)		448,086		$	4,256,780			(1,985,357	)	$	(19,080,200	)
Increase (decrease) derived from capital shares transactions				$	7,726,827					$	(377,924,885	)

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.62		$	9.62		$	9.97		$	10.08		$	10.12		$	9.88
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.19			0.18			0.15			0.16			0.17
Net realized and unrealized gain (loss) on investments		0.02			0.12			(0.20	)		(0.03	)		(0.02	)		0.29
Total from investment operations		0.12			0.31			(0.02	)		0.12			0.14			0.46
Less Distributions
Distributions from net investment income		(0.16	)		(0.31	)		(0.33	)		(0.23	)		(0.18	)		(0.22	)
Total distributions		(0.16	)		(0.31	)		(0.33	)		(0.23	)		(0.18	)		(0.22	)
Net Asset Value, End of Period	$	9.58		$	9.62		$	9.62		$	9.97		$	10.08		$	10.12
Total Return (%) (b)		1.26	(c)		3.30			(0.26	)		1.17	(d)		1.33			4.67
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(e)		0.54			0.53			0.53			0.55			0.57
Net ratio of expenses to average net assets (%) (f)		0.52	(e)		0.52			0.52			0.51			0.52			0.53
Ratio of net investment income to average net assets (%)		2.11	(e)		2.01			1.78			1.51			1.55			1.70
Portfolio turnover rate (%)		23	(c)(g)		35			43			59			67			60
Net assets, end of period (in millions)	$	800.9		$	801.3		$	1,156.0		$	1,243.7		$	1,075.7		$	939.7
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.57		$	9.56		$	9.92		$	10.03		$	10.08		$	9.86
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.17			0.15			0.13			0.13			0.14
Net realized and unrealized gain (loss) on investments		0.02			0.13			(0.21	)		(0.02	)		(0.01	)		0.29
Total from investment operations		0.11			0.30			(0.06	)		0.11			0.12			0.43
Less Distributions
Distributions from net investment income		(0.14	)		(0.29	)		(0.30	)		(0.22	)		(0.17	)		(0.21	)
Total distributions		(0.14	)		(0.29	)		(0.30	)		(0.22	)		(0.17	)		(0.21	)
Net Asset Value, End of Period	$	9.54		$	9.57		$	9.56		$	9.92		$	10.03		$	10.08
Total Return (%) (b)		1.12	(c)		3.13			(0.62	)		1.06			1.16			4.40
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(e)		0.79			0.78			0.78			0.80			0.82
Net ratio of expenses to average net assets (%) (f)		0.77	(e)		0.77			0.77			0.76			0.77			0.78
Ratio of net investment income to average net assets (%)		1.86	(e)		1.76			1.53			1.26			1.32			1.45
Portfolio turnover rate (%)		23	(c)(g)		35			43			59			67			60
Net assets, end of period (in millions)	$	288.2		$	285.1		$	303.8		$	330.2		$	275.7		$	86.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 22% for the six months ended June 30, 2017.

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Franklin Low Duration Total Return Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a pricing service to value securities principally traded in these foreign markets in order

BHFTI-25

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 its 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 NAV 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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2017, the Portfolio had a payment of $2,114,440 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these

BHFTI-26

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2017. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2017. The Portfolio’s average overdraft advances during the six months ended June 30, 2017 were not significant.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, swap transactions, defaulted bonds, premium amortization adjustments and paydown transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

BHFTI-27

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2017, the Portfolio had open unfunded loan commitments of $1,825,218. At June 30, 2017, the Portfolio had sufficient cash and/or securities to cover these commitments.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $ 16,009,527 . Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $64,179,092. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

BHFTI-28

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(1,081,845	)	$	—	$	—	$	—	$	(1,081,845	)
Corporate Bonds & Notes		(30,577,142	)		—		—		—		(30,577,142	)
Investment Company Securities		(68,690	)		—		—		—		(68,690	)
U.S. Treasury & Government Agencies		(95,184,496	)		—		—		—		(95,184,496	)
Total	$	(126,912,173	)	$	—	$	—	$	—	$	(126,912,173	)
Total Borrowings	$	(126,912,173	)	$	—	$	—	$	—	$	(126,912,173	)
Gross amount of recognized liabilities for securities lending transactions										$	(126,912,173	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the

BHFTI-29

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master

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netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer 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 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). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either 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 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). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally 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 particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps

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usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	201,833	Unrealized depreciation on futures contracts (a) (b)	$	357,726
Credit	OTC swap contracts at market value (c)		267,604	OTC swap contracts at market value (c)		3,693,134
	Unrealized appreciation on centrally cleared swap contracts (b) (d)		10,990	Unrealized depreciation on centrally cleared swap contracts (b) (d)		53,403
Foreign Exchange	OTC swap contracts at market value (c)		151,862	OTC swap contracts at market value (c)		8,139
	Unrealized appreciation on forward foreign currency exchange contracts		724,010	Unrealized depreciation on forward foreign currency exchange contracts		1,875,623
Total		$	1,356,299		$	5,988,025

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Excludes OTC swap interest receivable of $28,612 and OTC swap interest payable of $104,799.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Citibank N.A.	$	250,952	$	(250,952	)	$	—	$	—
Deutsche Bank AG		245,572		(245,572	)		—		—
Goldman Sachs Bank USA		64,830		(64,830	)		—		—
JPMorgan Chase Bank N.A.		582,122		(582,122	)		—		—
	$	1,143,476	$	(1,143,476	)	$	—	$	—

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The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	329,088	$	—		$	(329,088	)	$	—
Citibank N.A.		1,043,014		(250,952	)		(792,062	)		—
Credit Suisse International		1,458,128		—			(1,458,128	)		—
Deutsche Bank AG		782,669		(245,572	)		—			537,097
Goldman Sachs Bank USA		491,607		(64,830	)		(390,000	)		36,777
HSBC Bank plc		9,055		—			—			9,055
JPMorgan Chase Bank N.A.		1,463,335		(582,122	)		(630,000	)		251,213
	$	5,576,896	$	(1,143,476	)	$	(3,599,278	)	$	834,142

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location–Net Realized Gain (Loss)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Investments (a)	$	—		$	(45,820	)	$	—	$	—		$	(45,820	)
Forward foreign currency transactions		—			—			—		3,929,069			3,929,069
Futures contracts		(110,659	)		—			—		—			(110,659	)
Swap contracts		1,503,663			(587,021	)		—		21,966			938,608
	$	1,393,004		$	(632,841	)	$	—	$	3,951,035		$	4,711,198
Statement of Operations Location–Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—	$	(5,438,998	)	$	(5,438,998	)
Futures contracts		(320,840	)		—			—		—			(320,840	)
Swap contracts		(1,324,028	)		(648,195	)		—		(147,040	)		(2,119,263	)
	$	(1,644,868	)	$	(648,195	)	$	—	$	(5,586,038	)	$	(7,879,101	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	79,758,090
Futures contracts long		214,667,289
Futures contracts short		(48,350,000	)
Swap contracts		82,447,987

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist

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principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

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5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$172,278,767	$	92,873,670	$	23,660,582	$	213,184,277

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$16,436,063	$	9,381,504

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$2,683,207		0.520	%	First $100 million
		0.510	%	$100 million to $250 million
		0.500	%	$250 million to $500 million
		0.490	%	$500 million to $1 billion
		0.470	%	$1 billion to $1.5 billion
		0.450	%	Over $1.5 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Franklin Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Trust that are managed by the Subadviser and/or its affiliates.

Management Fee Waiver - For the period May 1, 2017 to April 30, 2018, Brighthouse Investment Advisers has contractually agreed to waive a portion of the management fee reflecting the difference, if any, between the subadvisory fee payable by the Adviser to the Subadviser that was calculated based solely on the assets of the Portfolio and the fee that was calculated when the Portfolio’s assets were aggregated with those of the Brighthouse/Templeton International Bond Portfolio, a series of the Trust.

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the

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Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$34,639,107	$	50,499,620	$	—	$	—	$	34,639,107	$	50,499,620

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$17,163,898	$	—	$	(10,291,744	)	$	(61,811,605	)	$	(54,939,451	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the accumulated short-term capital losses were $15,596,091 and the accumulated long-term capital losses were $46,215,514.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-36

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	101,696,304		3,488,468		8,017,965

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		105,767,071		7,435,666
Robert Boulware		105,399,002		7,803,734
Susan C. Gause		105,642,199		7,560,538
Nancy Hawthorne		105,603,541		7,599,195
Barbara A. Nugent		106,082,897		7,119,840
John Rosenthal		105,412,692		7,790,045
Linda B. Strumpf		105,125,016		8,077,721
Dawn M. Vroegop		105,607,606		7,595,131

BHFTI-37

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Brighthouse/Templeton International Bond Portfolio returned 1.43% and 1.25%, respectively. The Portfolio’s benchmark, the Citigroup World Government Bond Index (“WGBI”) ex-U.S¹, returned 5.91%.

MARKET ENVIRONMENT / CONDITIONS

In the months before the reporting period began, global bond markets shifted significantly, setting new valuation levels that meaningfully impacted markets during the six-month reporting period. In November 2016, a sharp correction to U.S. Treasury valuations manifested quickly after the results of the U.S. election, driving yields higher based on growing investor expectations for a December rate hike and a recognition that inflation pressures were rising. A number of emerging markets saw currency depreciations from broad-based strengthening of the U.S. dollar and fears over potential protectionist trade shocks.

However, during the first three months of the reporting period, several local-currency emerging markets significantly rebounded from trade concerns, particularly in select areas of Latin America and Asia. Local-currency bond markets in Brazil, Colombia, Indonesia and India notably strengthened during the six-month period. Additionally, the Mexican peso recovered significantly after reaching its lowest valuation on record in the days leading up to President Trump’s inauguration on January 20. After breaching 22 pesos per U.S. dollar in January, the peso strengthened more than 21% through the remainder of the period, ending around 18 pesos per U.S. dollar.

In developed markets, U.S. Treasury yields initially rose significantly in the weeks leading up to the March 15 meeting of the U.S. Federal Reserve (the “Fed”), with the 10-year U.S. Treasury note reaching its highest yield of the reporting period on the day before the meeting, at 2.63%. The Fed hiked the federal funds target rate 25 basis points (“bps”) to a range of 0.75% to 1.00%, as largely expected by markets. However, yields declined during the second half of the month based on U.S. policy uncertainties and less hawkish-sounding language than anticipated in the Fed’s forward guidance. Consumer Price Index figures also began to moderate from a peak of 2.7% year-over-year in February to 2.4% in March, eventually dropping to 1.9% in May.

On March 29, U.K. Prime Minister Theresa May formally triggered Article 50 to begin the U.K.’s exit from the European Union (also known as “Brexit”) in a written letter to Donald Tusk, president of the European Council, largely spurring a protracted decline in the yield on 10-year British gilts. In April, the European Central Bank (the “ECB”) reduced its pace of monthly quantitative easing purchases to €60 billion from its previous €80 billion a month pace, but kept policy rates unchanged. In early May, Emmanuel Macron won the French presidential election over Marine Le Pen, resulting in strengthening European market sentiment, appreciation of the euro and a rise in European bond yields. The reporting period ended with Europe in a cyclical upswing and the euro 8.6% stronger against the U.S. dollar than when the period began.

The Fed raised its policy rate 25 basis points (to a range of 1.00% to 1.25%) at its June 14 meeting and appeared more committed to tightening policy than it has been in recent years, specifically stating its intentions to begin unwinding its balance sheet later this year, while remaining on course for three rate hikes in 2017 and highlighting the need to strengthen financial market stability. However, it was not until the last week of June that markets began to react to the renewed determination from the Fed, only after similar comments on potential policy direction were made by the heads of the ECB, Bank of England and Bank of Canada. U.S. Treasury yields rose sharply during late June, with the yield on 10-year U.S. Treasury note increasing 17 bps over the final four days of the month. The 10-year U.S. Treasury note finished the reporting period at 2.31%. As the period came to an end, rates in developed markets were largely trending higher, while select local-currency emerging markets in Latin America and Asia remained resilient.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period, the Portfolio’s relative underperformance was primarily due to currency positions. Interest-rate strategies contributed to relative results, while sovereign credit exposures had a largely neutral effect. Among currencies, the Portfolio’s underweighted positions in the euro, the Japanese yen and the Australian dollar detracted from relative performance. However, overweighted currency positions in Latin America (the Mexican peso) and Asia ex-Japan contributed to relative results. The Portfolio maintained a defensive approach regarding interest rates in developed and emerging markets, with overall duration much lower than its benchmark. Select overweighted duration exposures in Latin America and Asia ex-Japan contributed to relative performance. However, underweighted duration exposure in the U.S. detracted from relative results.

On the whole, we continued to position the Portfolio for rising rates by maintaining low portfolio duration and aiming at a negative correlation with U.S. Treasury returns. We also continued to actively seek select duration exposures that we believe can offer positive real yields without taking undue interest-rate risk, favoring countries that we believe have solid underlying fundamentals and prudent fiscal, monetary and financial policies. When investing globally, investment opportunities may take time to materialize, which may require weathering short-term volatility as the longer-term investing theses develop. During the period, we added to some of our strongest investment convictions as prices became cheaper during periods of heightened volatility. We also maintained exposures to a number of emerging market currencies that we believe remained fundamentally undervalued. Overall, we were positioned for depreciation of the euro and yen, rising U.S. Treasury yields and currency appreciation in select emerging markets. During the period, we used forward currency

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

exchange contracts to actively manage currencies. We also used interest-rate swaps to tactically manage duration exposures.

Michael Hasenstab

Sonal Desai

Christine Zhu

Portfolio Managers

Franklin Advisers, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE CITIGROUP WORLD GOVERNMENT BOND INDEX EX-U.S.

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Brighthouse/Templeton International Bond Portfolio
Class A		1.43		6.08		1.98		4.67
Class B		1.25		5.82		1.72		4.41
Citigroup World Government Bond Index (“WGBI”) ex-U.S.		5.91		-5.01		-0.80		1.93

¹ The Citigroup World Government Bond Index ex-U.S. is an index of bonds issued by governments primarily in Europe and Asia.

² Inception date of the Class A and Class B shares is 5/1/2009. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Countries

	% of Net Assets
Mexico		23.6
United States		16.9
South Korea		12.9
Brazil		12.7
Argentina		4.7
Thailand		4.5
Indonesia		4.5
India		4.2
Colombia		4.0
South Africa		1.9

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse/Templeton International Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.68	%	$	1,000.00	$	1,014.30	$	3.40
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class B(a)	Actual		0.93	%	$	1,000.00	$	1,012.50	$	4.64
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Foreign Government—74.5% of Net Assets

Security Description	Principal Amount*		Value
Argentina—4.7%
Argentine Bonos del Tesoro 15.500%, 10/17/26 (ARS)		437,168,000	$	30,245,650
16.000%, 10/17/23 (ARS)		110,898,000		7,370,717
18.200%, 10/03/21 (ARS)		318,309,000		21,076,572
21.200%, 09/19/18 (ARS)		16,929,000		1,088,042
21.960%, 04/03/22 (ARS) (a)		20,147,000		1,175,507
22.750%, 03/05/18 (ARS)		1,004,000		64,796
				61,021,284
Brazil—12.7%
Brazil Letras do Tesouro Nacional Zero Coupon, 07/01/20 (BRL)		83,081,000		18,931,579
Brazil Notas do Tesouro Nacional 6.000%, 05/15/19 (BRL) (b)		589,000		544,529
6.000%, 08/15/22 (BRL) (b)		6,646,000		6,111,284
6.000%, 05/15/23 (BRL) (b)		845,000		777,711
6.000%, 08/15/24 (BRL) (b)		1,140,000		1,057,685
6.000%, 05/15/45 (BRL) (b)		3,130,000		2,947,337
10.000%, 01/01/19 (BRL)		6,700,000		2,052,654
10.000%, 01/01/21 (BRL)		36,775,000		11,116,476
10.000%, 01/01/23 (BRL)		51,875,000		15,487,840
10.000%, 01/01/25 (BRL)		262,368,000		77,359,160
10.000%, 01/01/27 (BRL)		96,994,000		28,443,903
				164,830,158
Colombia—4.0%
Colombian TES 6.000%, 04/28/28 (COP)		5,915,600,000		1,850,677
7.000%, 05/04/22 (COP)		653,000,000		224,010
7.000%, 06/30/32 (COP)		7,946,000,000		2,616,582
7.500%, 08/26/26 (COP)		9,819,300,000		3,442,169
7.750%, 09/18/30 (COP)		108,388,100,000		38,587,669
10.000%, 07/24/24 (COP)		10,589,000,000		4,234,992
Colombian TES Corto Plazo Zero Coupon, 09/12/17 (COP)		1,101,000,000		357,517
Zero Coupon, 12/12/17 (COP)		1,101,000,000		352,439
Zero Coupon, 03/13/18 (COP)		1,258,000,000		397,467
				52,063,522
India—4.2%
India Government Bonds 8.120%, 12/10/20 (INR)		3,400,000,000		55,125,894
Indonesia—4.5%
Indonesia Treasury Bonds 5.625%, 05/15/23 (IDR)		96,951,000,000		6,830,137
7.000%, 05/15/22 (IDR)		81,607,000,000		6,202,806
8.375%, 03/15/24 (IDR)		81,624,000,000		6,648,876
8.375%, 09/15/26 (IDR)		45,918,000,000		3,800,229
8.375%, 03/15/34 (IDR)		49,720,000,000		4,016,026
8.750%, 05/15/31 (IDR)		22,479,000,000		1,901,713
9.000%, 03/15/29 (IDR)		11,396,000,000		973,776
10.000%, 09/15/24 (IDR)		186,070,000,000		16,378,432
10.000%, 02/15/28 (IDR)		34,960,000,000		3,173,602
Indonesia—(Continued)
Indonesia Treasury Bonds 10.500%, 08/15/30 (IDR)		2,470,000,000		233,422
11.500%, 09/15/19 (IDR)		7,238,000,000		596,814
12.800%, 06/15/21 (IDR)		78,179,000,000		7,112,960
12.900%, 06/15/22 (IDR)		1,823,000,000		171,912
				58,040,705
Mexico—23.6%
Mexican Bonos 4.750%, 06/14/18 (MXN)		441,200,000		23,824,253
5.000%, 12/11/19 (MXN)		753,040,000		39,984,821
7.750%, 12/14/17 (MXN)		950,800,000		52,562,168
8.500%, 12/13/18 (MXN)		114,740,000		6,466,281
Mexican Udibonos 2.500%, 12/10/20 (MXN) (b)		14,142,727		764,204
3.500%, 12/14/17 (MXN) (b)		26,122,922		1,446,791
4.000%, 06/13/19 (MXN) (b)		17,915,655		1,003,336
Mexico Cetes 4.934%, 07/20/17 (MXN) (c)		3,170,404,000		17,402,262
5.913%, 11/09/17 (MXN) (c)		3,335,134,000		17,901,990
6.017%, 07/06/17 (MXN) (c)		1,234,422,000		6,794,074
6.231%, 09/14/17 (MXN) (c)		2,832,301,000		15,375,226
6.451%, 08/17/17 (MXN) (c)		700,128,000		3,821,998
6.466%, 08/31/17 (MXN) (c)		1,134,200,000		6,174,285
6.519%, 08/03/17 (MXN) (c)		5,687,204,000		31,137,628
6.546%, 02/01/18 (MXN) (c)		4,169,816,000		22,031,471
6.625%, 01/04/18 (MXN) (c)		275,588,000		1,463,025
6.654%, 10/12/17 (MXN) (c)		2,561,335,000		13,826,234
6.686%, 09/28/17 (MXN) (c)		915,003,000		4,955,070
6.735%, 03/01/18 (MXN) (c)		1,203,304,000		6,317,615
6.766%, 04/26/18 (MXN) (c)		1,531,624,000		7,953,432
6.825%, 08/24/17 (MXN) (c)		278,015,000		1,515,861
6.834%, 10/26/17 (MXN) (c)		2,761,963,000		14,867,537
6.860%, 11/23/17 (MXN) (c)		1,015,952,000		5,441,455
6.938%, 12/07/17 (MXN) (c)		640,854,000		3,422,714
				306,453,731
Peru—0.1%
Peru Government Bonds 7.840%, 08/12/20 (PEN)		5,663,000		1,937,541
South Africa—1.9%
Republic of South Africa Government Bonds 6.250%, 03/31/36 (ZAR)		30,466,000		1,643,951
7.000%, 02/28/31 (ZAR)		35,057,000		2,191,823
8.000%, 01/31/30 (ZAR)		44,963,000		3,110,140
8.250%, 03/31/32 (ZAR)		117,253,000		8,080,567
8.500%, 01/31/37 (ZAR)		14,554,000		988,522
8.875%, 02/28/35 (ZAR)		92,755,000		6,587,636
10.500%, 12/21/26 (ZAR)		21,499,000		1,822,793
				24,425,432

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
South Korea—12.9%
Korea Treasury Bonds 1.375%, 09/10/21 (KRW)		100,181,400,000	$	85,789,567
1.875%, 03/10/22 (KRW)		71,589,000,000		62,484,686
4.250%, 06/10/21 (KRW)		20,715,400,000		19,737,414
				168,011,667
Thailand—4.5%
Thailand Government Bonds 3.875%, 06/13/19 (THB)		1,900,000,000		58,388,617
Ukraine—1.4%
Ukraine Government International Bonds Zero Coupon, 05/31/40 (144A) (a)		12,785,000		4,965,182
7.750%, 09/01/24 (144A)		1,237,000		1,212,680
7.750%, 09/01/25 (144A)		3,532,000		3,450,651
7.750%, 09/01/26 (144A)		4,051,000		3,940,084
7.750%, 09/01/27 (144A)		4,816,000		4,664,778
				18,233,375
Total Foreign Government (Cost $963,507,333)				968,531,926
Short-Term Investments—16.9%
Discount Note—14.8%
Federal Home Loan Bank 0.378%, 07/03/17 (c)		192,840,000		192,840,000
Repurchase Agreement—2.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $26,870,995 on 07/03/17, collateralized by $25,655,000 U.S. Treasury Note at 3.625% due 02/15/20 with a value of $27,412,804.		26,870,726		26,870,726
Total Short-Term Investments (Cost $219,704,731)				219,710,726
Total Investments—91.4% (Cost $1,183,212,064) (d)				1,188,242,652
Other assets and liabilities (net)—8.6%				111,710,298
Net Assets—100.0%			$	1,299,952,950

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 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 June 30, 2017, the aggregate cost of investments was $1,183,212,064. The aggregate unrealized appreciation and depreciation of investments were $29,372,751 and $(24,342,163), respectively, resulting in net unrealized appreciation of $5,030,588.
(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 June 30, 2017, the market value of 144A securities was $18,233,375, which is 1.4% of net assets.
(ARS)—	Argentine Peso
(BRL)—	Brazilian Real
(COP)—	Colombian Peso
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(PEN)—	Peruvian Nuevo Sol
(THB)—	Thai Baht
(ZAR)—	South African Rand

Top Industries as of June 30, 2017 (Unaudited)	% of Net Assets
Global Government Investment Grade		16.2%
Global Government High Yield		58.3%
		74.5%

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CLP	337,802,000	Deutsche Bank AG		07/03/17		USD	506,154	$	2,718
CLP	687,600,000	JPMorgan Chase Bank N.A.		07/07/17		USD	1,041,976		(6,219	)
CLP	113,400,000	Goldman Sachs & Co.		07/11/17		USD	171,688		(889	)
CLP	196,585,000	Deutsche Bank AG		07/18/17		USD	297,329		(1,293	)
CLP	4,881,841,000	Deutsche Bank AG		07/20/17		USD	7,400,653		(49,519	)

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
IDR	133,413,773,145	JPMorgan Chase Bank N.A.		09/18/17		USD	9,738,232	$	183,713
IDR	894,320,000,000	JPMorgan Chase Bank N.A.		09/18/17		USD	65,269,304		1,241,021
INR	180,421,484	Deutsche Bank AG		07/27/17		USD	2,781,381		2,038
INR	899,935,000	JPMorgan Chase Bank N.A.		07/27/17		USD	13,875,038		8,542
INR	228,261,000	HSBC Bank plc		07/28/17		USD	3,494,771		26,239
INR	627,526,000	JPMorgan Chase Bank N.A.		07/31/17		USD	9,712,521		(36,361	)
INR	110,978,417	Deutsche Bank AG		08/08/17		USD	1,713,291		(3,787	)
INR	4,128,565,000	HSBC Bank plc		08/16/17		USD	63,399,340		130,695
INR	14,658,000	JPMorgan Chase Bank N.A.		08/18/17		USD	226,764		(1,266	)
INR	69,899,500	HSBC Bank plc		11/08/17		USD	1,067,494		(3,301	)
Contracts to Deliver
AUD	40,188,000	JPMorgan Chase Bank N.A.		11/15/17		USD	29,623,780		(1,213,355	)
AUD	5,331,000	Citibank N.A.		02/22/18		USD	3,937,637		(148,197	)
AUD	383,100	Citibank N.A.		03/09/18		USD	287,676		(5,894	)
AUD	190,000	Citibank N.A.		03/09/18		USD	142,667		(2,930	)
AUD	26,541,000	Citibank N.A.		03/13/18		USD	19,710,806		(626,674	)
AUD	39,798,000	JPMorgan Chase Bank N.A.		03/13/18		USD	29,450,520		(1,045,356	)
AUD	960,000	JPMorgan Chase Bank N.A.		03/16/18		USD	715,536		(20,055	)
AUD	29,844,000	JPMorgan Chase Bank N.A.		03/20/18		USD	22,402,399		(464,274	)
CLP	337,802,000	Deutsche Bank AG		07/03/17		USD	509,344		472
CLP	687,600,000	JPMorgan Chase Bank N.A.		07/07/17		USD	1,056,724		20,967
CLP	50,524,000	Deutsche Bank AG		07/18/17		USD	76,332		248
CLP	4,237,181,000	Deutsche Bank AG		07/20/17		USD	6,416,568		36,170
EUR	3,488,374	Bank of America N.A.		07/10/17		USD	3,733,536		(251,730	)
EUR	5,723,000	HSBC Bank plc		07/10/17		USD	6,125,899		(412,299	)
EUR	3,672,600	JPMorgan Chase Bank N.A.		07/10/17		USD	3,931,445		(264,289	)
EUR	263,000	Standard Chartered Bank		07/10/17		USD	281,595		(18,867	)
EUR	2,021,800	Deutsche Bank AG		07/12/17		USD	2,271,856		(38,171	)
EUR	1,079,000	JPMorgan Chase Bank N.A.		07/12/17		USD	1,148,881		(83,940	)
EUR	8,953,000	Standard Chartered Bank		07/12/17		USD	9,530,469		(698,868	)
EUR	16,311,000	JPMorgan Chase Bank N.A.		07/13/17		USD	17,392,093		(1,245,150	)
EUR	413,121	JPMorgan Chase Bank N.A.		07/17/17		USD	449,460		(22,676	)
EUR	19,463,000	Standard Chartered Bank		07/17/17		USD	21,193,845		(1,049,477	)
EUR	2,440,000	Goldman Sachs & Co.		07/18/17		USD	2,598,527		(190,174	)
EUR	12,208,000	JPMorgan Chase Bank N.A.		07/18/17		USD	13,000,299		(952,347	)
EUR	826,000	JPMorgan Chase Bank N.A.		07/18/17		USD	879,607		(64,436	)
EUR	336,460	UBS AG, Stamford		07/18/17		USD	358,508		(26,035	)
EUR	3,566,100	Deutsche Bank AG		07/24/17		USD	3,848,785		(228,197	)
EUR	18,927,100	Bank of America N.A.		07/31/17		USD	20,691,863		(954,494	)
EUR	4,190,725	Citibank N.A.		07/31/17		USD	4,584,046		(208,761	)
EUR	97,042,524	Deutsche Bank AG		07/31/17		USD	106,155,787		(4,828,839	)
EUR	5,318,000	Goldman Sachs & Co.		08/02/17		USD	5,812,574		(270,085	)
EUR	1,620,000	HSBC Bank plc		08/02/17		USD	1,770,287		(82,648	)
EUR	4,170,000	Bank of America N.A.		08/03/17		USD	4,571,446		(198,390	)
EUR	649,410	Citibank N.A.		08/08/17		USD	713,864		(29,151	)
EUR	20,579,043	Deutsche Bank AG		08/08/17		USD	22,618,426		(926,850	)
EUR	6,590,000	Goldman Sachs & Co.		08/08/17		USD	7,245,705		(294,168	)
EUR	708,000	Deutsche Bank AG		08/09/17		USD	779,381		(30,711	)
EUR	10,800,000	Goldman Sachs & Co.		08/10/17		USD	11,885,400		(472,568	)
EUR	419,000	HSBC Bank plc		08/10/17		USD	460,246		(19,198	)
EUR	19,673,416	Bank of America N.A.		08/15/17		USD	21,460,943		(1,056,283	)
EUR	20,376,830	Citibank N.A.		08/15/17		USD	22,233,567		(1,088,752	)
EUR	23,589,649	Deutsche Bank AG		08/15/17		USD	25,741,874		(1,257,679	)
EUR	900,000	Goldman Sachs & Co.		08/15/17		USD	980,640		(49,456	)
EUR	309,733	Deutsche Bank AG		08/16/17		USD	339,886		(14,637	)
EUR	1,631,000	Goldman Sachs & Co.		08/16/17		USD	1,788,652		(78,206	)

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	830,000	JPMorgan Chase Bank N.A.		08/16/17		USD	910,089	$	(39,937	)
EUR	446,000	Standard Chartered Bank		08/16/17		USD	489,275		(21,221	)
EUR	315,257	Bank of America N.A.		08/17/17		USD	347,372		(13,493	)
EUR	7,408,999	Goldman Sachs & Co.		08/17/17		USD	8,162,864		(317,985	)
EUR	137,043	JPMorgan Chase Bank N.A.		08/21/17		USD	152,996		(3,906	)
EUR	1,399,267	Deutsche Bank AG		08/22/17		USD	1,563,201		(38,909	)
EUR	3,696,678	HSBC Bank plc		08/22/17		USD	4,129,873		(102,688	)
EUR	989,372	Bank of America N.A.		08/23/17		USD	1,112,054		(20,799	)
EUR	1,287,000	Deutsche Bank AG		08/23/17		USD	1,447,592		(26,052	)
EUR	12,323,000	JPMorgan Chase Bank N.A.		08/23/17		USD	13,858,569		(251,543	)
EUR	281,896	UBS AG, Stamford		08/23/17		USD	316,671		(6,107	)
EUR	2,341,000	Barclays Bank plc		08/24/17		USD	2,644,733		(35,903	)
EUR	1,154,000	Goldman Sachs & Co.		08/28/17		USD	1,297,269		(24,427	)
EUR	1,115,456	Bank of America N.A.		08/30/17		USD	1,254,107		(23,576	)
EUR	3,182,229	Barclays Bank plc		08/30/17		USD	3,579,053		(65,985	)
EUR	1,120,359	Bank of America N.A.		08/31/17		USD	1,259,620		(23,745	)
EUR	1,673,320	Deutsche Bank AG		08/31/17		USD	1,882,201		(34,578	)
EUR	5,010,000	Standard Chartered Bank		08/31/17		USD	5,628,910		(110,017	)
EUR	9,359,372	UBS AG, Stamford		09/06/17		USD	10,541,694		(182,775	)
EUR	8,039,372	UBS AG, Stamford		09/07/17		USD	9,082,319		(130,137	)
EUR	3,488,374	Bank of America N.A.		09/08/17		USD	3,946,571		(51,040	)
EUR	3,073,000	Barclays Bank plc		09/08/17		USD	3,462,927		(58,674	)
EUR	4,296,000	Morgan Stanley & Co.		09/14/17		USD	4,843,096		(81,688	)
EUR	1,529,000	Bank of America N.A.		09/15/17		USD	1,723,795		(29,095	)
EUR	3,821,000	HSBC Bank plc		09/15/17		USD	4,301,854		(78,651	)
EUR	1,565,000	JPMorgan Chase Bank N.A.		09/15/17		USD	1,764,099		(30,062	)
EUR	4,966,000	Morgan Stanley & Co.		09/18/17		USD	5,622,009		(72,111	)
EUR	137,040	JPMorgan Chase Bank N.A.		09/19/17		USD	153,603		(3,539	)
EUR	4,520,000	UBS AG, Stamford		09/19/17		USD	5,070,174		(112,841	)
EUR	13,037,000	UBS AG, Stamford		09/20/17		USD	14,639,899		(310,266	)
EUR	4,635,008	Barclays Bank plc		09/29/17		USD	5,295,427		(22,434	)
JPY	596,690,000	Barclays Bank plc		07/11/17		USD	5,174,368		(132,103	)
JPY	296,207,000	Deutsche Bank AG		07/11/17		USD	2,562,344		(71,878	)
JPY	174,225,000	Goldman Sachs & Co.		07/11/17		USD	1,509,003		(40,411	)
JPY	554,560,000	Barclays Bank plc		07/13/17		USD	4,831,230		(100,989	)
JPY	44,450,000	Citibank N.A.		07/13/17		USD	385,861		(9,475	)
JPY	183,890,000	HSBC Bank plc		07/13/17		USD	1,597,044		(38,461	)
JPY	360,500,000	JPMorgan Chase Bank N.A.		07/14/17		USD	3,523,260		316,865
JPY	248,150,000	Standard Chartered Bank		07/20/17		USD	2,205,582		(2,087	)
JPY	105,570,000	Deutsche Bank AG		07/24/17		USD	924,018		(15,341	)
JPY	353,334,000	Citibank N.A.		07/25/17		USD	3,384,101		240,015
JPY	544,000,000	JPMorgan Chase Bank N.A.		07/25/17		USD	4,841,602		905
JPY	359,980,000	Goldman Sachs & Co.		07/27/17		USD	3,202,541		(949	)
JPY	189,600,000	JPMorgan Chase Bank N.A.		07/27/17		USD	1,687,959		694
JPY	411,460,000	Barclays Bank plc		07/31/17		USD	3,961,508		299,289
JPY	342,205,982	Deutsche Bank AG		07/31/17		USD	3,296,338		250,517
JPY	443,025,359	HSBC Bank plc		07/31/17		USD	3,884,484		(58,684	)
JPY	108,840,000	Citibank N.A.		08/14/17		USD	967,166		(2,134	)
JPY	105,370,000	Barclays Bank plc		08/15/17		USD	1,059,373		120,937
JPY	290,134,020	Goldman Sachs & Co.		08/16/17		USD	2,580,368		(3,704	)
JPY	470,663,000	JPMorgan Chase Bank N.A.		08/16/17		USD	4,184,731		(7,218	)
JPY	338,124,000	Deutsche Bank AG		08/18/17		USD	3,423,694		411,948
JPY	639,006,000	HSBC Bank plc		08/22/17		USD	6,480,791		788,068
JPY	457,974,000	JPMorgan Chase Bank N.A.		08/22/17		USD	4,645,073		565,113
JPY	151,705,000	Barclays Bank plc		08/24/17		USD	1,535,919		184,309
JPY	149,920,000	Deutsche Bank AG		08/24/17		USD	1,520,055		184,349
JPY	54,700,000	Barclays Bank plc		08/28/17		USD	489,158		1,729

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	446,759,000	JPMorgan Chase Bank N.A.		08/28/17		USD	4,522,196	$	541,146
JPY	256,658,000	Deutsche Bank AG		08/30/17		USD	2,604,568		317,308
JPY	244,017,000	JPMorgan Chase Bank N.A.		08/30/17		USD	2,471,309		296,702
JPY	468,190,000	Barclays Bank plc		08/31/17		USD	4,204,745		32,201
JPY	36,614,000	Deutsche Bank AG		09/01/17		USD	329,292		2,972
JPY	488,094,000	HSBC Bank plc		09/01/17		USD	4,847,011		496,898
JPY	578,374,700	Barclays Bank plc		09/11/17		USD	5,115,124		(41,982	)
JPY	210,400,000	Deutsche Bank AG		09/13/17		USD	1,850,253		(25,972	)
JPY	109,701,956	Citibank N.A.		09/19/17		USD	1,085,164		106,620
JPY	493,277,635	Barclays Bank plc		09/21/17		USD	4,408,851		8,373
JPY	250,376,450	Barclays Bank plc		09/25/17		USD	2,271,782		37,764
JPY	200,950,000	Morgan Stanley & Co.		09/25/17		USD	1,801,337		8,334
JPY	66,105,000	JPMorgan Chase Bank N.A.		09/29/17		USD	599,956		10,011
JPY	133,330,000	Standard Chartered Bank		10/12/17		USD	1,208,170		17,514
JPY	159,950,000	JPMorgan Chase Bank N.A.		10/20/17		USD	1,481,718		52,764
JPY	698,590,000	Barclays Bank plc		10/24/17		USD	6,460,709		218,412
JPY	2,580,000,000	Citibank N.A.		11/09/17		USD	23,075,066		2,627
JPY	94,232,353	Citibank N.A.		11/09/17		USD	918,211		75,510
JPY	229,154,000	Citibank N.A.		11/14/17		USD	2,233,949		184,150
JPY	108,840,000	Citibank N.A.		11/14/17		USD	971,916		(1,666	)
JPY	92,567,000	JPMorgan Chase Bank N.A.		11/14/17		USD	903,961		75,943
JPY	8,128,806,420	Goldman Sachs & Co.		11/15/17		USD	71,842,881		(873,546	)
JPY	791,049,590	UBS AG, Stamford		11/15/17		USD	7,010,054		(66,298	)
JPY	655,568,000	JPMorgan Chase Bank N.A.		11/16/17		USD	5,854,279		(10,417	)
JPY	93,849,000	Standard Chartered Bank		11/16/17		USD	834,451		(5,120	)
JPY	406,893,200	Citibank N.A.		11/20/17		USD	3,615,061		(25,734	)
JPY	306,357,000	Deutsche Bank AG		11/21/17		USD	2,855,836		114,480
JPY	79,941,000	HSBC Bank plc		11/27/17		USD	725,417		9,868
JPY	350,622,000	Standard Chartered Bank		11/27/17		USD	3,218,340		79,935
JPY	462,800,000	Citibank N.A.		12/08/17		USD	4,266,480		121,663
JPY	693,100,000	HSBC Bank plc		12/11/17		USD	6,388,018		179,701
JPY	895,640,000	Citibank N.A.		12/12/17		USD	7,998,178		(24,762	)
JPY	119,465,000	Citibank N.A.		12/13/17		USD	1,090,482		20,287
JPY	635,480,000	HSBC Bank plc		12/13/17		USD	5,814,967		122,193
JPY	588,770,000	JPMorgan Chase Bank N.A.		12/13/17		USD	5,218,621		(55,715	)
JPY	248,300,000	JPMorgan Chase Bank N.A.		12/18/17		USD	2,277,637		52,745
JPY	119,300,000	Morgan Stanley & Co.		12/18/17		USD	1,099,337		30,349
JPY	55,370,000	JPMorgan Chase Bank N.A.		01/22/18		USD	497,793		758
JPY	2,961,408,150	Deutsche Bank AG		01/30/18		USD	26,410,489		(183,982	)
JPY	408,503,000	Citibank N.A.		02/13/18		USD	3,721,360		50,190
JPY	109,790,000	Citibank N.A.		02/14/18		USD	985,835		(886	)
JPY	105,370,000	Deutsche Bank AG		02/16/18		USD	946,678		(418	)
JPY	164,870,000	HSBC Bank plc		02/16/18		USD	1,481,312		(588	)
JPY	653,133,000	JPMorgan Chase Bank N.A.		02/16/18		USD	5,854,282		(16,267	)
JPY	445,120,000	HSBC Bank plc		02/27/18		USD	4,026,413		23,255
JPY	150,260,000	JPMorgan Chase Bank N.A.		02/28/18		USD	1,363,162		11,738
JPY	338,400,000	JPMorgan Chase Bank N.A.		03/05/18		USD	3,033,658		(10,672	)
JPY	159,900,000	HSBC Bank plc		03/06/18		USD	1,424,753		(13,822	)
JPY	160,844,000	Deutsche Bank AG		03/22/18		USD	1,455,944		7,670
JPY	465,903,000	Citibank N.A.		03/23/18		USD	4,214,505		19,194
JPY	109,471,259	JPMorgan Chase Bank N.A.		03/26/18		USD	1,003,895		17,986
JPY	100,800,000	Citibank N.A.		04/13/18		USD	928,049		19,358
JPY	177,260,000	Bank of America N.A.		04/18/18		USD	1,632,574		34,171
JPY	733,680,000	JPMorgan Chase Bank N.A.		04/23/18		USD	6,850,260		232,629
JPY	157,477,000	HSBC Bank plc		05/15/18		USD	1,407,930		(14,211	)
JPY	796,134,720	Citibank N.A.		05/16/18		USD	7,145,829		(44,290	)
JPY	8,630,050	Bank of America N.A.		05/18/18		USD	77,462		(487	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	406,893,100	Citibank N.A.		05/18/18		USD	3,650,035	$	(25,141	)
JPY	8,604,125	Bank of America N.A.		05/21/18		USD	78,371		643
JPY	8,634,400	HSBC Bank plc		05/21/18		USD	78,817		816
JPY	8,627,500	Bank of America N.A.		05/22/18		USD	79,064		1,121
JPY	275,190,000	JPMorgan Chase Bank N.A.		05/22/18		USD	2,521,960		35,814
JPY	427,709,000	Bank of America N.A.		05/25/18		USD	3,916,749		52,058
JPY	930,530,000	HSBC Bank plc		06/18/18		USD	8,668,188		248,897
JPY	929,100,000	Deutsche Bank AG		06/19/18		USD	8,566,608		159,787
JPY	599,020,000	Citibank N.A.		06/20/18		USD	5,484,025		63,582
JPY	930,710,000	Deutsche Bank AG		06/22/18		USD	8,487,233		64,441
JPY	811,652,000	Barclays Bank plc		06/29/18		USD	7,368,038		19,845
KRW	18,617,000,000	HSBC Bank plc		07/24/17		USD	16,322,111		46,420
KRW	5,187,000,000	HSBC Bank plc		07/24/17		USD	4,547,607		12,933
KRW	6,255,000,000	HSBC Bank plc		08/02/17		USD	5,553,583		84,445
KRW	72,000,000,000	Goldman Sachs & Co.		08/09/17		USD	63,191,153		230,558
KRW	15,389,000,000	HSBC Bank plc		08/17/17		USD	13,625,819		167,568
KRW	8,488,000,000	HSBC Bank plc		08/17/17		USD	7,534,508		111,437
KRW	13,933,000,000	Citibank N.A.		08/21/17		USD	12,210,148		24,635
KRW	16,897,000,000	HSBC Bank plc		09/05/17		USD	15,109,541		329,100
KRW	17,622,000,000	Goldman Sachs & Co.		09/07/17		USD	15,566,450		151,259
KRW	8,193,000,000	Citibank N.A.		09/20/17		USD	7,154,065		(14,634	)
KRW	11,175,000,000	HSBC Bank plc		09/20/17		USD	9,749,607		(28,276	)
KRW	14,010,000,000	HSBC Bank plc		09/27/17		USD	12,517,870		257,849
KRW	13,944,000,000	HSBC Bank plc		09/27/17		USD	12,458,899		256,635
KRW	6,146,000,000	Citibank N.A.		10/16/17		USD	5,494,859		114,629
KRW	19,207,000,000	HSBC Bank plc		10/18/17		USD	16,820,212		5,688
KRW	8,216,000,000	Citibank N.A.		11/15/17		USD	7,257,309		60,840
KRW	5,503,000,000	Citibank N.A.		11/16/17		USD	4,864,745		44,524
KRW	14,004,000,000	HSBC Bank plc		11/27/17		USD	12,524,259		255,192
KRW	7,689,000,000	Deutsche Bank AG		12/20/17		USD	6,901,535		162,128
KRW	7,690,000,000	Deutsche Bank AG		05/18/18		USD	6,922,315		164,588
ZAR	68,491,975	HSBC Bank plc		09/15/17		USD	5,033,954		(138,623	)
Cross Currency Contracts to Buy
IDR	58,860,000,000	JPMorgan Chase Bank N.A.		10/19/17		AUD	5,830,609		(114,813	)
Net Unrealized Depreciation								$	(13,804,430	)

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		1.817	%	02/03/25		USD	8,640,000	$	200,517
Receive	3M LIBOR		1.914	%	01/22/25		USD	35,110,000		563,565
Receive	3M LIBOR		1.937	%	01/29/25		USD	6,480,000		94,058
Receive	3M LIBOR		1.942	%	01/30/25		USD	5,480,000		78,013
Receive	3M LIBOR		1.970	%	01/23/25		USD	43,890,000		533,645
Receive	3M LIBOR		1.973	%	01/27/25		USD	25,900,000		310,241
Receive	3M LIBOR		2.378	%	11/18/46		USD	24,800,000		808,032
Receive	3M LIBOR		2.537	%	04/13/47		USD	32,700,000		(58,288	)
Receive	3M LIBOR		2.731	%	07/07/24		USD	14,050,000		(578,059	)
Receive	3M LIBOR		2.794	%	03/13/47		USD	24,900,000		(1,442,435	)
Receive	3M LIBOR		3.018	%	08/22/23		USD	26,870,000		(1,744,985	)
Receive	3M LIBOR		3.848	%	08/20/43		USD	15,360,000		(4,064,881	)
Net Unrealized Depreciation									$	(5,300,577	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(AUD)—	Australian Dollar
(CLP)—	Chilean Peso
(EUR)—	Euro
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Foreign Government*	$	—	$	968,531,926		$	—	$	968,531,926
Short-Term Investments
Discount Note		—		192,840,000			—		192,840,000
Repurchase Agreement		—		26,870,726			—		26,870,726
Total Short-Term Investments		—		219,710,726			—		219,710,726
Total Investments	$	—	$	1,188,242,652		$	—	$	1,188,242,652
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	11,778,412		$	—	$	11,778,412
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(25,582,842	)		—		(25,582,842	)
Total Forward Contracts	$	—	$	(13,804,430	)	$	—	$	(13,804,430	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	2,588,071		$	—	$	2,588,071
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(7,888,648	)		—		(7,888,648	)
Total Centrally Cleared Swap Contracts	$	—	$	(5,300,577	)	$	—	$	(5,300,577	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	1,188,242,652
Cash		60,000
Cash denominated in foreign currencies (b)		2,631,063
Cash collateral for centrally cleared swap contracts		27,177,154
Unrealized appreciation on forward foreign currency exchange contracts		11,778,412
Receivable for:
Investments sold		84,456,829
Fund shares sold		69,050
Interest		12,942,101
Variation margin on centrally cleared swap contracts		910,770
Total Assets		1,328,268,031
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		25,582,842
Payables for:
Fund shares redeemed		5,181
Foreign taxes		1,071,724
Accrued Expenses:
Management fees		637,084
Distribution and service fees		10,991
Deferred trustees’ fees		115,782
Other expenses		891,477
Total Liabilities		28,315,081
Net Assets	$	1,299,952,950
Net Assets Consist of:
Paid in surplus	$	1,351,612,982
Accumulated net investment loss		(46,158,462	)
Accumulated net realized gain		9,911,529
Unrealized depreciation on investments, swap contracts and foreign currency transactions (c)		(15,413,099	)
Net Assets	$	1,299,952,950
Net Assets
Class A	$	1,246,530,812
Class B		53,422,138
Capital Shares Outstanding*
Class A		122,412,743
Class B		5,303,496
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.18
Class B		10.07

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, including repurchase agreement, was $1,183,212,064.
(b)	Identified cost of cash denominated in foreign currencies was $2,637,291.
(c)	Includes foreign capital gains tax of $1,071,724.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Interest (a)	$	21,943,509
Total investment income		21,943,509
Expenses
Management fees		3,855,492
Administration fees		20,432
Custodian and accounting fees		388,499
Distribution and service fees—Class B		67,196
Audit and tax services		49,601
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		18,889
Insurance		4,235
Miscellaneous		46,638
Total expenses		4,495,684
Less management fee waiver		(29,338	)
Net expenses		4,466,346
Net Investment Income		17,477,163
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(9,650,479	)
Swap contracts		(1,407,337	)
Foreign currency transactions		25,430,641
Net realized gain		14,372,825
Net change in unrealized appreciation (depreciation) on:
Investments (b)		70,334,740
Swap contracts		(3,008,482	)
Foreign currency transactions		(79,637,387	)
Net change in unrealized depreciation		(12,311,129	)
Net realized and unrealized gain		2,061,696
Net Increase in Net Assets From Operations	$	19,538,859

(a)	Net of foreign withholding taxes of $1,010,253.
(b)	Includes change in foreign capital gains tax of $(622,938).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	17,477,163		$	32,338,211
Net realized gain (loss)		14,372,825			(118,277,405	)
Net change in unrealized appreciation (depreciation)		(12,311,129	)		97,385,663
Increase in net assets from operations		19,538,859			11,446,469
From Distributions to Shareholders
Net realized capital gains
Class A		(489,779	)		(3,094,469	)
Class B		(21,196	)		(143,425	)
Total distributions		(510,975	)		(3,237,894	)
Decrease in net assets from capital share transactions		(3,341,751	)		(66,426,796	)
Total increase (decrease) in net assets		15,686,133			(58,218,221	)
Net Assets
Beginning of period		1,284,266,817			1,342,485,038
End of period	$	1,299,952,950		$	1,284,266,817
Accumulated net investment loss
End of period	$	(46,158,462	)	$	(63,635,625	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		3,392,187		$	34,692,153			3,126,122		$	30,082,155
Reinvestments		47,783			489,779			327,111			3,094,469
Redemptions		(3,515,376	)		(36,117,179	)		(9,915,071	)		(96,521,979	)
Net decrease		(75,406	)	$	(935,247	)		(6,461,838	)	$	(63,345,355	)
Class B
Sales		128,178		$	1,292,238			591,543		$	5,668,662
Reinvestments		2,090			21,196			15,275			143,425
Redemptions		(369,813	)		(3,719,938	)		(923,612	)		(8,893,528	)
Net decrease		(239,545	)	$	(2,406,504	)		(316,794	)	$	(3,081,441	)
Decrease derived from capital shares transactions				$	(3,341,751	)				$	(66,426,796	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.04		$	9.96		$	11.32		$	11.72		$	11.88		$	11.54
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.25			0.28			0.30			0.43			0.43
Net realized and unrealized gain (loss) on investments		0.00	(b)		(0.14	)		(0.69	)		(0.14	)		(0.28	)		1.15
Total from investment operations		0.14			0.11			(0.41	)		0.16			0.15			1.58
Less Distributions
Distributions from net investment income		0.00			0.00			(0.93	)		(0.56	)		(0.26	)		(1.24	)
Distributions from net realized capital gains		(0.00	) (c)		(0.03	)		(0.02	)		0.00			(0.05	)		0.00
Total distributions		(0.00	)		(0.03	)		(0.95	)		(0.56	)		(0.31	)		(1.24	)
Net Asset Value, End of Period	$	10.18		$	10.04		$	9.96		$	11.32		$	11.72		$	11.88
Total Return (%) (d)		1.43	(e)		1.07			(3.95	)		1.41			1.27			14.64
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(f)		0.69			0.73			0.73			0.72			0.73
Net ratio of expenses to average net assets (%) (g)		0.68	(f)		0.69			0.73			0.73			0.72			0.73
Ratio of net investment income to average net assets (%)		2.73	(f)		2.57			2.58			2.56			3.69			3.78
Portfolio turnover rate (%)		47	(e)		15			47			28			37			35
Net assets, end of period (in millions)	$	1,246.5		$	1,229.2		$	1,284.5		$	1,380.5		$	1,251.2		$	1,048.6
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.94		$	9.89		$	11.24		$	11.64		$	11.80		$	11.48
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.22			0.25			0.26			0.40			0.40
Net realized and unrealized gain (loss) on investments		0.01			(0.14	)		(0.68	)		(0.13	)		(0.27	)		1.14
Total from investment operations		0.13			0.08			(0.43	)		0.13			0.13			1.54
Less Distributions
Distributions from net investment income		0.00			0.00			(0.90	)		(0.53	)		(0.24	)		(1.22	)
Distributions from net realized capital gains		(0.00	) (c)		(0.03	)		(0.02	)		0.00			(0.05	)		0.00
Total distributions		(0.00	)		(0.03	)		(0.92	)		(0.53	)		(0.29	)		(1.22	)
Net Asset Value, End of Period	$	10.07		$	9.94		$	9.89		$	11.24		$	11.64		$	11.80
Total Return (%) (d)		1.35	(e)(h)		0.77	(h)		(4.16	)		1.14			1.04			14.29
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94	(f)		0.94			0.98			0.98			0.97			0.98
Net ratio of expenses to average net assets (%) (g)		0.93	(f)		0.94			0.98			0.98			0.97			0.98
Ratio of net investment income to average net assets (%)		2.46	(f)		2.32			2.33			2.31			3.44			3.53
Portfolio turnover rate (%)		47	(e)		15			47			28			37			35
Net assets, end of period (in millions)	$	53.4		$	55.1		$	58.0		$	64.2		$	70.6		$	76.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net realized and unrealized gain (loss) on investment was less than $0.01.
(c)	Distributions from net realized capital gains were less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(h)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Templeton International Bond Portfolio (the “Portfolio”), which is non-diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) 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.

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-15

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2017—(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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, ordinary loss netting, net operating losses, swap transactions, adjustments to prior period accumulated balances and premium amortization adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $ 26,870,726 , which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment

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Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

During the six months ended June 30, 2017, the Portfolio was not involved in any securities lending transactions. At June 30, 2017, there are no securities on loan for the Portfolio.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution

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Notes to Financial Statements—June 30, 2017—(Continued)

counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	2,588,071	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	7,888,648
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		11,778,412	Unrealized depreciation on forward foreign currency exchange contracts		25,582,842
Total		$	14,366,483		$	33,471,490

(a) Financial instrument not subject to a master netting agreement.

(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

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Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	87,993	$	(87,993	)	$	—		$	—
Barclays Bank plc		922,859		(458,070	)		(464,789	)(1)		—
Citibank N.A.		1,147,824		(1,147,824	)		—			—
Deutsche Bank AG		1,881,834		(1,881,834	)		—			—
Goldman Sachs & Co.		381,817		(381,817	)		—			—
HSBC Bank plc		3,553,897		(991,450	)		—			2,562,447
JPMorgan Chase Bank N.A.		3,666,056		(3,666,056	)		—			—
Morgan Stanley & Co.		38,683		(38,683	)		—			—
Standard Chartered Bank		97,449		(97,449	)		—			—
	$	11,778,412	$	(8,751,176	)	$	(464,789	)	$	2,562,447

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	2,623,132	$	(87,993	)	$	—		$	2,535,139
Barclays Bank plc		458,070		(458,070	)		—			—
Citibank N.A.		2,259,081		(1,147,824	)		(740,000	)		371,257
Deutsche Bank AG		7,776,813		(1,881,834	)		—			5,894,979
Goldman Sachs & Co.		2,616,568		(381,817	)		(2,234,751	)		—
HSBC Bank plc		991,450		(991,450	)		—			—
JPMorgan Chase Bank N.A.		5,963,813		(3,666,056	)		(1,460,000	)		837,757
Morgan Stanley & Co.		153,799		(38,683	)		—			115,116
Standard Chartered Bank		1,905,657		(97,449	)		(1,620,000	)		188,208
UBS AG, Stamford		834,459		—			—			834,459
	$	25,582,842	$	(8,751,176	)	$	(6,054,751	)	$	10,776,915

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
(1)	Collateral was received into a segregated account in the counterparty’s name at the custodian.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	25,560,743		$	25,560,743
Swap contracts		(1,407,337	)		—			(1,407,337	)
	$	(1,407,337	)	$	25,560,743		$	24,153,406
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	(79,467,965	)	$	(79,467,965	)
Swap contracts		(3,008,482	)		—			(3,008,482	)
	$	(3,008,482	)	$	(79,467,965	)	$	(82,476,447	)

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Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions		$	1,444,907,884
Swap contracts			277,020,000

‡ Averages are based on activity levels during the year.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market

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Notes to Financial Statements—June 30, 2017—(Continued)

and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	392,895,940	$	0	$	360,559,838

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.600% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $3,855,492.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Franklin Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	On amounts over $	1 billion

An identical agreement was in place for the period December 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees

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Notes to Financial Statements—June 30, 2017—(Continued)

on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$—	$	118,597,789	$	3,237,894	$	2,750,682	$	3,237,894	$	121,348,471

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$—	$	350,657	$	(70,936,751	)	$	—	$	(70,586,094	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
120,758,623		1,901,652		6,538,803

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		122,821,064		6,378,014
Robert Boulware		122,821,064		6,378,014
Susan C. Gause		122,850,435		6,348,642
Nancy Hawthorne		122,850,435		6,348,643
Barbara A. Nugent		122,850,435		6,348,643
John Rosenthal		122,619,521		6,579,557
Linda B. Strumpf		122,850,435		6,348,643
Dawn M. Vroegop		122,543,757		6,655,321

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Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Brighthouse/Wellington Large Cap Research Portfolio returned 12.10%, 11.99%, and 12.03%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 9.34%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose during the first half of 2017 despite plunging oil prices, heightened political risk, and two U.S. Federal Reserve (“Fed”) rate hikes. The first quarter of 2017 was marked by continued optimism in the Trump administration’s policy expectations and generally encouraging economic data. Steady labor-market gains, along with rising stock prices and optimism about faster economic growth, helped consumer confidence jump to its highest level in 16 years. Despite investor concern over stretched valuations and overly optimistic policy expectations, the market hit a series of record highs early in the first half of the year.

Stocks ended June with a 9.3% year-to-date gain, as measured by the S&P 500 Index. Although U.S. economic data released during the second quarter of 2017 was mixed and geopolitical risks remained part of the overall narrative, U.S. and global equities continued to climb. Emmanuel Macron’s victory in the French presidential election was widely seen as supportive for the stability of the European Union. Furthermore, continued solid global economic data, strong year-over-year corporate earnings growth, and the Fed’s initial plan for balance sheet normalization later this year, provided the economy evolves broadly as anticipated, helped stoke investors’ bullish sentiment. Some unfavorable developments during the second quarter included disappointing manufacturing data, weak auto sales, and lackluster housing reports.

Mid- and large-cap stocks outperformed small-cap stocks, as measured by the S&P Midcap 400, S&P 500, and Russell 2000 indices, respectively. All three groups posted strong positive returns during the six-month period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the S&P 500 Index, for the six-month period ended June 30, 2017. Given the industry-neutral structure of the Portfolio, stock selection was the primary driver of the relative outperformance. In particular, selection within the Information Technology, Industrials, and Consumer Discretionary sectors contributed the most to relative results. This was partially offset by weaker stock selection within the Energy sector.

The Portfolio’s exposure to Wayfair and Arista Networks boosted relative results, as did being underweight weak-performing benchmark constituent Exxon Mobil, and not holding Verizon and AT&T. Wayfair, the online home furnishings specialist, reported strong first quarter results which sent the stock price up. Wayfair revealed that quarterly revenue had climbed 30% to almost $1 billion as the company continues to take share in the North American home category segment. Arista, the cloud networking solutions provider, was another top relative contributor after the company reported consecutive higher-than-expected quarterly results which showed that customers are adopting their cloud networking services at an unprecedented rate. As of the end of the period, the Portfolio maintained a position in both names.

The Portfolio’s holdings in Newfield Exploration and Advance Auto Parts were among the stocks that detracted from relative performance during the period. Newfield Exploration’s stock price declined as the market reacted negatively to conservative guidance from company management in the beginning of the period and faced headwinds as oil prices trended lower. Advance Auto Parts’ stock was down during the period as the automotive aftermarket industry was weighed down by demand headwinds following a record warm winter. As of the end of the period, we maintained the Portfolio’s position in Newfield Exploration and trimmed the position in Advance Auto Parts. Capital One also detracted. We modestly reduced the Portfolio’s position in Capital One, but the stock remains a top active position in the Financials sector as we see upside in banks as a result of the abating regulatory burdens and de-risked balance sheets.

The Portfolio is generally industry-neutral relative to the benchmark. At period end, the Portfolio had no exposure to the Telecommunication Services sector as we see better opportunities in the broadband cable companies which are categorized in the Consumer Discretionary sector. On an absolute basis, the Portfolio’s largest exposures at the end of the period were to the Software & Services, Capital Goods, Health Care Equipment & Services, and Food, Beverage & Tobacco industries. The Portfolio increased its exposure

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Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

modestly to the Capital Goods industry and decreased its exposure to the Diversified Financials industries.

Cheryl M. Duckworth

Mark D. Mandel

Portfolio Managers

Wellington Management Company LLP

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Large Cap Research Portfolio
Class A		12.10		19.75		15.69		6.55
Class B		11.99		19.51		15.41		6.28
Class E		12.03		19.56		15.53		6.39
S&P 500 Index		9.34		17.90		14.63		7.18

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Apple, Inc.		3.9
Bank of America Corp.		2.5
Facebook, Inc. - Class A		2.3
Amazon.com, Inc.		1.9
Alphabet, Inc. - Class A		1.8
Medtronic plc		1.7
UnitedHealth Group, Inc.		1.5
PepsiCo, Inc.		1.4
Altria Group, Inc.		1.3
Visa, Inc. - Class A		1.3

Top Sectors

	% of Net Assets
Information Technology		20.6
Health Care		14.7
Financials		14.1
Consumer Discretionary		11.7
Industrials		11.1
Consumer Staples		9.8
Energy		4.7
Utilities		4.4
Real Estate		4.0
Materials		4.0

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Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse/Wellington Large Cap Research Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.51	%	$	1,000.00	$	1,121.00	$	2.68
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class B(a)	Actual		0.76	%	$	1,000.00	$	1,119.90	$	3.99
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class E(a)	Actual		0.66	%	$	1,000.00	$	1,120.30	$	3.47
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.4%
Boeing Co. (The)		113,595	$	22,463,411
General Dynamics Corp.		74,459		14,750,328
Lockheed Martin Corp.		85,887		23,843,090
United Technologies Corp.		181,406		22,151,487
				83,208,316
Air Freight & Logistics—0.5%
FedEx Corp.		55,205		11,997,703
Airlines—0.3%
Southwest Airlines Co.		17,779		1,104,787
Spirit Airlines, Inc. (a) (b)		103,856		5,364,162
				6,468,949
Banks—5.3%
Bank of America Corp.		2,516,113		61,040,901
Citigroup, Inc.		404,049		27,022,797
Huntington Bancshares, Inc.		901,865		12,193,215
PNC Financial Services Group, Inc. (The)		228,795		28,569,632
				128,826,545
Beverages—3.5%
Anheuser-Busch InBev S.A. (ADR)		52,897		5,837,713
Constellation Brands, Inc. - Class A		92,791		17,976,401
Dr Pepper Snapple Group, Inc.		53,074		4,835,572
Monster Beverage Corp. (a) (b)		482,793		23,985,156
PepsiCo, Inc.		295,171		34,089,299
				86,724,141
Biotechnology—1.6%
Aduro Biotech, Inc. (a) (b)		139,869		1,594,507
Alnylam Pharmaceuticals, Inc. (a) (b)		12,520		998,595
Biogen, Inc. (a)		2,873		779,617
Biohaven Pharmaceutical Holding Co., Ltd. (a)		34,400		860,000
Bluebird Bio, Inc. (a) (b)		14,131		1,484,462
Calithera Biosciences, Inc. (a) (b)		51,800		769,230
Celgene Corp. (a)		80,781		10,491,028
GlycoMimetics, Inc. (a) (b)		119,928		1,338,396
Incyte Corp. (a) (b)		26,640		3,354,242
Ironwood Pharmaceuticals, Inc. (a) (b)		147,969		2,793,655
Jounce Therapeutics, Inc. (a)		4,500		63,135
Karyopharm Therapeutics, Inc. (a) (b)		112,522		1,018,324
Loxo Oncology, Inc. (a) (b)		33,200		2,662,308
Otonomy, Inc. (a)		102,536		1,932,804
Ra Pharmaceuticals, Inc. (a)		68,754		1,288,450
Regeneron Pharmaceuticals, Inc. (a)		3,818		1,875,173
Syndax Pharmaceuticals, Inc. (a) (b)		104,000		1,452,880
TESARO, Inc. (a) (b)		23,842		3,334,542
Trevena, Inc. (a)		188,677		433,957
				38,525,305
Capital Markets—1.3%
Financial Engines, Inc. (b)		62,724		2,295,698
Goldman Sachs Group, Inc. (The)		30,582		6,786,146
Intercontinental Exchange, Inc.		128,254		8,454,504
Capital Markets—(Continued)
Legg Mason, Inc. (b)		79,161		3,020,784
Northern Trust Corp. (b)		36,511		3,549,234
TD Ameritrade Holding Corp. (b)		171,773		7,384,521
WisdomTree Investments, Inc. (b)		146,350		1,488,380
				32,979,267
Chemicals—2.1%
Cabot Corp.		71,604		3,825,802
Celanese Corp. - Series A		97,146		9,223,041
Dow Chemical Co. (The)		253,599		15,994,489
Monsanto Co.		47,180		5,584,225
PPG Industries, Inc.		127,336		14,001,866
Westlake Chemical Corp. (b)		41,520		2,749,039
				51,378,462
Communications Equipment—0.7%
Arista Networks, Inc. (a)		109,824		16,450,537
Construction Materials—0.5%
CRH plc (ADR) (b)		69,203		2,454,630
Martin Marietta Materials, Inc. (b)		22,357		4,976,221
Vulcan Materials Co.		30,329		3,842,078
				11,272,929
Consumer Finance—1.8%
American Express Co.		248,116		20,901,292
Capital One Financial Corp.		295,346		24,401,486
				45,302,778
Containers & Packaging—1.2%
Ardagh Group S.A.		130,043		2,940,272
Ball Corp.		314,006		13,254,193
International Paper Co.		178,069		10,080,486
Owens-Illinois, Inc. (a) (b)		114,306		2,734,200
				29,009,151
Electric Utilities—3.1%
Avangrid, Inc.		261,115		11,528,227
Edison International		110,167		8,613,958
Eversource Energy		91,220		5,537,966
Exelon Corp.		224,840		8,109,979
NextEra Energy, Inc. (b)		184,458		25,848,099
PG&E Corp.		188,598		12,517,249
Pinnacle West Capital Corp.		45,904		3,909,185
				76,064,663
Electrical Equipment—1.4%
AMETEK, Inc. (b)		275,278		16,673,589
Eaton Corp. plc		228,363		17,773,492
				34,447,081
Energy Equipment & Services—0.1%
Helix Energy Solutions Group, Inc. (a)		190,442		1,074,093
Tesco Corp. (a)		220,920		983,094
				2,057,187

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—3.8%
Alexandria Real Estate Equities, Inc. (b)		92,501	$	11,143,596
American Tower Corp.		210,855		27,900,334
Apartment Investment & Management Co. - Class A		216,432		9,300,083
Crown Castle International Corp.		133,155		13,339,468
Equinix, Inc.		22,008		9,444,953
Invitation Homes, Inc.		279,411		6,043,660
Outfront Media, Inc.		66,803		1,544,485
Prologis, Inc.		106,471		6,243,459
Simon Property Group, Inc.		46,420		7,508,899
				92,468,937
Food & Staples Retailing—1.3%
Costco Wholesale Corp.		91,512		14,635,514
Walgreens Boots Alliance, Inc.		228,577		17,899,865
				32,535,379
Food Products—1.4%
Hostess Brands, Inc. (a) (b)		979,614		15,771,785
Post Holdings, Inc. (a)		248,216		19,273,973
				35,045,758
Gas Utilities—0.2%
UGI Corp. (b)		120,540		5,835,341
Health Care Equipment & Supplies—4.6%
Abbott Laboratories		253,161		12,306,156
Baxter International, Inc.		158,499		9,595,529
Becton Dickinson & Co.		62,117		12,119,648
Boston Scientific Corp. (a)		693,493		19,223,626
ConforMIS, Inc. (a)		140,400		602,316
Medtronic plc		481,636		42,745,195
Stryker Corp.		116,142		16,118,187
				112,710,657
Health Care Providers & Services—3.7%
Brookdale Senior Living, Inc. (a)		163,665		2,407,512
Cardinal Health, Inc.		182,929		14,253,828
Cigna Corp.		85,242		14,268,658
HCA Healthcare, Inc. (a)		101,422		8,843,998
McKesson Corp.		84,255		13,863,318
UnitedHealth Group, Inc.		199,045		36,906,924
				90,544,238
Hotels, Restaurants & Leisure—0.9%
Hilton Worldwide Holdings, Inc.		92,849		5,742,711
McDonald’s Corp.		78,270		11,987,833
Wingstop, Inc. (b)		20,181		623,593
Wynn Resorts, Ltd.		28,873		3,872,447
				22,226,584
Household Durables—0.5%
Mohawk Industries, Inc. (a)		46,351		11,202,573
Industrial Conglomerates—1.1%
General Electric Co.		1,033,589		27,917,239
Insurance—5.7%
Allstate Corp. (The)		100,610		8,897,948
American International Group, Inc.		415,603		25,983,500
Assured Guaranty, Ltd.		404,685		16,891,552
Athene Holding, Ltd. - Class A (a)		130,446		6,471,426
Chubb, Ltd.		53,240		7,740,031
Hartford Financial Services Group, Inc. (The)		170,172		8,945,942
Manulife Financial Corp.		487,795		9,151,034
Marsh & McLennan Cos., Inc.		297,467		23,190,527
Prudential Financial, Inc.		142,662		15,427,469
XL Group, Ltd.		383,380		16,792,044
				139,491,473
Internet & Direct Marketing Retail—4.5%
Amazon.com, Inc. (a)		47,488		45,968,384
Expedia, Inc.		96,652		14,396,316
Netflix, Inc. (a)		87,529		13,077,708
Priceline Group, Inc. (The) (a)		9,206		17,220,007
Wayfair, Inc. - Class A (a) (b)		245,874		18,902,793
				109,565,208
Internet Software & Services—5.0%
Alphabet, Inc. - Class A (a)		47,003		43,697,749
Blucora, Inc. (a)		114,216		2,421,379
eBay, Inc. (a)		612,688		21,395,065
Facebook, Inc. - Class A (a)		370,113		55,879,661
				123,393,854
IT Services—4.0%
Accenture plc - Class A		39,796		4,921,969
Alliance Data Systems Corp. (b)		34,488		8,852,725
Cognizant Technology Solutions Corp. - Class A		41,604		2,762,506
FleetCor Technologies, Inc. (a) (b)		56,200		8,104,602
Genpact, Ltd. (b)		222,999		6,206,062
Global Payments, Inc.		209,606		18,931,614
PayPal Holdings, Inc. (a)		210,101		11,276,121
Total System Services, Inc.		32,536		1,895,222
Visa, Inc. - Class A (b)		334,327		31,353,186
WEX, Inc. (a) (b)		38,109		3,973,625
				98,277,632
Life Sciences Tools & Services—0.5%
Thermo Fisher Scientific, Inc.		64,541		11,260,468
Machinery—2.9%
AGCO Corp. (b)		41,264		2,780,781
Caterpillar, Inc.		21,341		2,293,304
Deere & Co.		44,751		5,530,776
Fortive Corp.		271,451		17,196,421
Illinois Tool Works, Inc.		156,654		22,440,685
PACCAR, Inc.		35,433		2,339,995
Pentair plc		265,501		17,666,437
				70,248,399

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Marine—0.1%
Kirby Corp. (a) (b)		26,158	$	1,748,662
Media—3.2%
Charter Communications, Inc. - Class A (a)		76,457		25,754,541
Comcast Corp. - Class A		783,196		30,481,988
Liberty Media Corp.-Liberty Formula One - Class C (a) (b)		135,891		4,976,328
New York Times Co. (The) - Class A (b)		105,191		1,861,881
Twenty-First Century Fox, Inc. - Class A (b)		243,934		6,913,090
Viacom, Inc. - Class B		237,462		7,971,599
				77,959,427
Metals & Mining—0.1%
Steel Dynamics, Inc.		80,130		2,869,455
Multi-Utilities—1.0%
Dominion Energy, Inc. (b)		163,872		12,557,512
Sempra Energy (b)		112,795		12,717,636
				25,275,148
Oil, Gas & Consumable Fuels—4.6%
Antero Resources Corp. (a)		168,331		3,637,633
BP plc (ADR)		154,296		5,346,356
Chevron Corp.		87,605		9,139,830
Continental Resources, Inc. (a)		127,799		4,131,742
Diamondback Energy, Inc. (a) (b)		64,880		5,761,993
EOG Resources, Inc.		37,419		3,387,168
Extraction Oil & Gas, Inc. (a) (b)		489,832		6,588,240
Exxon Mobil Corp.		103,298		8,339,247
Kinder Morgan, Inc.		644,728		12,352,988
Newfield Exploration Co. (a) (b)		753,080		21,432,657
ONEOK, Inc.		67,210		3,505,674
Parsley Energy, Inc. - Class A (a)		163,620		4,540,455
PDC Energy, Inc. (a) (b)		85,248		3,675,041
Pioneer Natural Resources Co.		31,058		4,956,236
QEP Resources, Inc. (a)		627,113		6,333,841
Suncor Energy, Inc.		175,457		5,123,344
TransCanada Corp.		106,318		5,068,179
Whiting Petroleum Corp. (a) (b)		115,309		635,353
				113,955,977
Paper & Forest Products—0.1%
Boise Cascade Co. (a) (b)		98,888		3,006,195
Personal Products—1.5%
Coty, Inc. - Class A (b)		1,175,781		22,057,651
Estee Lauder Cos., Inc. (The) - Class A		88,162		8,461,789
Herbalife, Ltd. (a) (b)		73,011		5,207,875
				35,727,315
Pharmaceuticals—4.3%
Aerie Pharmaceuticals, Inc. (a)		42,337		2,224,809
Allergan plc		83,893		20,393,549
AstraZeneca plc (ADR) (b)		299,296		10,203,001
Bristol-Myers Squibb Co.		402,526		22,428,749
Pharmaceuticals—(Continued)
Eli Lilly & Co.		228,895		18,838,059
Johnson & Johnson		149,782		19,814,661
Mylan NV (a)		234,148		9,089,625
MyoKardia, Inc. (a) (b)		93,120		1,219,872
Teva Pharmaceutical Industries, Ltd. (ADR)		72,077		2,394,398
				106,606,723
Professional Services—0.9%
Equifax, Inc.		51,035		7,013,230
IHS Markit, Ltd. (a) (b)		104,224		4,590,025
TransUnion (a) (b)		234,501		10,156,238
				21,759,493
Real Estate Management & Development—0.2%
Conyers Park Acquisition Corp. (a)		467,230		5,957,183
Road & Rail—0.6%
J.B. Hunt Transport Services, Inc. (b)		10,858		992,204
Knight Transportation, Inc. (b)		120,676		4,471,046
Norfolk Southern Corp.		57,948		7,052,272
Schneider National, Inc. - Class B		51,566		1,153,531
				13,669,053
Semiconductors & Semiconductor Equipment—3.3%
Broadcom, Ltd.		84,685		19,735,839
First Solar, Inc. (a) (b)		24,483		976,382
Microchip Technology, Inc. (b)		153,137		11,819,114
Micron Technology, Inc. (a)		321,326		9,594,794
NVIDIA Corp.		126,878		18,341,484
QUALCOMM, Inc.		383,924		21,200,283
				81,667,896
Software—3.7%
Adobe Systems, Inc. (a)		62,029		8,773,382
Atlassian Corp. plc - Class A (a)		129,231		4,546,347
Autodesk, Inc. (a)		50,282		5,069,431
Guidewire Software, Inc. (a) (b)		52,603		3,614,352
HubSpot, Inc. (a) (b)		65,422		4,301,497
Microsoft Corp.		435,210		29,999,025
Salesforce.com, Inc. (a)		111,792		9,681,187
ServiceNow, Inc. (a) (b)		100,838		10,688,828
Splunk, Inc. (a) (b)		30,795		1,751,928
SS&C Technologies Holdings, Inc. (b)		75,930		2,916,471
Workday, Inc. - Class A (a) (b)		89,068		8,639,596
				89,982,044
Specialty Retail—1.5%
Advance Auto Parts, Inc. (b)		110,228		12,851,483
L Brands, Inc. (b)		121,872		6,567,682
O’Reilly Automotive, Inc. (a) (b)		40,766		8,917,155
TJX Cos., Inc. (The)		111,701		8,061,461
				36,397,781

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—3.9%
Apple, Inc.		660,793	$	95,167,408
Textiles, Apparel & Luxury Goods—1.2%
NIKE, Inc. - Class B		469,754		27,715,486
VF Corp. (b)		28,945		1,667,232
				29,382,718
Tobacco—2.0%
Altria Group, Inc.		427,648		31,846,946
British American Tobacco plc (ADR) (b)		248,272		17,016,563
				48,863,509
Total Common Stocks (Cost $2,040,880,960)				2,427,432,741
Short-Term Investment—0.8%
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $19,958,056 on 07/03/17, collateralized by $20,295,000 Federal Home Loan Mortgage Corp. at 0.875% due 08/15/17 with a value of $20,358,097.		19,957,856		19,957,856
Total Short-Term Investments (Cost $19,957,856)				19,957,856
Securities Lending Reinvestments (c)—11.5%
Certificates of Deposit—7.2%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		8,962,358		8,981,100
Banco Del Estado De Chile New York 1.429%, 10/19/17 (d)		4,000,000		4,000,952
Bank of America N.A. 1.507%, 07/11/17 (d)		2,500,000		2,500,440
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		1,500,000		1,500,276
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		3,000,000		3,002,962
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		2,119,438		2,102,331
1.602%, 11/16/17 (d)		2,000,000		2,001,952
BNP Paribas New York 1.372%, 02/15/18 (d)		9,000,000		9,001,440
Canadian Imperial Bank 1.630%, 10/27/17 (d)		2,000,000		2,002,250
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		2,500,000		2,502,882
1.558%, 10/13/17 (d)		2,500,000		2,503,391
Certificates of Deposit—(Continued)
Credit Industriel et Commercial 1.125%, 07/03/17		3,000,000		3,000,066
Credit Suisse AG New York 1.314%, 11/07/17 (d)		5,000,000		5,000,405
1.432%, 10/16/17 (d)		5,500,000		5,501,177
DG Bank New York 1.140%, 07/03/17		10,000,000		9,999,900
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		2,300,000		2,300,288
KBC Bank NV Zero Coupon, 08/22/17		1,993,479		1,996,780
1.200%, 07/18/17		2,000,000		2,000,000
1.220%, 07/27/17		7,000,000		7,000,000
1.250%, 08/08/17		4,000,000		4,000,120
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		11,500,000		11,499,885
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (d)		2,000,000		2,000,448
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (d)		1,500,000		1,499,951
1.400%, 11/27/17 (d)		10,000,000		9,995,400
1.469%, 10/18/17 (d)		3,500,000		3,499,762
National Australia Bank London 1.480%, 11/09/17 (d)		4,500,000		4,503,645
Natixis New York 1.287%, 11/13/17 (d)		9,000,000		8,999,010
1.506%, 08/03/17 (d)		2,900,000		2,900,876
Norinchukin Bank New York 1.297%, 11/13/17 (d)		3,500,000		3,500,273
1.377%, 10/13/17 (d)		1,500,000		1,501,031
1.584%, 08/21/17 (d)		6,000,000		6,002,214
1.687%, 07/12/17 (d)		2,000,000		2,000,242
Royal Bank of Canada New York 1.555%, 10/13/17 (d)		1,000,000		1,001,011
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		1,009,233		1,000,230
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		5,000,000		4,999,545
1.357%, 10/12/17 (d)		2,500,000		2,500,702
1.551%, 08/01/17 (d)		4,300,000		4,301,673
Sumitomo Mitsui Trust Bank, Ltd., New York 1.342%, 11/16/17 (d)		5,000,000		4,999,685
1.377%, 10/11/17 (d)		2,500,000		2,501,761
1.466%, 10/26/17 (d)		7,000,000		7,001,792
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		6,000,000		6,004,458
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		2,200,000		2,201,967
				175,314,273
Commercial Paper—2.0%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		4,985,213		4,998,190
Barton Capital S.A. 1.210%, 07/10/17		996,841		999,674

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Commonwealth Bank Australia 1.522%, 10/23/17 (d)		4,000,000	$	4,004,217
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		8,700,000		8,700,505
ING Funding LLC 1.277%, 11/13/17 (d)		4,000,000		3,999,708
LMA S.A. & LMA Americas 1.150%, 07/07/17		6,498,547		6,499,169
1.180%, 07/11/17		2,492,625		2,499,170
Ridgefield Funding Co. LLC 1.180%, 07/31/17		2,991,150		2,996,781
1.434%, 09/07/17 (d)		2,000,000		2,000,801
Sheffield Receivables Co. 1.190%, 07/28/17		5,981,357		5,994,360
1.230%, 07/07/17		1,993,782		1,999,532
Westpac Banking Corp. 1.506%, 10/20/17 (d)		3,700,000		3,703,689
				48,395,796
Repurchase Agreements—1.9%
Deutsche Bank AG, London
Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $18,186,649 on 07/03/17, collateralized by $18,489,123 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $18,548,583.		18,184,830		18,184,830
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $10,508,138 on 07/03/17, collateralized by $2,282 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $11,674,147.		10,500,000		10,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $502,423 on 09/29/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,759,931 on 10/02/17, collateralized by various Common Stock with a value of $4,070,000.		3,700,000		3,700,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $5,038,238 on 10/02/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
				47,884,830
Time Deposit—0.4%
Shinkin Central Bank 1.330%, 07/25/17		9,000,000		9,000,000
Total Securities Lending Reinvestments (Cost $280,550,238)				280,594,899
Total Investments—111.4% (Cost $2,341,389,054) (e)				2,727,985,496
Other assets and liabilities (net)—(11.4)%				(278,890,132	)
Net Assets—100.0%			$	2,449,095,364

*	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 June 30, 2017, the market value of securities loaned was $272,666,853 and the collateral received consisted of cash in the amount of $280,508,852. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $2,341,389,054. The aggregate unrealized appreciation and depreciation of investments were $435,252,672 and $(48,656,230), respectively, resulting in net unrealized appreciation of $386,596,442.
(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.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Depreciation
S&P 500 Index E-Mini Futures		09/15/17		81		USD	9,874,120	$	(69,475	)

(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	2,427,432,741		$	—		$	—	$	2,427,432,741
Total Short-Term Investment*		—			19,957,856			—		19,957,856
Total Securities Lending Reinvestments*		—			280,594,899			—		280,594,899
Total Investments	$	2,427,432,741		$	300,552,755		$	—	$	2,727,985,496
Collateral for Securities Loaned (Liability)	$	—		$	(280,508,852	)	$	—	$	(280,508,852	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(69,475	)	$	—		$	—	$	(69,475	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,727,985,496
Cash collateral for futures contracts		392,040
Receivable for:
Investments sold		22,765,886
Fund shares sold		82,552
Dividends and interest		2,024,707
Variation margin on futures contracts		3,645
Total Assets		2,753,254,326
Liabilities
Collateral for securities loaned		280,508,852
Payables for:
Investments purchased		21,150,616
Fund shares redeemed		1,007,951
Accrued Expenses:
Management fees		982,645
Distribution and service fees		36,099
Deferred trustees’ fees		115,782
Other expenses		357,017
Total Liabilities		304,158,962
Net Assets	$	2,449,095,364
Net Assets Consist of:
Paid in surplus	$	1,928,892,341
Undistributed net investment income		13,958,625
Accumulated net realized gain		119,717,180
Unrealized appreciation on investments, futures contracts and foreign currency transactions		386,527,218
Net Assets	$	2,449,095,364
Net Assets
Class A	$	2,244,159,625
Class B		128,045,079
Class E		76,890,660
Capital Shares Outstanding*
Class A		152,559,235
Class B		8,867,820
Class E		5,265,795
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.71
Class B		14.44
Class E		14.60

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,341,389,054.
(b)	Includes securities loaned at value of $272,666,853.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	19,073,144
Interest		4,992
Securities lending income		837,254
Total investment income		19,915,390
Expenses
Management fees		6,753,643
Administration fees		38,317
Custodian and accounting fees		60,534
Distribution and service fees—Class B		158,517
Distribution and service fees—Class E		56,857
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		101,435
Insurance		7,942
Miscellaneous		12,606
Total expenses		7,255,210
Less management fee waiver		(898,123	)
Less broker commission recapture		(12,264	)
Net expenses		6,344,823
Net Investment Income		13,570,567
Net Realized and Unrealized Gain
Net realized gain on:
Investments		124,669,449
Futures contracts		404,726
Foreign currency transactions		1,960
Net realized gain		125,076,135
Net change in unrealized appreciation (depreciation) on:
Investments		138,093,980
Futures contracts		(8,758	)
Foreign currency transactions		(114	)
Net change in unrealized appreciation		138,085,108
Net realized and unrealized gain		263,161,243
Net Increase in Net Assets From Operations	$	276,731,810

(a) Net of foreign withholding taxes of $69,779.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	13,570,567		$	27,362,720
Net realized gain		125,076,135			92,340,094
Net change in unrealized appreciation		138,085,108			68,783,191
Increase in net assets from operations		276,731,810			188,486,005
From Distributions to Shareholders
Net investment income
Class A		(24,430,468	)		(51,100,364	)
Class B		(1,114,219	)		(2,720,768	)
Class E		(734,571	)		(1,692,433	)
Net realized capital gains
Class A		(81,922,527	)		(138,998,948	)
Class B		(4,763,073	)		(8,322,875	)
Class E		(2,836,965	)		(4,949,969	)
Total distributions		(115,801,823	)		(207,785,357	)
Increase (decrease) in net assets from capital share transactions		(60,137,898	)		126,083,894
Total increase in net assets		100,792,089			106,784,542
Net Assets
Beginning of period		2,348,303,275			2,241,518,733
End of period	$	2,449,095,364		$	2,348,303,275
Undistributed net investment income
End of period	$	13,958,625		$	26,667,316

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		227,834		$	3,351,737			8,134,998		$	113,241,932
Reinvestments		7,220,163			106,352,995			14,898,065			190,099,312
Redemptions		(11,176,510	)		(164,821,991	)		(12,494,585	)		(168,841,752	)
Net increase (decrease)		(3,728,513	)	$	(55,117,259	)		10,538,478		$	134,499,492
Class B
Sales		278,116		$	3,983,528			435,277		$	5,702,285
Reinvestments		406,452			5,877,292			880,673			11,043,643
Redemptions		(918,632	)		(13,289,230	)		(1,554,665	)		(20,610,567	)
Net decrease		(234,064	)	$	(3,428,410	)		(238,715	)	$	(3,864,639	)
Class E
Sales		49,919		$	736,090			92,180		$	1,216,483
Reinvestments		244,124			3,571,536			524,262			6,642,402
Redemptions		(403,102	)		(5,899,855	)		(927,981	)		(12,409,844	)
Net decrease		(109,059	)	$	(1,592,229	)		(311,539	)	$	(4,550,959	)
Increase (decrease) derived from capital shares transactions				$	(60,137,898	)				$	126,083,894

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.77		$	13.96		$	14.49		$	12.86		$	9.71		$	8.65
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.17			0.18			0.16			0.11			0.14
Net realized and unrealized gain on investments		1.59			0.91			0.50			1.59			3.20			1.03
Total from investment operations		1.67			1.08			0.68			1.75			3.31			1.17
Less Distributions
Distributions from net investment income		(0.17	)		(0.34	)		(0.14	)		(0.12	)		(0.16	)		(0.11	)
Distributions from net realized capital gains		(0.56	)		(0.93	)		(1.07	)		0.00			0.00			0.00
Total distributions		(0.73	)		(1.27	)		(1.21	)		(0.12	)		(0.16	)		(0.11	)
Net Asset Value, End of Period	$	14.71		$	13.77		$	13.96		$	14.49		$	12.86		$	9.71
Total Return (%) (b)		12.10	(c)		8.50			4.59			13.78			34.49			13.59
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.59			0.59			0.60			0.62			0.64
Net ratio of expenses to average net assets (%) (e)(f)		0.51	(d)		0.51			0.51			0.53			0.60			0.63
Ratio of net investment income to average net assets (%)		1.14	(d)		1.23			1.23			1.16			1.03			1.54
Portfolio turnover rate (%)		33	(c)		62			63			136			42			103
Net assets, end of period (in millions)	$	2,244.2		$	2,151.9		$	2,034.6		$	2,207.6		$	1,061.3		$	873.0
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.51		$	13.72		$	14.25		$	12.66		$	9.56		$	8.52
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.13			0.14			0.12			0.09			0.12
Net realized and unrealized gain on investments		1.56			0.90			0.51			1.57			3.14			1.01
Total from investment operations		1.62			1.03			0.65			1.69			3.23			1.13
Less Distributions
Distributions from net investment income		(0.13	)		(0.31	)		(0.11	)		(0.10	)		(0.13	)		(0.09	)
Distributions from net realized capital gains		(0.56	)		(0.93	)		(1.07	)		0.00			0.00			0.00
Total distributions		(0.69	)		(1.24	)		(1.18	)		(0.10	)		(0.13	)		(0.09	)
Net Asset Value, End of Period	$	14.44		$	13.51		$	13.72		$	14.25		$	12.66		$	9.56
Total Return (%) (b)		11.99	(c)		8.19			4.41			13.41			34.17			13.32
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(d)		0.84			0.84			0.85			0.87			0.89
Net ratio of expenses to average net assets (%) (e)(f)		0.76	(d)		0.76			0.76			0.78			0.85			0.88
Ratio of net investment income to average net assets (%)		0.89	(d)		0.97			0.98			0.87			0.78			1.29
Portfolio turnover rate (%)		33	(c)		62			63			136			42			103
Net assets, end of period (in millions)	$	128.0		$	123.0		$	128.1		$	139.0		$	132.0		$	108.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.66		$	13.86		$	14.39		$	12.77		$	9.65		$	8.59
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.14			0.15			0.13			0.10			0.13
Net realized and unrealized gain on investments		1.58			0.91			0.51			1.60			3.16			1.03
Total from investment operations		1.65			1.05			0.66			1.73			3.26			1.16
Less Distributions
Distributions from net investment income		(0.15	)		(0.32	)		(0.12	)		(0.11	)		(0.14	)		(0.10	)
Distributions from net realized capital gains		(0.56	)		(0.93	)		(1.07	)		0.00			0.00			0.00
Total distributions		(0.71	)		(1.25	)		(1.19	)		(0.11	)		(0.14	)		(0.10	)
Net Asset Value, End of Period	$	14.60		$	13.66		$	13.86		$	14.39		$	12.77		$	9.65
Total Return (%) (b)		12.03	(c)		8.30			4.45			13.62			34.17			13.51
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73	(d)		0.74			0.74			0.75			0.77			0.79
Net ratio of expenses to average net assets (%) (e)(f)		0.66	(d)		0.66			0.66			0.68			0.75			0.78
Ratio of net investment income to average net assets (%)		0.99	(d)		1.07			1.07			0.97			0.88			1.39
Portfolio turnover rate (%)		33	(c)		62			63			136			42			103
Net assets, end of period (in millions)	$	76.9		$	73.4		$	78.8		$	90.2		$	94.3		$	81.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	The effect of the voluntary portion of the waivers on average net assets was 0.03%, 0.03%, 0.03% and 0.04% for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015 and 2014, respectively (see Note 6 of the Notes to Financial Statements).
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Wellington Large Cap Research Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trust (“REIT”) adjustments, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $19,957,856. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $47,884,830. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	69,475

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	404,726
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(8,758	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	9,800

‡ Averages are based on activity levels during the period.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	793,052,709	$	0	$	951,379,457

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$6,753,643		0.625	%	First $250 million
		0.600	%	$250 million to $500 million
		0.575	%	$500 million to $1 billion
		0.550	%	$1 billion to $2 billion
		0.500	%	Over $2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-19

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.070%	First $250 million
0.045%	$250 million to $2 billion
0.005%	$2 billion to $21.250 billion
0.010%	Over $21.250 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 amounted to $488,114 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $410,009 was waived in the aggregate for the six months ended June 30, 2017 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-20

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$67,917,269	$	22,062,745	$	139,868,088	$	169,152,123	$	207,785,357	$	191,214,868

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$51,255,930	$	64,858,863	$	243,260,065	$	—	$	359,374,858

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-21

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	157,689,610		5,147,878		9,901,828

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		162,022,940		10,716,375
Robert Boulware		161,995,621		10,743,694
Susan C. Gause		161,903,188		10,836,127
Nancy Hawthorne		162,006,980		10,732,335
Barbara A. Nugent		161,984,816		10,754,500
John Rosenthal		161,898,829		10,840,487
Linda B. Strumpf		161,926,566		10,812,750
Dawn M. Vroegop		161,836,753		10,902,562

BHFTI-22

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2017, the Class A and B shares of the Brighthouse Asset Allocation 100 Portfolio returned 11.19% and 10.97%, respectively. The Portfolio’s benchmark, the Dow Jones Aggressive Index¹, returned 10.63%.

MARKET ENVIRONMENT / CONDITIONS

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 Index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47%, respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99% respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE Index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / YEAR-END POSITIONING

The Brighthouse Asset Allocation 100 Portfolio invested in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 100% to equities, although we expect that some residual cash will be held by underlying portfolios.

Over the six month period, the Portfolio outperformed the Dow Jones Aggressive Index. While the contribution from the underlying international equity portfolios was a drag on relative performance, strong performance by the U.S. equity portfolios combined with a favorable overweight to U.S. large cap equity, was enough to stay ahead of the benchmark.

Performance from the individual underlying domestic equity portfolios was mixed, but the overall contribution to relative performance was positive. Within large cap equity, the T. Rowe Price Large Cap Growth Portfolio did particularly well, outperforming its benchmark

BHFTI-1

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

by 5.60% during the first half of the year. The strong performance was driven by an overweight to Financial Services, and strong security selection within Consumer Discretionary, Healthcare, and Technology. Another strong performer was the Jennison Growth Portfolio, which outperformed its benchmark by 4.75% for the period. The main reason for the strong performance was an overweight to Technology, underweights to Real Estate and Consumer Staples, and strong security selection within Consumer Discretionary and Industrials. At the other end of the scale was the BlackRock Large Cap Value Portfolio, which underperformed its benchmark by 5.44% during the first half of the year. The significant underperformance was primarily a result of poor security selection within Energy, Consumer Staples, Technology, and Financial Services, in addition to an unfavorable overweight to Energy. Within mid cap equity, the Morgan Stanley Mid Cap Growth Portfolio significantly outperformed its benchmark during the period, beating it by 16.71%. The feat was driven by strong security selection within Consumer Discretionary, Technology, Financial Services, and Healthcare, as well as a large overweight to Technology and an underweight to Consumer Staples. The T. Rowe Price Mid Cap Growth Portfolio also stood out, as it outperformed its benchmark by 3.45% for the period. The main drivers of outperformance were strong security selection within Industrials, Financial Services, and Consumer Discretionary, as well as favorable underweights to Consumer Discretionary and Consumer Staples. The Invesco Mid Cap Value Portfolio was a drag on relative performance for the first half year, as it underperformed its benchmark by 3.08%. The poor performance was a result of poor stock selection within Technology, Industrials, Energy, Real Estate, and Consumer Discretionary. The Neuberger Berman Genesis Portfolio was the strongest performer within the small cap equity asset class, as it outperformed its benchmark by 4.53% during the first half of the year. In addition to a favorable growth tilt vs. its value benchmark, the contribution from security selection within Technology, Industrials, Consumer Staples, and Energy helped relative performance. Furthermore, overweights to Healthcare and Technology and an underweight to Energy, also boosted relative return.

The contribution from the non-U.S. equity portfolios was overall negative, despite strong performance from several individual portfolios. The main reason for the overall detraction from relative performance, was the Van Eck Global Natural Resources Portfolio, which underperformed its benchmark by 4.97% during the first six months of the year. The main reasons for the underperformance were overweight positions and underperformance in the oil & gas exploration & production and oil & gas drilling sub-industries, and poor performance of securities within the Diversified Metals & Mining sector. At the other end of the scale was the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 8.70%. The main driver of outperformance was strong security selection within Financial Services, Consumer Discretionary, Real Estate, and Technology, in addition to underweights to Energy and Real Estate. Another strong performer was the Baillie Gifford International Stock Portfolio, which outperformed its benchmark by 5.96% during the first half of the year. The strong results were primarily driven by an overweight to Technology and an underweight to Energy, in addition to strong security selection within Consumer Discretionary and Industrials.

Investment Committee

Brighthouse Investment Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES AGGRESSIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 100 Portfolio
Class A		11.19		19.85		12.22		4.82
Class B		10.97		19.44		11.94		4.55
Dow Jones Aggressive Index		7.27		10.35		7.87		5.73

¹ The Dow Jones Aggressive Index is a benchmark designed for asset allocation strategists who are willing to take 100% of the risk of the global equity securities market. It is a total returns index formed by equally weighing nine equity style indices with monthly rebalancing. The nine Dow Jones equity style indices include: U.S. Large Cap Value, U.S. Large Cap Growth, U.S. Mid Cap Value, U.S. Small Cap Value, U.S. Mid Cap Growth, U.S. Small Cap Growth, Emerging Markets LN, Europe/Canada, and Asia/Pacific.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
ClearBridge Aggressive Growth Portfolio (Class A)		6.2
T. Rowe Price Large Cap Growth Portfolio (Class A)		6.1
Jennison Growth Portfolio (Class A)		6.1
MFS Value Portfolio (Class A)		5.7
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		5.6
Invesco Comstock Portfolio (Class A)		5.6
T. Rowe Price Large Cap Value Portfolio (Class A)		5.3
Harris Oakmark International Portfolio (Class A)		4.9
Brighthouse/Dimensional International Small Company Portfolio (Class A)		4.6
BlackRock Capital Appreciation Portfolio (Class A)		4.1

BHFTI-3

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse Asset Allocation 100 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.75	%	$	1,000.00	$	1,111.90	$	3.93
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.73
Class B(a)	Actual		1.00	%	$	1,000.00	$	1,109.70	$	5.23
	Hypothetical*		1.00	%	$	1,000.00	$	1,019.84	$	5.01

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Schedule of Investments as of June 30, 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)		5,133,025	$	61,236,987
BlackRock Capital Appreciation Portfolio (Class A) (a)		1,829,097		69,761,772
BlackRock Large Cap Value Portfolio (Class A) (a)		3,498,567		30,507,505
Brighthouse Small Cap Value Portfolio (Class A) (b)		1,953,517		30,357,647
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		5,837,939		60,948,079
Brighthouse/Artisan International Portfolio (Class A) (b)		6,421,622		65,821,628
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		105,993		25,375,883
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		5,766,769		78,889,403
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		3,208,989		95,595,771
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		4,484,829		65,971,835
Clarion Global Real Estate Portfolio (Class A) (b)		4,222,784		49,491,026
ClearBridge Aggressive Growth Portfolio (Class A) (b)		6,181,108		106,067,818
Frontier Mid Cap Growth Portfolio (Class A) (a)		740,282		26,072,740
Harris Oakmark International Portfolio (Class A) (b)		5,481,438		83,208,223
Invesco Comstock Portfolio (Class A) (b)		6,644,029		95,275,378
Invesco Mid Cap Value Portfolio (Class A) (b)		427,786		8,311,887
Invesco Small Cap Growth Portfolio (Class A) (b)		2,676,949		36,620,658
Jennison Growth Portfolio (Class A) (a)		7,137,443		103,992,548
JPMorgan Small Cap Value Portfolio (Class A) (b)		1,785,338		29,654,471
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		2,348,790		31,661,687
MFS Research International Portfolio (Class A) (b)		4,516,942		52,396,531
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (a)		6,304,735		97,092,922
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		724,557		13,339,102
Neuberger Berman Genesis Portfolio (Class A) (a)		999,920		20,558,353
Oppenheimer Global Equity Portfolio (Class A) (b)		1,912,926		43,825,127
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		4,620,513		104,608,415
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		2,824,378		91,396,882
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		2,716,572		29,719,293
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		1,170,504		26,113,942
Van Eck Global Natural Resources Portfolio (Class A) (a)		6,409,554		58,391,036
Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio) (Class A) (b)		1,415,206		16,727,739
Total Mutual Funds (Cost $1,585,500,635)				1,708,992,288
Total Investments—100.0% (Cost $1,585,500,635) (c)				1,708,992,288
Other assets and liabilities (net)—0.0%				(537,976	)
Net Assets—100.0%			$	1,708,454,312

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	As of June 30, 2017, the aggregate cost of investments was $1,585,500,635. The aggregate unrealized appreciation and depreciation of investments were $151,767,295 and $(28,275,642), respectively, resulting in net unrealized appreciation of $123,491,653.

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	1,708,992,288	$	—	$	—	$	1,708,992,288
Total Investments	$	1,708,992,288	$	—	$	—	$	1,708,992,288

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Affiliated investments at value (a)	$	1,708,992,288
Receivable for:
Investments sold		795,881
Fund shares sold		136,659
Total Assets		1,709,924,828
Liabilities
Payables for:
Fund shares redeemed		932,540
Accrued Expenses:
Management fees		101,284
Distribution and service fees		222,398
Deferred trustees’ fees		157,200
Other expenses		57,094
Total Liabilities		1,470,516
Net Assets	$	1,708,454,312
Net Assets Consist of:
Paid in surplus	$	1,513,052,218
Undistributed net investment income		19,327,733
Accumulated net realized gain		52,582,708
Unrealized appreciation on affiliated investments		123,491,653
Net Assets	$	1,708,454,312
Net Assets
Class A	$	629,780,597
Class B		1,078,673,715
Capital Shares Outstanding*
Class A		52,402,744
Class B		90,083,686
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.02
Class B		11.97

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $1,585,500,635.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Affiliated Underlying Portfolios	$	21,625,937
Total investment income		21,625,937
Expenses
Management fees		603,600
Administration fees		10,997
Custodian and accounting fees		13,578
Distribution and service fees—Class B		1,321,771
Audit and tax services		15,255
Legal		18,248
Trustees’ fees and expenses		26,454
Miscellaneous		4,399
Total expenses		2,014,302
Net Investment Income		19,611,635
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		12,941,635
Capital gain distributions from affiliated investments		54,946,631
Net realized gain		67,888,266
Net change in unrealized appreciation on affiliated investments		88,356,093
Net realized and unrealized gain		156,244,359
Net Increase in Net Assets From Operations	$	175,855,994

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	19,611,635		$	17,705,843
Net realized gain		67,888,266			108,686,936
Net change in unrealized appreciation		88,356,093			10,145,464
Increase in net assets from operations		175,855,994			136,538,243
From Distributions to Shareholders
Net investment income
Class A		(9,263,908	)		(14,478,952	)
Class B		(13,417,471	)		(22,948,336	)
Net realized capital gains
Class A		(34,653,878	)		(73,422,589	)
Class B		(59,661,334	)		(130,917,070	)
Total distributions		(116,996,591	)		(241,766,947	)
Increase in net assets from capital share transactions		32,865,108			88,991,092
Total increase (decrease) in net assets		91,724,511			(16,237,612	)
Net Assets
Beginning of period		1,616,729,801			1,632,967,413
End of period	$	1,708,454,312		$	1,616,729,801
Undistributed net investment income
End of period	$	19,327,733		$	22,397,477

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		525,924		$	6,481,762			1,129,361		$	13,170,070
Reinvestments		3,668,988			43,917,786			8,222,782			87,901,541
Redemptions		(2,581,629	)		(31,813,166	)		(4,720,918	)		(55,181,088	)
Net increase		1,613,283		$	18,586,382			4,631,225		$	45,890,523
Class B
Sales		1,231,224		$	14,988,872			2,740,682		$	31,887,354
Reinvestments		6,130,772			73,078,805			14,433,903			153,865,406
Redemptions		(6,020,950	)		(73,788,951	)		(12,245,821	)		(142,652,191	)
Net increase		1,341,046		$	14,278,726			4,928,764		$	43,100,569
Increase derived from capital shares transactions				$	32,865,108					$	88,991,092

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.62		$	12.60		$	14.03		$	13.46		$	10.48		$	9.03
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.15			0.17			0.12			0.02			0.09
Net realized and unrealized gain (loss) on investments		1.15			0.83			(0.31	)		0.58			3.07			1.44
Total from investment operations		1.30			0.98			(0.14	)		0.70			3.09			1.53
Less Distributions
Distributions from net investment income		(0.19	)		(0.32	)		(0.22	)		(0.13	)		(0.11	)		(0.08	)
Distributions from net realized capital gains		(0.71	)		(1.64	)		(1.07	)		0.00			0.00			0.00
Total distributions		(0.90	)		(1.96	)		(1.29	)		(0.13	)		(0.11	)		(0.08	)
Net Asset Value, End of Period	$	12.02		$	11.62		$	12.60		$	14.03		$	13.46		$	10.48
Total Return (%) (b)		11.19	(c)		9.19			(1.67	)		5.24			29.77			17.05
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.08	(e)		0.08			0.08			0.08			0.10			0.10
Ratio of net investment income to average net assets (%) (f)		1.21	(e)(g)		1.27			1.27			0.85			0.15			0.89
Portfolio turnover rate (%)		7	(c)		11			11			17			13			13
Net assets, end of period (in millions)	$	629.8		$	590.2		$	581.6		$	631.6		$	646.3		$	68.5
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.57		$	12.54		$	13.98		$	13.40		$	10.43		$	8.99
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.12			0.14			0.08			0.13			0.07
Net realized and unrealized gain (loss) on investments		1.13			0.84			(0.33	)		0.60			2.93			1.43
Total from investment operations		1.27			0.96			(0.19	)		0.68			3.06			1.50
Less Distributions
Distributions from net investment income		(0.16	)		(0.29	)		(0.18	)		(0.10	)		(0.09	)		(0.06	)
Distributions from net realized capital gains		(0.71	)		(1.64	)		(1.07	)		0.00			0.00			0.00
Total distributions		(0.87	)		(1.93	)		(1.25	)		(0.10	)		(0.09	)		(0.06	)
Net Asset Value, End of Period	$	11.97		$	11.57		$	12.54		$	13.98		$	13.40		$	10.43
Total Return (%) (b)		10.97	(c)		8.98			(2.01	)		5.09			29.51			16.74
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.33	(e)		0.33			0.33			0.33			0.35			0.35
Ratio of net investment income to average net assets (%) (f)		0.95	(e)(g)		1.03			1.01			0.60			1.07			0.67
Portfolio turnover rate (%)		7	(c)		11			11			17			13			13
Net assets, end of period (in millions)	$	1,078.7		$	1,026.6		$	1,051.4		$	1,169.0		$	1,222.3		$	997.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Asset Allocation Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Asset Allocation Portfolio. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”) on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as Net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distribution re-designations and distributions received from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	109,904,942	$	0	$	119,454,984

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Asset Allocation Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees (the “Board”) and has overall responsibility for the general management and administration of the Trust.

Under the terms of the Asset Allocation Portfolio’s Management Agreement, the Asset Allocation Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Asset Allocation Portfolio’s average daily net assets as follows:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$603,600		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

In addition to the above management fee paid to the Adviser, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers a management fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Asset Allocation Portfolio, may pay annually up to 0.50% of the average daily net assets of the Asset Allocation Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Asset Allocation Portfolio attributable to its Class B Shares. Amounts incurred by the Asset Allocation Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Asset Allocation Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Underlying Portfolios

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2017 were as follows:

Underlying Portfolio (Class A)	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Baillie Gifford International Stock Portfolio		5,414,631		79,581		(361,187	)		5,133,025
BlackRock Capital Appreciation Portfolio		1,904,377		45,239		(120,519	)		1,829,097
BlackRock Large Cap Value Portfolio		6,451,242		94,176		(3,046,851	)		3,498,567
Brighthouse Small Cap Value Portfolio		1,925,971		92,257		(64,711	)		1,953,517
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		5,895,298		135,124		(192,483	)		5,837,939
Brighthouse/Artisan International Portfolio		6,406,492		238,577		(223,447	)		6,421,622
Brighthouse/Artisan Mid Cap Value Portfolio		107,987		844		(2,838	)		105,993
Brighthouse/Dimensional International Small Company Portfolio		5,716,613		398,137		(347,981	)		5,766,769
Brighthouse/Wellington Core Equity Opportunities Portfolio		3,103,591		167,103		(61,705	)		3,208,989
Brighthouse/Wellington Large Cap Research Portfolio		4,533,112		212,460		(260,743	)		4,484,829
Clarion Global Real Estate Portfolio		3,922,842		309,521		(9,579	)		4,222,784
ClearBridge Aggressive Growth Portfolio		6,492,361		59,448		(370,701	)		6,181,108
Frontier Mid Cap Growth Portfolio		776,068		17,453		(53,239	)		740,282
Harris Oakmark International Portfolio		5,967,352		102,063		(587,977	)		5,481,438
Invesco Comstock Portfolio		5,724,552		1,089,696		(170,219	)		6,644,029
Invesco Mid Cap Value Portfolio		432,689		7,383		(12,286	)		427,786
Invesco Small Cap Growth Portfolio		2,512,652		272,754		(108,457	)		2,676,949
Jennison Growth Portfolio		7,253,898		533,430		(649,885	)		7,137,443
JPMorgan Small Cap Value Portfolio		1,704,096		117,868		(36,626	)		1,785,338
Loomis Sayles Small Cap Growth Portfolio		2,385,532		109,416		(146,158	)		2,348,790
MFS Research International Portfolio		4,681,650		90,778		(255,486	)		4,516,942
MFS Value Portfolio		5,670,638		812,375		(178,278	)		6,304,735

BHFTI-12

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio (Class A)	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
Morgan Stanley Mid Cap Growth Portfolio		1,036,398			7,190		(319,031	)		724,557
Neuberger Berman Genesis Portfolio		939,773			84,868		(24,721	)		999,920
Oppenheimer Global Equity Portfolio		2,106,360			21,984		(215,418	)		1,912,926
T. Rowe Price Large Cap Growth Portfolio		4,792,081			289,512		(461,080	)		4,620,513
T. Rowe Price Large Cap Value Portfolio		2,449,280			436,195		(61,097	)		2,824,378
T. Rowe Price Mid Cap Growth Portfolio		2,358,666			456,541		(98,635	)		2,716,572
T. Rowe Price Small Cap Growth Portfolio		1,156,012			72,605		(58,113	)		1,170,504
Van Eck Global Natural Resources Portfolio		6,003,845			560,742		(155,033	)		6,409,554
Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio)		1,429,777			18,837		(33,408	)		1,415,206
Underlying Portfolio (Class A)	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
Baillie Gifford International Stock Portfolio	$	1,120,688		$	—	$	748,836		$	61,236,987
BlackRock Capital Appreciation Portfolio		1,120,883			1,631,103		73,895			69,761,772
BlackRock Large Cap Value Portfolio		(4,207,619	)		—		812,627			30,507,505
Brighthouse Small Cap Value Portfolio		15,035			1,085,251		344,376			30,357,647
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		(76,684	)		—		793,015			60,948,079
Brighthouse/Artisan International Portfolio		43,318			—		866,270			65,821,628
Brighthouse/Artisan Mid Cap Value Portfolio		161,627			—		179,676			25,375,883
Brighthouse/Dimensional International Small Company Portfolio		(169,288	)		3,616,761		1,748,823			78,889,403
Brighthouse/Wellington Core Equity Opportunities Portfolio		153,258			3,497,539		1,481,956			95,595,771
Brighthouse/Wellington Large Cap Research Portfolio		443,906			2,404,513		717,060			65,971,835
Clarion Global Real Estate Portfolio		(5,997	)		—		1,819,119			49,491,026
ClearBridge Aggressive Growth Portfolio		3,108,216			—		998,128			106,067,818
Frontier Mid Cap Growth Portfolio		157,911			614,059		—			26,072,740
Harris Oakmark International Portfolio		1,198,295			—		1,509,643			83,208,223
Invesco Comstock Portfolio		831,206			2,848,926		2,390,839			95,275,378
Invesco Mid Cap Value Portfolio		14,030			—		95,141			8,311,887
Invesco Small Cap Growth Portfolio		(46,671	)		3,702,620		—			36,620,658
Jennison Growth Portfolio		1,916,451			7,436,871		333,492			103,992,548
JPMorgan Small Cap Value Portfolio		86,259			1,433,766		398,640			29,654,471
Loomis Sayles Small Cap Growth Portfolio		414,438			1,451,486		—			31,661,687
MFS Research International Portfolio		493,949			—		1,024,666			52,396,531
MFS Value Portfolio		985,267			5,757,140		1,949,999			97,092,922
Morgan Stanley Mid Cap Growth Portfolio		1,431,341			—		46,725			13,339,102
Neuberger Berman Genesis Portfolio		186,681			1,670,181		84,195			20,558,353
Oppenheimer Global Equity Portfolio		393,829			—		493,523			43,825,127
T. Rowe Price Large Cap Growth Portfolio		2,365,347			6,212,294		315,212			104,608,415
T. Rowe Price Large Cap Value Portfolio		937,633			7,643,297		2,027,609			91,396,882
T. Rowe Price Mid Cap Growth Portfolio		48,031			2,410,574		—			29,719,293
T. Rowe Price Small Cap Growth Portfolio		216,211			1,530,250		82,866			26,113,942
Van Eck Global Natural Resources Portfolio		(270,054	)		—		70,339			58,391,036
Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio)		(125,862	)		—		219,267			16,727,739
	$	12,941,635		$	54,946,631	$	21,625,937		$	1,708,992,288

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$38,049,137	$	24,253,314	$	203,717,810	$	131,869,308	$	241,766,947	$	156,122,622

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$22,541,612	$	94,120,185	$	20,025,029	$	—	$	136,686,826

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTI-14

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
128,677,546		4,983,487		7,120,684

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		132,800,160		7,981,557
Robert Boulware		132,620,111		8,161,606
Susan C. Gause		132,875,198		7,906,519
Nancy Hawthorne		132,866,571		7,915,145
Barbara A. Nugent		132,859,540		7,922,177
John Rosenthal		132,924,607		7,857,110
Linda B. Strumpf		132,541,120		8,240,597
Dawn M. Vroegop		132,848,321		7,933,396

BHFTI-15

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Managed by Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the Brighthouse Balanced Plus Portfolio returned 9.09%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

Much of the first quarter of 2017 was marked by surging optimism among U.S. businesses and consumers along with solid fundamentals that helped bolster risk appetites. However, the risk rally moderated some as policy setbacks raised concerns about the Trump administration’s ability to implement its pro-growth agenda. Despite this, volatility remained relatively low, equities rallied, and credit spreads tightened while U.S. yields remained generally range-bound. Solid U.S. economic data gave the U.S. Federal Reserve (the “Fed”) an opportunity to continue on its path toward policy normalization, though its March rate hike was perceived as more dovish given the largely unchanged statement and “dot plot.” Inflation expectations were generally stable, and the fundamental backdrop remained relatively healthy and unchanged. In the eurozone, the Dutch election results tempered some of the risks related to more nationalist, anti-E.U. sentiment leading up to the French and German elections.

Moving into the second quarter, geopolitics dominated headlines, with key elections in France and political controversy in both the United States and Brazil contributing to brief periods of market volatility. Still, robust risk appetite continued, following some of the first quarter’s trends: volatility remained relatively low, equities rallied, and credit spreads tightened while emerging market assets broadly continued to strengthen despite falling oil prices and another Fed rate hike. The Fed’s actions and details of its plan to reduce its balance sheet contributed to a flattening in the U.S. yield curve, with short term rates rising and longer-term yields declining over the quarter. Inflation expectations dropped to pre-U.S. election levels on the back of falling oil prices, soft inflation data, and waning prospects for fiscal stimulus. In Europe, Macron’s presidential victory in France tempered risks related to more nationalist, anti-E.U. outcomes in the eurozone. However, global central bankers struck a less accommodative tone: rhetoric from the European Central Bank, Bank of England, and Bank of Canada highlighted positive economic outlooks and suggested the potential for a reduction in easy monetary policy. In turn, most developed market yields rose higher even as those in the U.S. (outside the front-end) fell.

TOTAL PORTFOLIO REVIEW / PERIOD END POSITIONING

The Brighthouse Balanced Plus Portfolio was composed of two sleeves. Approximately 70% of the Portfolio’s assets were invested in a variety of underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to achieve and maintain a broad asset allocation of approximately 40% to fixed income and 30% to equities. These assets (the “Base Sleeve”) were managed by the Investment Committee of Brighthouse Investment Advisers, LLC. The remaining 30% of the assets (the “Overlay Sleeve”) are designed to keep the Portfolio’s overall volatility level within the desired range by dynamically changing its total equity exposure in response to measures of implied equity market volatility. To gain and actively manage this equity exposure, the Overlay Sleeve’s subadviser, Pacific Investment Management Company LLC (“PIMCO”), invested in equity index derivative instruments and various fixed income instruments that served as collateral for the equity derivative exposures. Since the Overlay Sleeve constitutes a substantial percent of the Portfolio’s allocation, Overlay Sleeve performance may significantly impact total Portfolio return in any given period.

BASE SLEEVE PORTFOLIO REVIEW / PERIOD END POSITIONING

The Base Sleeve of the Portfolio produced a positive return over the period, as most underlying portfolios managed to beat their respective benchmarks. On a relative basis, the outperformance was attributable primarily to strong security selection within the underlying equity portfolios.

Performance from the underlying fixed income portfolios was mixed during the period, but the overall contribution was a drag on relative performance. The main culprit for the underperformance was the Brighthouse/Templeton International Bond Portfolio, which underperformed its benchmark by 4.47% over the period. The main detractors from relative performance were the portfolio’s underweights in the euro, Japanese yen, Australian dollar and U.S. duration. At the other end of the scale was the Western Asset Management Strategic Bond Opportunities Portfolio, which outperformed its benchmark by 3.08%. The main contributors to performance were the portfolio’s allocation to investment grade credit, non-agency securities and commercial mortgage-backed securities, in addition to favorable allocations to emerging markets. Another strong performer was the PIMCO Total Return Portfolio, which outperformed its benchmark by 0.87%. An overweight to U.S. duration, positions in agency and non-agency mortgage-backed securities, and overweights to the euro, yen, and pound currencies were all positive contributors to performance.

Performance from the underlying domestic equity portfolios during the period was mixed as well, but the overall contribution to relative performance was positive. Within large cap equity, the Jennison Growth Portfolio performed well, outperforming its benchmark by 4.75% for the period. The main reason for the strong performance was an overweight to Technology, underweights to Real Estate and Consumer Staples, and strong security selection within Consumer Discretionary and Industrials. Another strong performer was the MFS Value Portfolio, which outperformed its benchmark by 4.62%. The primary drivers of performance were an underweight to Energy and strong security selection within Industrials, Consumer Staples, and Materials. Within mid cap equity, the Morgan Stanley Mid Cap Growth Portfolio significantly outperformed its benchmark during the period, beating it by 16.71%. The feat was driven by strong security selection within Consumer Discretionary, Technology, Financial Services, and Healthcare, as well as a large overweight to Technology

BHFTI-1

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Managed by Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

and an underweight to Consumer Staples. The T. Rowe Price Mid Cap Growth Portfolio also stood out, as it outperformed its benchmark by 3.45% for the period. The main drivers of outperformance were strong security selection within Industrials, Financial Services, and Consumer Discretionary, as well as favorable underweights to Consumer Discretionary and Consumer Staples. The Neuberger Berman Genesis Portfolio was the strongest performer within the small cap equity asset class, as it outperformed its benchmark by 4.53% during the first half of the year. In addition to a favorable growth tilt versus its value benchmark, the contribution from security selection within Technology, Industrials, Consumer Staples, and Energy helped relative performance. Furthermore, overweights to Healthcare and Technology and an underweight to Energy also boosted relative return.

The contribution from the non-U.S. equity portfolios was overall negative, despite strong performance from several individual portfolios. The main reason for the overall detraction from relative performance was the Van Eck Global Natural Resources Portfolio, which underperformed its benchmark by 4.97% during the first six months of the year. The drivers of this underperformance were overweights in the underperforming oil & gas exploration and production and oil & gas drilling sub-industries. Additionally, poor security selection within the diversified metals & mining industry was a detractor. At the other end of the scale was the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 8.70%. The main drivers of outperformance were strong security selection within the Financial Services, Consumer Discretionary, Real Estate and Technology sectors, in addition to underweights to the Energy and Real Estate sectors. Another strong performer was the Baillie Gifford International Stock Portfolio, which outperformed its benchmark by 5.96% during the first half of the year. The strong results were primarily driven by an overweight to Technology and an underweight to Energy, in addition to strong security selection within Consumer Discretionary and Industrials.

OVERLAY SLEEVE PORTFOLIO REVIEW / PERIOD END POSITIONING

Optimism continued throughout the period, even amid geopolitical surprises and concerns regarding the Trump administration’s ability to fulfill their pro-growth agenda. In addition, volatility, as measured by the CBOE Volatility Index (VIX), remained relatively low, prompting the Portfolio to maintain its maximum equity exposure for the period. An overweight to equity, obtained via equity futures contracts, in the PIMCO-managed sleeve contributed to absolute and relative performance of the Portfolio as equities ended the period higher.

The PIMCO-managed fixed income collateral portfolio allocations were positive relative to its benchmark. U.S. duration and yield curve positioning, partially facilitated through the use of futures, was positive for relative performance as mid to long-term rates rallied. Within spread sectors, Agency and Commercial Mortgage-Backed Securities were additive along with allocations to investment-grade credit, high yield credit, and U.S. government agency debentures; however, exposure to Treasury Inflation-Protected Securities modestly detracted as spreads narrowed and breakeven inflation levels fell.

In regards to Portfolio positioning, equity exposure in the PIMCO-managed portion of the Portfolio ended the period with a maximum overweight exposure to U.S. equities as volatility remained subdued. The Portfolio ended the period neutral to slightly overweight duration relative to the benchmark. The fixed income collateral portfolio held positions in Corporate, Agency, and Quasi-Sovereign bonds to diversify and enhance the return potential.

The Base Sleeve is managed by:

Investment Committee

Brighthouse Investment Advisers, LLC

The Overlay Sleeve is managed by:

Josh Davis

David Braun

Graham Rennison

Portfolio Managers

Pacific Investment Management Company, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Brighthouse Balanced Plus Portfolio
Class B		9.09		11.37		8.80		7.07
Dow Jones Moderate Index		7.27		10.35		7.87		6.18

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		6.6
PIMCO Total Return Portfolio (Class A)		5.2
TCW Core Fixed Income Portfolio (Class A)		5.2
JPMorgan Core Bond Portfolio (Class A)		4.7
Harris Oakmark International Portfolio (Class A)		3.7
Western Asset Management U.S. Government Portfolio (Class A)		3.3
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.2
Baillie Gifford International Stock Portfolio (Class A)		2.7
MFS Research International Portfolio (Class A)		2.6
Brighthouse/Templeton International Bond Portfolio (Class A)		2.4

Top Sectors

	% of Net Assets
Mutual Funds		68.8
U.S. Treasury & Government Agencies		27.4
Corporate Bonds & Notes		2.5
Foreign Government		0.2
Mortgage-Backed Securities		0.2
Asset-Backed Securities		0.1
Municipals		0.1

BHFTI-3

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse Balanced Plus Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)(b)	Actual		0.91	%	$	1,000.00	$	1,090.90	$	4.72
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.28	$	4.56

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

^(b) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Funds—68.8% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—68.8%
Baillie Gifford International Stock Portfolio (Class A) (a)		26,286,451	$	313,597,362
BlackRock Bond Income Portfolio (Class A) (a)		7,418,279		783,296,061
BlackRock Capital Appreciation Portfolio (Class A) (a)		1,624,531		61,959,628
BlackRock High Yield Portfolio (Class A) (b)		15,459,755		117,648,736
Brighthouse Small Cap Value Portfolio (Class A) (b)		7,632,022		118,601,628
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		16,485,971		172,113,533
Brighthouse/Artisan International Portfolio (Class A) (b)		24,211,324		248,166,069
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		743,309		177,955,544
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		12,775,283		174,765,874
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		16,814,419		170,330,064
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		29,302,882		280,721,607
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		27,617,881		281,150,032
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		2,034,351		60,603,325
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		4,155,544		61,128,046
Clarion Global Real Estate Portfolio (Class A) (b)		8,781,344		102,917,352
ClearBridge Aggressive Growth Portfolio (Class A) (b)		3,487,502		59,845,536
Frontier Mid Cap Growth Portfolio (Class A) (a)		4,612,413		162,449,199
Harris Oakmark International Portfolio (Class A) (b)		28,895,868		438,639,277
Invesco Comstock Portfolio (Class A) (b)		4,144,524		59,432,472
Invesco Small Cap Growth Portfolio (Class A) (b)		6,726,570		92,019,478
Jennison Growth Portfolio (Class A) (a)		5,117,253		74,558,374
JPMorgan Core Bond Portfolio (Class A) (b)		54,773,293		557,592,120
JPMorgan Small Cap Value Portfolio (Class A) (b)		5,210,738		86,550,353
MFS Research International Portfolio (Class A) (b)		26,591,449		308,460,804
MFS Value Portfolio (Class A) (a)		3,974,245		61,203,374
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		3,487,902		64,212,275
Neuberger Berman Genesis Portfolio (Class A) (a)		4,105,117		84,401,202
Oppenheimer Global Equity Portfolio (Class A) (b)		5,524,281		126,561,273
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		22,785,804		221,705,874
PIMCO Total Return Portfolio (Class A) (b)		54,374,828		619,329,287
Affiliated Investment Companies—(Continued)
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		1,869,760		60,505,449
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		10,573,487		115,673,949
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		5,505,897		122,836,562
TCW Core Fixed Income Portfolio (Class A) (b)		60,480,708		610,855,151
Van Eck Global Natural Resources Portfolio (Class A) (a)		15,305,603		139,434,045
Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio) (Class A) (b)		14,886,540		175,958,905
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		28,202,322		382,423,480
Western Asset Management U.S. Government Portfolio (Class A) (a)		33,392,055		386,679,999
Total Mutual Funds (Cost $8,080,525,506)				8,136,283,299
U.S. Treasury & Government Agencies—27.4%
Agency Sponsored Mortgage - Backed—1.9%
Fannie Mae 30 Yr. Pool 3.500%, TBA (c)		215,000,000		220,820,114
Fannie Mae Pool 2.920%, 03/01/35		2,950,000		2,770,671
3.180%, 07/01/35		2,851,917		2,853,216
				226,444,001
Federal Agencies—1.5%
Federal Home Loan Mortgage Corp. 2.375%, 01/13/22		10,500,000		10,720,374
6.250%, 07/15/32		30,000,000		42,646,260
Federal National Mortgage Association 1.875%, 09/24/26		36,006,000		34,138,873
6.625%, 11/15/30		19,200,000		27,449,511
Residual Funding Corp. Principal Strip
Zero Coupon, 10/15/19		24,600,000		23,704,560
Zero Coupon, 07/15/20		18,900,000		17,915,612
Zero Coupon, 04/15/30		19,500,000		13,306,527
Tennessee Valley Authority 2.875%, 02/01/27		1,700,000		1,739,853
				171,621,570
U.S. Treasury—24.0%
U.S. Treasury Bonds 2.250%, 08/15/46		32,500,000		28,612,707
2.500%, 02/15/46		87,700,000		81,629,494
2.500%, 05/15/46		21,000,000		19,537,392
2.750%, 08/15/42		29,400,000		29,078,423
2.750%, 11/15/42		196,000,000		193,672,500
2.875%, 05/15/43		126,000,000		127,220,688

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Bonds 2.875%, 08/15/45		51,300,000	$	51,586,562
2.875%, 11/15/46 (d)		114,100,000		114,728,463
3.000%, 11/15/44		96,000,000		99,060,000
3.000%, 02/15/47 (d)		96,900,000		99,958,358
3.000%, 05/15/47		35,000,000		36,121,085
3.125%, 02/15/42		93,900,000		99,434,935
3.125%, 02/15/43		89,700,000		94,766,615
3.125%, 08/15/44		13,100,000		13,840,451
3.375%, 05/15/44		99,895,000		110,356,704
3.625%, 08/15/43		25,200,000		28,989,853
4.250%, 11/15/40		177,700,000		223,305,106
4.375%, 05/15/40		31,300,000		39,946,625
4.375%, 05/15/41		51,000,000		65,373,636
4.625%, 02/15/40		113,700,000		149,924,138
8.000%, 11/15/21 (e)		57,700,000		72,713,251
U.S. Treasury Inflation Indexed Bonds 0.750%, 02/15/45 (f)		3,737,880		3,505,462
2.000%, 01/15/26 (f)		4,681,144		5,245,732
3.625%, 04/15/28 (f)		6,046,720		7,899,115
U.S. Treasury Notes 1.125%, 02/28/21		125,000,000		122,461,000
1.250%, 03/31/21 (e)		116,600,000		114,668,871
1.500%, 03/31/23		85,000,000		82,669,130
1.625%, 05/15/26		150,000,000		142,207,050
2.000%, 05/31/21		137,500,000		138,896,450
2.000%, 05/31/24		185,313,000		183,821,786
2.000%, 11/15/26 (d)		93,500,000		91,169,793
2.125%, 12/31/21 (e)		111,000,000		112,426,572
2.250%, 02/15/27		54,000,000		53,749,008
				2,838,576,955
Total U.S. Treasury & Government Agencies (Cost $3,220,754,622)				3,236,642,526
Corporate Bonds & Notes—2.5%
Agriculture—0.1%
Philip Morris International, Inc. 6.375%, 05/16/38		5,000,000		6,594,750
Reynolds American, Inc. 2.300%, 06/12/18		1,200,000		1,205,226
				7,799,976
Auto Manufacturers—0.1%
Ford Motor Credit Co. LLC 2.146%, 06/15/18 (g)		10,000,000		10,048,410
Banks—1.5%
Banco del Estado de Chile 2.000%, 11/09/17 (144A)		5,000,000		5,001,252
Bank of America Corp. 6.875%, 04/25/18		5,900,000		6,139,711
6.875%, 11/15/18		600,000		639,223
Banks—(Continued)
Bank of New York Mellon Corp. (The) 4.950%, 06/20/20 (g)		6,800,000		7,092,400
Cooperatieve Rabobank UA 3.375%, 05/21/25		5,000,000		5,147,255
Credit Suisse AG 2.300%, 05/28/19		10,700,000		10,770,395
Goldman Sachs Group, Inc. (The) 2.446%, 09/15/20 (g)		18,800,000		19,122,853
HSBC Holdings plc 5.250%, 03/14/44		3,000,000		3,437,208
HSBC USA, Inc. 1.792%, 11/13/19 (g)		20,000,000		20,023,520
JPMorgan Chase & Co. 1.706%, 04/25/18 (g)		20,000,000		20,066,760
2.108%, 01/23/20 (g)		20,000,000		20,335,080
6.125%, 04/30/24 (g)		3,000,000		3,243,750
Mizuho Financial Group, Inc. 2.632%, 04/12/21 (144A)		5,200,000		5,199,958
PNC Bank N.A. 1.622%, 06/01/18 (g)		15,000,000		15,054,600
2.250%, 07/02/19		8,000,000		8,058,488
Wells Fargo & Co. 5.900%, 06/15/24 (g)		8,600,000		9,210,600
Westpac Banking Corp. 1.619%, 05/25/18 (g)		15,000,000		15,036,135
				173,579,188
Biotechnology—0.1%
Amgen, Inc. 2.700%, 05/01/22		3,300,000		3,318,942
Baxalta, Inc. 2.067%, 06/22/18 (g)		8,500,000		8,542,049
				11,860,991
Diversified Financial Services—0.3%
American Express Credit Corp. 1.587%, 09/22/17 (g)		2,500,000		2,501,060
1.817%, 03/18/19 (g)		5,000,000		5,024,960
Charles Schwab Corp. (The) 1.500%, 03/10/18		10,000,000		10,002,780
LeasePlan Corp. NV 3.000%, 10/23/17 (144A)		5,100,000		5,115,723
Navient Corp. 4.625%, 09/25/17		1,400,000		1,403,500
8.450%, 06/15/18		5,840,000		6,149,520
				30,197,543
Electric—0.1%
Electricite de France S.A. 2.150%, 01/22/19 (144A)		6,200,000		6,220,026
Ohio Power Co. 5.375%, 10/01/21		949,000		1,056,554
				7,276,580

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—0.0%
MassMutual Global Funding II 2.500%, 10/17/22 (144A)		4,000,000	$	3,985,728
Miscellaneous Manufacturing—0.1%
Siemens Financieringsmaatschappij NV 1.469%, 05/25/18 (144A) (g) (h)		15,000,000		15,029,895
Oil & Gas—0.1%
Gazprom OAO Via Gaz Capital S.A. 9.250%, 04/23/19 (144A)		4,200,000		4,663,092
Statoil ASA 2.450%, 01/17/23		5,400,000		5,343,878
				10,006,970
Pharmaceuticals—0.0%
Allergan Funding SCS 3.000%, 03/12/20		5,000,000		5,106,095
Semiconductors—0.1%
QUALCOMM, Inc. 1.442%, 05/18/18 (g)		10,000,000		10,008,640
Software—0.0%
Microsoft Corp. 3.500%, 11/15/42		4,500,000		4,430,039
Telecommunications—0.0%
AT&T, Inc. 4.800%, 06/15/44		3,000,000		2,973,132
Transportation—0.0%
Vessel Management Services, Inc. 3.432%, 08/15/36		3,179,000		3,176,711
Total Corporate Bonds & Notes (Cost $293,989,438)				295,479,898
Foreign Government—0.2%
Sovereign—0.2%
Export-Import Bank of Korea 1.750%, 02/27/18		6,700,000		6,693,300
Korea Housing Finance Corp. 2.000%, 10/11/21 (144A)		17,500,000		16,944,725
Total Foreign Government (Cost $24,154,917)				23,638,025
Mortgage-Backed Securities—0.2%
Commercial Mortgage-Backed Securities—0.2%
CSMC Trust 3.953%, 09/15/37 (144A)		20,000,000		20,675,080
Commercial Mortgage-Backed Securities—(Continued)
JPMorgan Chase Commercial Mortgage Securities Trust 4.106%, 07/15/46 (144A)		94,155		95,765
Total Mortgage-Backed Securities (Cost $20,694,937)				20,770,845
Asset-Backed Security—0.1%
Asset-Backed - Credit Card—0.1%
Chase Issuance Trust 1.479%, 02/18/20 (g) (Cost $13,000,000)		13,000,000		13,020,506
Municipals—0.1%
Los Angeles Community College District, Build America Bonds 6.750%, 08/01/49		400,000		610,096
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,845,000		2,019,057
University of California CA, Revenue 1.796%, 07/01/19		8,500,000		8,510,795
Total Municipals (Cost $11,012,922)				11,139,948
Short-Term Investments—2.4%
Repurchase Agreements—2.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $4,278,290 on 07/03/17, collateralized by $4,370,000 U.S. Treasury Note at 2.125% due 05/15/25 with a value of $4,366,264.		4,278,247		4,278,247
J.P. Morgan Securities LLC. Repurchase Agreement dated 06/30/17 at 1.33% to be repurchased at $286,031,698 on 07/03/17, collaterized by $300,000,000 U.S. Treasury Note at 1.375% due 05/31/21, with a value of $295,839,900.		286,000,000		286,000,000
Total Short-Term Investments (Cost $290,278,247)				290,278,247
Total Investments—101.7% (Cost $11,954,410,589) (i)				12,027,253,294
Other assets and liabilities (net)—(1.7)%				(205,832,216	)
Net Assets—100.0%			$	11,821,421,078

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(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 this security has been transferred in a secured-borrowing transaction. (See Note 2 of the Notes to Financial Statements)
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $185,995,686.
(f)	Principal amount of security is adjusted for inflation.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(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 June 30, 2017, the market value of restricted securities was $15,029,895, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(i)	As of June 30, 2017, the aggregate cost of investments was $11,954,410,589. The aggregate unrealized appreciation and depreciation of investments were $398,396,469 and $(325,553,764), respectively, resulting in net unrealized appreciation of $72,842,705.
(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 June 30, 2017, the market value of 144A securities was $82,931,244, which is 0.7% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Siemens Financieringsmaatschappij NV, 1.469%, 05/25/18		05/18/15	$	15,000,000	$	15,000,000	$	15,029,895

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation
JPY	20,900,000	Goldman Sachs Bank USA		07/05/17	$	188,342	$	2,523

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Depreciation
S&P 500 Index E-Mini Futures		09/15/17		40,722		USD	4,948,566,333	$	(19,371,843	)
U.S. Treasury Note 5 Year Futures		09/29/17		1,465		USD	173,021,426		(391,777	)
Net Unrealized Depreciation								$	(19,763,620	)

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

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2		Level 3		Total
Total Mutual Funds*	$	8,136,283,299		$	—	$	—	$	8,136,283,299
Total U.S. Treasury & Government Agencies*		—			3,236,642,526		—		3,236,642,526
Total Corporate Bonds & Notes*		—			295,479,898		—		295,479,898
Total Foreign Government*		—			23,638,025		—		23,638,025
Total Mortgage-Backed Securities*		—			20,770,845		—		20,770,845
Total Asset-Backed Security*		—			13,020,506		—		13,020,506
Total Municipals		—			11,139,948		—		11,139,948
Total Short-Term Investments*		—			290,278,247		—		290,278,247
Total Investments	$	8,136,283,299		$	3,890,969,995	$	—	$	12,027,253,294
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	2,523	$	—	$	2,523
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(19,763,620	)	$	—	$	—	$	(19,763,620	)
Total Futures Contracts	$	(19,763,620	)	$	—	$	—	$	(19,763,620	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	3,890,969,995
Affiliated investments at value (b)		8,136,283,299
Cash		44,153,724
Cash denominated in foreign currencies (c)		401,259
Unrealized appreciation on forward foreign currency exchange contracts		2,523
Receivable for:
Investments sold		530,942
Fund shares sold		425,236
Interest		17,932,852
Variation margin on futures contracts		3,478,218
Total Assets		12,094,178,048
Liabilities
Cash collateral for TBAs		630,000
Payables for:
Investments purchased		43,975,978
TBA securities purchased		221,425,488
Fund shares redeemed		1,497,710
Accrued Expenses:
Management fees		2,363,597
Distribution and service fees		2,445,563
Deferred trustees’ fees		98,902
Other expenses		319,732
Total Liabilities		272,756,970
Net Assets	$	11,821,421,078
Net Assets Consist of:
Paid in surplus	$	11,138,767,772
Undistributed net investment income		168,071,906
Accumulated net realized gain		461,489,117
Unrealized appreciation on investments, affiliated investments, futures contracts and foreign currency transactions		53,092,283
Net Assets	$	11,821,421,078
Net Assets
Class B	$	11,821,421,078
Capital Shares Outstanding*
Class B		1,076,704,460
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.98

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $3,873,885,083.
(b)	Identified cost of affiliated investments was $8,080,525,506.
(c)	Identified cost of cash denominated in foreign currencies was $390,584.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from affiliated investments	$	155,224,796
Interest		41,615,711
Total investment income		196,840,507
Expenses
Management fees		13,850,636
Administration fees		63,377
Custodian and accounting fees		91,423
Distribution and service fees—Class B		14,282,014
Interest expense		70,309
Audit and tax services		20,496
Legal		18,476
Trustees’ fees and expenses		26,454
Shareholder reporting		32,352
Insurance		11,535
Miscellaneous		18,800
Total expenses		28,485,872
Less management fee waiver		(254,055	)
Net expenses		28,231,817
Net Investment Income		168,608,690
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		7,143,322
Affiliated investments		23,084,147
Futures contracts		389,270,133
Foreign currency transactions		(3,996	)
Capital gain distributions from affiliated Investments		78,581,685
Net realized gain		498,075,291
Net change in unrealized appreciation (depreciation) on:
Investments		79,200,954
Affiliated investments		255,300,788
Futures contracts		(8,639,237	)
Foreign currency transactions		19,115
Net change in unrealized appreciation		325,881,620
Net realized and unrealized gain		823,956,911
Net Increase in Net Assets From Operations	$	992,565,601

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	168,608,690		$	162,418,210
Net realized gain		498,075,291			608,183,095
Net change in unrealized appreciation		325,881,620			84,495,491
Increase in net assets from operations		992,565,601			855,096,796
From Distributions to Shareholders
Net investment income
Class B		(183,677,040	)		(307,728,453	)
Net realized capital gains
Class B		(584,335,197	)		(119,120,691	)
Total distributions		(768,012,237	)		(426,849,144	)
Increase in net assets from capital share transactions		631,726,961			66,763,527
Total increase in net assets		856,280,325			495,011,179
Net Assets
Beginning of period		10,965,140,753			10,470,129,574
End of period	$	11,821,421,078		$	10,965,140,753
Undistributed net investment income
End of period	$	168,071,906		$	183,140,256

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		15,280,105		$	171,096,453			27,316,478		$	290,455,751
Reinvestments		69,692,580			768,012,237			41,043,187			426,849,144
Redemptions		(27,206,595	)		(307,381,729	)		(61,625,508	)		(650,541,368	)
Net increase		57,766,090		$	631,726,961			6,734,157		$	66,763,527
Increase derived from capital shares transactions				$	631,726,961					$	66,763,527

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.76		$	10.34		$	11.70		$	11.83		$	10.68		$	9.46
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.16			0.24			0.18			0.19			0.16
Net realized and unrealized gain (loss) on investments		0.81			0.69			(0.68	)		0.87			1.33			1.06
Total from investment operations		0.98			0.85			(0.44	)		1.05			1.52			1.22
Less Distributions
Distributions from net investment income		(0.18	)		(0.31	)		(0.24	)		(0.22	)		(0.14	)		(0.00	)(b)
Distributions from net realized capital gains		(0.58	)		(0.12	)		(0.68	)		(0.96	)		(0.23	)		0.00
Total distributions		(0.76	)		(0.43	)		(0.92	)		(1.18	)		(0.37	)		(0.00	)
Net Asset Value, End of Period	$	10.98		$	10.76		$	10.34		$	11.70		$	11.83		$	10.68
Total Return (%) (c)		9.09	(d)		8.36			(4.09	)		9.65			14.36			13.11
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.50	(f)		0.50			0.49			0.50			0.50			0.51
Net ratio of expenses to average net assets (%) (e)(g)		0.49	(f)		0.49			0.49			0.50			0.50			0.51
Ratio of net investment income to average net assets (%) (h)		1.59	(f)(i)		1.51			2.16			1.60			1.70			1.55
Portfolio turnover rate (%)		14	(d)(j)		17			20			13			13			13
Net assets, end of period (in millions)	$	11,821.4		$	10,965.1		$	10,470.1		$	11,130.9		$	9,709.0		$	6,459.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from net investment income were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(h)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(i)	The income earned by the Portfolio through the investments in Underlying Portfolios is not annualized.
(j)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 6% for the six months ended June 30, 2017.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Balanced Plus Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 70% of its assets (the “Base Portion”) in other Portfolios of the Trust or of Brighthouse Funds Trust II (“Underlying Portfolios”) and approximately 30% of its assets (the “Overlay Portion”) in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”) on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses for such Underlying Portfolios.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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.

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

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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 options on swaps (“swaptions”), and futures contracts that are traded over-the-counter (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as Net realized gains in the Statement of Operations. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, paydown gain (loss) adjustments, treasury roll adjustments, premium amortization adjustments and short term dividend reclasses from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

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taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $290,278,247, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Secured borrowing transactions and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the secured borrowing transaction or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the six months ended June 30, 2017, the Portfolio entered into secured borrowing transactions involving a U.S. Treasury security. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the

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counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing.

For the six months ended June 30, 2017, the Portfolio had an outstanding secured borrowing transaction balance for 84 days. For the six months ended June 30, 2017, the Portfolio’s average amount of borrowings was $58,578,724 and the weighted average interest rate was 0.37% during the 84 day period. At June 30, 2017, the Portfolio had no outstanding borrowings.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate				Unrealized depreciation on futures contracts (a) (b)	$	391,777
Equity				Unrealized depreciation on futures contracts (a)		19,371,843
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	2,523
Total		$	2,523		$	19,763,620

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(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Received†		Net Amount*
Goldman Sachs Bank USA.	$	2,523	$	—	$	—	$	2,523

*	Net amount represents the net amount receivable from the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(5,390	)	$	(5,390	)
Futures contracts		1,647,734			387,622,399			—			389,270,133
	$	1,647,734		$	387,622,399		$	(5,390	)	$	389,264,743
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(1,745	)	$	(1,745	)
Futures contracts		(391,777	)		(8,247,460	)		—			(8,639,237	)
	$	(391,777	)	$	(8,247,460	)	$	(1,745	)	$	(8,640,982	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	185,238
Futures contracts long		124,093,550

‡ Averages are based on activity levels during the period.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant

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volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$1,664,360,891	$	337,923,896	$	1,306,164,421	$	315,216,331

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$1,135,961,217	$	918,043,961

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6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Pacific Investment Management Company LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by Brighthouse Investment Advisers (Overlay Portion managed by PIMCO) for  the six months ended June 30, 2017	% per annum			Average Daily Net Assets of the Overlay Portion
$11,688,302		0.725	%	First $250 million
		0.700	%	$250 million to $750 million
		0.675	%	$750 million to $1 billion
		0.650	%	Over $1 billion

Management Fees earned by Brighthouse Investment Advisers (Base Portion managed by the  Adviser) for the six months ended June 30, 2017	% per annum			Average Daily Net Assets of the Base Portion
$2,162,334		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays Brighthouse Investment Advisers a management fee through its investment in the Underlying Portfolios.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Overlay Portion of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets of the Overlay Portion
0.050%	First $250 million
0.025%	$250 million to $750 million
0.025%	$2.5 billion to $5 billion
0.050%	Over $5 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017,

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Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Underlying Portfolios

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2017 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Baillie Gifford International Stock Portfolio		26,945,209		329,792		(988,550	)		26,286,451
BlackRock Bond Income Portfolio		7,029,522		400,754		(11,997	)		7,418,279
BlackRock Capital Appreciation Portfolio		1,635,850		40,183		(51,502	)		1,624,531
BlackRock High Yield Portfolio		14,682,432		860,435		(83,112	)		15,459,755
Brighthouse Small Cap Value Portfolio		7,735,762		359,108		(462,848	)		7,632,022
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		16,660,921		248,861		(423,811	)		16,485,971
Brighthouse/Artisan International Portfolio		24,067,614		528,489		(384,779	)		24,211,324
Brighthouse/Artisan Mid Cap Value Portfolio		763,329		5,283		(25,303	)		743,309
Brighthouse/Dimensional International Small Company Portfolio		12,329,655		879,796		(434,168	)		12,775,283
Brighthouse/Eaton Vance Floating Rate Portfolio		16,124,965		716,325		(26,871	)		16,814,419
Brighthouse/Franklin Low Duration Total Return Portfolio		28,658,788		691,638		(47,544	)		29,302,882
Brighthouse/Templeton International Bond Portfolio		27,486,939		175,878		(44,936	)		27,617,881
Brighthouse/Wellington Core Equity Opportunities Portfolio		1,951,652		106,023		(23,324	)		2,034,351
Brighthouse/Wellington Large Cap Research Portfolio		4,114,115		196,931		(155,502	)		4,155,544
Clarion Global Real Estate Portfolio		8,345,475		449,753		(13,884	)		8,781,344
ClearBridge Aggressive Growth Portfolio		3,530,379		34,064		(76,941	)		3,487,502
Frontier Mid Cap Growth Portfolio		5,299,269		109,243		(796,099	)		4,612,413
Harris Oakmark International Portfolio		30,671,370		533,357		(2,308,859	)		28,895,868
Invesco Comstock Portfolio		4,073,421		229,412		(158,309	)		4,144,524
Invesco Small Cap Growth Portfolio		6,268,455		684,318		(226,203	)		6,726,570
Jennison Growth Portfolio		4,957,942		381,422		(222,111	)		5,117,253
JPMorgan Core Bond Portfolio		52,129,231		2,733,036		(88,974	)		54,773,293
JPMorgan Small Cap Value Portfolio		5,178,280		324,027		(291,569	)		5,210,738
MFS Research International Portfolio		26,544,336		549,358		(502,245	)		26,591,449
MFS Value Portfolio		3,760,348		317,403		(103,506	)		3,974,245
Morgan Stanley Mid Cap Growth Portfolio		3,616,820		13,285		(142,203	)		3,487,902
Neuberger Berman Genesis Portfolio		3,879,127		349,044		(123,054	)		4,105,117
Oppenheimer Global Equity Portfolio		5,759,588		63,799		(299,106	)		5,524,281
PIMCO Inflation Protected Bond Portfolio		22,088,035		734,850		(37,081	)		22,785,804
PIMCO Total Return Portfolio		52,166,323		2,296,456		(87,951	)		54,374,828

BHFTI-20

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
T. Rowe Price Large Cap Value Portfolio		1,715,229			198,560		(44,029	)		1,869,760
T. Rowe Price Mid Cap Growth Portfolio		8,647,334			2,102,830		(176,677	)		10,573,487
T. Rowe Price Small Cap Growth Portfolio		5,386,394			341,091		(221,588	)		5,505,897
TCW Core Fixed Income Portfolio		57,915,629			2,664,428		(99,349	)		60,480,708
Van Eck Global Natural Resources Portfolio		14,795,610			964,129		(454,136	)		15,305,603
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		15,019,038			200,354		(332,852	)		14,886,540
Western Asset Management Strategic Bond Opportunities Portfolio		27,052,405			1,193,890		(43,973	)		28,202,322
Western Asset Management U.S. Government Portfolio		31,758,102			1,688,479		(54,526	)		33,392,055
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
Baillie Gifford International Stock Portfolio	$	3,060,534		$	—	$	3,810,667		$	313,597,362
BlackRock Bond Income Portfolio		(39,724	)		—		24,245,761			783,296,061
BlackRock Capital Appreciation Portfolio		675,648			1,439,913		65,234			61,959,628
BlackRock High Yield Portfolio		(36,171	)		—		6,513,095			117,648,736
Brighthouse Small Cap Value Portfolio		918,756			4,240,109		1,345,489			118,601,628
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		528,030			—		2,234,876			172,113,533
Brighthouse/Artisan International Portfolio		57,830			—		3,237,336			248,166,069
Brighthouse/Artisan Mid Cap Value Portfolio		1,800,012			—		1,259,809			177,955,544
Brighthouse/Dimensional International Small Company Portfolio		299,554			7,975,539		3,856,436			174,765,874
Brighthouse/Eaton Vance Floating Rate Portfolio		4,605			—		6,699,632			170,330,064
Brighthouse/Franklin Low Duration Total Return Portfolio		(16,165	)		—		4,636,400			280,721,607
Brighthouse/Templeton International Bond Portfolio		(82,242	)		110,359		—			281,150,032
Brighthouse/Wellington Core Equity Opportunities Portfolio		(211,080	)		2,213,853		938,040			60,603,325
Brighthouse/Wellington Large Cap Research Portfolio		284,231			2,222,010		662,635			61,128,046
Clarion Global Real Estate Portfolio		22,088			—		3,781,985			102,917,352
ClearBridge Aggressive Growth Portfolio		706,267			—		563,255			59,845,536
Frontier Mid Cap Growth Portfolio		2,800,289			3,813,052		—			162,449,199
Harris Oakmark International Portfolio		5,389,751			—		7,941,681			438,639,277
Invesco Comstock Portfolio		926,472			1,777,461		1,491,658			59,432,472
Invesco Small Cap Growth Portfolio		(144,017	)		9,277,259		—			92,019,478
Jennison Growth Portfolio		558,812			5,307,314		237,996			74,558,374
JPMorgan Core Bond Portfolio		(17,087	)		—		15,019,793			557,592,120
JPMorgan Small Cap Value Portfolio		1,059,200			4,184,167		1,163,355			86,550,353
MFS Research International Portfolio		1,282,892			—		5,990,371			308,460,804
MFS Value Portfolio		307,533			3,634,999		1,231,210			61,203,374
Morgan Stanley Mid Cap Growth Portfolio		387,427			—		220,835			64,212,275
Neuberger Berman Genesis Portfolio		1,293,438			6,858,616		345,749			84,401,202
Oppenheimer Global Equity Portfolio		628,542			—		1,412,965			126,561,273
PIMCO Inflation Protected Bond Portfolio		(55,600	)		—		3,979,904			221,705,874
PIMCO Total Return Portfolio		(80,952	)		3,021,609		12,139,446			619,329,287
T. Rowe Price Large Cap Value Portfolio		322,525			5,063,388		1,343,211			60,505,449
T. Rowe Price Mid Cap Growth Portfolio		(20,194	)		9,380,338		—			115,673,949
T. Rowe Price Small Cap Growth Portfolio		1,436,744			7,172,680		388,412			122,836,562
TCW Core Fixed Income Portfolio		23,198			889,019		10,905,294			610,855,151
Van Eck Global Natural Resources Portfolio		(623,136	)		—		167,663			139,434,045
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		(396,383	)		—		2,306,348			175,958,905
Western Asset Management Strategic Bond Opportunities Portfolio		43,796			—		14,825,587			382,423,480
Western Asset Management U.S. Government Portfolio		(11,276	)		—		10,262,668			386,679,999
	$	23,084,147		$	78,581,685	$	155,224,796		$	8,136,283,299

BHFTI-21

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$307,728,453	$	395,675,402	$	119,120,691	$	488,158,567	$	426,849,144	$	883,833,969

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$357,291,624	$	409,014,657	$	(308,121,511	)	$	—	$	458,184,770

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-22

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	916,738,007		37,469,267		61,444,722

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		950,240,939		65,411,056
Robert Boulware		950,076,300		65,575,695
Susan C. Gause		951,177,508		64,474,487
Nancy Hawthorne		951,236,187		64,415,808
Barbara A. Nugent		951,618,279		64,033,716
John Rosenthal		949,687,021		65,964,975
Linda B. Strumpf		949,014,901		66,637,095
Dawn M. Vroegop		950,857,881		64,794,114

BHFTI-23

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Managed by Delaware Investments Fund Advisers and Wells Capital Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Brighthouse Small Cap Value Portfolio returned 2.30% and 2.15%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 0.54%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee further increased the federal funds rate after its June meeting by 0.25 percentage points to a target range of 1.00% to 1.25%. These minor increases are beginning to marginally benefit banks. First-quarter gross domestic product (GDP) growth came in at a moderate 1.4% annual rate. The Conference Board Consumer Confidence Index continued to trickle lower, with a recent reading of 118.9, down from 125.6 in March. The personal savings rate, however, has been on an upward trend this year and is now 5.5%, up from 5.1% in April. On the employment front, unemployment inched down to 4.4%.

The U.S. small, mid, and large-cap value equity indices generated positive returns during the review period. Small-cap stocks underperformed large-cap stocks and growth indices outperformed their value counterparts. Within the small-cap space, stocks in the more traditional growth sectors—Health Care, Information Technology (“IT”), and Telecommunication Services—performed the strongest during the review period. Headwinds began to resurface in the oil and oil-related industries as the price of oil has declined for much of this year. The Energy, Consumer Staples, and Financials sectors of the small-cap market declined during the review period, with all other sectors generating positive returns.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Brighthouse Small Cap Value Portfolio is constructed in a multi-manager sleeve structure, with each of the two sleeves comprising roughly 50% of Portfolio assets.

The following commentary was provided by Delaware Investments Fund Advisers.

The sleeve managed by Delaware Investments Fund Advisers outperformed the Russell 2000 Value Index during the reporting period. Outperformance was a result of stock selection in the Financials, IT, and Materials sectors of the Portfolio. Detracting from relative performance was stock selection in the Energy sector and a combination of stock selection and an underweight allocation to the Utilities sector.

Stock selection in the Financials sector contributed during the review period with most of the contribution to returns coming from a few strong performing banks and insurance companies. East West Bancorp is a regional bank that focuses on the financial service needs of individuals and businesses operating in both the U.S. and Greater China, as well as Chinese-American individuals and businesses. The increases in the federal funds rate caused East West Bancorp to perform particularly well due to its outsized earnings sensitivity to changes in interest rates.

American Equity Investment Life Holding, a life insurance company with a primary emphasis on the sale of fixed-indexed annuities, contributed to performance. During the review period, we added Legg Mason to the Portfolio. Shares of the asset manager outperformed as the company reported a strong pipeline of new business opportunity.

In the IT sector, one of the top contributors to outperformance was electronic design automation software provider Synopsys. Synopsys reported strong results for its fiscal first quarter which helped the stock outperform. A number of the Portfolio’s holdings in the semiconductor industry helped the Portfolio outperform in the IT sector.

Stock selection in the Materials sector contributed to relative performance during the review period, with a number of individual securities producing strong results. Berry Global is a manufacturer of plastic packaging and engineered materials for consumer, healthcare and industrial end markets. Shares of Berry Global increased during the review period after reporting better than expected earnings and strong free cash flow generation. In addition, Berry Global reported an increase in expected synergies from its acquisition of AEP, which closed earlier this year.

Olin is a commodity chemical company that primarily produces chlorine, caustic soda, epoxy, and derivative chlorine products. The company has benefited from improving supply-demand fundamentals, which seems to be driving prices for its products higher. Albemarle is a specialty chemical company that sells refinery catalysts, lithium, bromine, and metal surface treatment products. Shares of Albemarle appreciated as the company has experienced strong volume growth and higher pricing in its lithium business. As a result, the company’s stock approached our fair value estimate and we exited the position prior to the end of the review period.

Stocks in the Utilities sector have generated strong returns during the review period. The names that we own in the Portfolio did not keep pace with those in the Index. The valuations of utilities companies are generally less attractive relative to the available investment opportunities in other areas of the market.

Stock selection detracted from overall returns in the Energy sector. Stocks across the sector declined as the price of oil fell for the majority of the review period on fears of excess inventories in the U.S. Among the individual securities that detracted from performance in the sector were shares of SM Energy, an independent exploration and production company with primary operations in the Permian Basin, Eagle Ford, and Bakken shale areas. Shares of SM Energy underperformed as investors questioned the company’s announcement that they were not selling certain assets which were expected to be sold.

BHFTI-1

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Managed by Delaware Investments Fund Advisers and Wells Capital Management, LLC

Portfolio Manager Commentary*—(Continued)

Stock selection in the Industrials sector detracted. Among the individual securities which underperformed were shares of H&E Equipment Services, an equipment rental company with operations concentrated around the Gulf Coast and Intermountain regions. The company issued a constructive earnings report, however, shares declined as investors were concerned about lower crane sales and aftermarket revenue, as well as the competitive pricing environment for large project bidding.

At the end of the review period, the Portfolio had no holdings in the Telecommunication Services sector, which is the smallest sector in the Index, representing under 1% of total weight.

At period end, the Portfolio’s largest relative overweight was in the IT sector, as the annual Russell U.S. Index reconstitution took place during the review period, which decreased the sector’s weight in the Index. We also purchased communications equipment company Viavi Solutions during the review period.

The Portfolio remained overweight the Materials sector. During the review period, we exited four holdings and purchased one. Overall, this reduced the relative overweight. We maintained the Portfolio’s weight in the Industrials sector, however, its weight in the Index decreased, which led the Portfolio to end the review period with a larger overweight.

The Portfolio remained underweight the Financials sector. During the review period, we purchased one property and casualty insurance company and an asset manager, and we exited one property and casualty insurance company. In the Real Estate sector, the Portfolio ended the period with a larger underweight than it began, which was a result of an increase in the sector’s weight in the Index. The sector’s recent underperformance created a valuation opportunity and we purchased Life Storage.

In the Energy sector, we added to a number of the Portfolio’s holdings as valuations became more appealing. We exited Jones Energy and Western Refining (which was acquired by Tesoro) during the review period. The Portfolio ended the period underweight the Energy sector.

Our team’s disciplined philosophy remains unchanged. We continue to focus on finding what we view as attractively valued stocks that generate ample free cash flow, have strong balance sheets, and are likely to deploy their cash in shareholder-friendly ways such as repurchasing shares or increasing dividends.

Christopher S. Beck

Steven G. Catricks

Kent P. Madden

Kelly A. McKee

Portfolio Managers

Delaware Investments Fund Advisers

The following commentary was provided by Wells Capital Management, LLC.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The sleeve managed by Wells Capital Management outperformed the Russell 2000 Value over the six-month period. Superior stock selection was the largest driver for the sleeve’s outperformance. Our stock selection in Consumer Staples, IT and Financials aided relative performance. Stock selection within Consumer Discretionary and Energy were the largest detractors from relative performance.

In the Consumer Staples sector, Nomad Food, a manufacturer and distributer of frozen foods in Europe, was a significant contributor. We have been attracted to Nomad’s targeted acquisition strategy to deploy its balance sheet in the highly fragmented European frozen food market. During the first half of 2017, Nomad posted strong quarterly results giving investors confidence that the acquisition strategy is working and propelling the shares 47% higher over the six-month period.

Security selection in the IT sector was a contributor to performance. Novanta, Inc. manufactures photonic, motion and laser products for the medical equipment and industrial markets. We have been attracted to Novanta’s balance sheet and sustainable free-cash-flow which is being used to diversify its industrial end markets into higher margin and less economically sensitive healthcare businesses. During the first half of 2017, the company released favorable results and announced they would acquire World of Medicine, a German manufacturer of medical insufflators, pumps and other disposables. We think this is an intelligent use of capital as Novanta takes another step to diversify and grow its medical business, while also reducing its tax liabilities by recapturing some German-based stranded tax losses.

Within the Financials sector, the Portfolio’s significant underweight to the banking industry provided strong relative returns. Many banks traded higher in the fourth quarter of 2016 on hopes that they would benefit from a positive sloping yield curve, corporate tax reform and deregulation. As investors realized that these catalysts were not likely to happen soon, bank stocks traded lower, and the Portfolio’s underweight aided relative performance. We believe many banks lack strong competitive advantages and are often limited in their ability to flexibly deploy capital. These are two requirements of our process and our strict adherence to this process served us well during the period.

Security selection in the Consumer Discretionary sector detracted from performance during the past six months. DineEquity is a restaurant company that operates under the Applebee’s and IHOP brands. Although the IHOP division has been a solid performer, the Applebee’s segment has been under competitive pressure in the casual dining space stemming from execution issues related to its new wood-fired grill menu rollout. We recognize that it will not be a quick turnaround, but we believe that the worst of the weakness is

BHFTI-2

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Managed by Delaware Investments Fund Advisers and Wells Capital Management, LLC

Portfolio Manager Commentary*—(Continued)

behind us. Further, we believe the financial flexibility that the model provides and the strength at IHOP should allow management to stabilize the Applebee’s business and drive future free cash flow higher. We believe the reward-to-risk valuation is attractive and are further encouraged by DineEquity’s potential ability to monetize assets if needed.

The Energy sector has faced significant pressure thus far in 2017. Sentiment around oil and gas prices has been weaker as concerns that supply is outpacing demand in the near-term. The Portfolio’s security selection within the Energy sector detracted from performance. WPX Energy is an independent oil and gas exploration and production (“E&P”) company. Like many E&P companies, WPX Energy was impacted by uncertainty surrounding oil and gas prices. The company also announced a joint venture with Howard Energy Partners, providing cash proceeds to strengthen the balance sheet. WPX Energy has used the recent energy downturn to transition their portfolio more toward oil, but the uncertainty surrounding oil prices has not helped its share price in 2017. In our view, any stabilization of oil prices would be very beneficial for WPX Energy, but we believe the steps WPX Energy has taken to strengthen their balance sheet provides them material flexibility in the meantime.

During the past six months, the Portfolio increased its weighting and relative overweight to the Materials sector. Our bottom-up selection process found a few new specialty chemical names that met our process and had attractive valuations. We also increased the Portfolio’s weighting to a specialty paper and packaging holding, Neenah Paper, Inc. We believe Neenah Paper should continue to benefit from its reallocation of capital and its strategic focus on the higher margin fine papers and technical products business, as well as its cost-reduction initiatives and synergies from recent acquisitions.

The Portfolio decreased its weighting in the Energy sector over the six month period, as we chose to use the recent volatility surrounding oil prices to consolidate our holdings in our highest conviction stocks and exit a few names that we believed would face greater challenges if oil prices remained depressed. We believe the Energy stocks that we own have the balance sheets to not only survive a prolonged downturn, but also use their financial flexibility to be offensive when others are forced to be defensive.

As of June 30, 2017, the Portfolio was highly diversified across sectors and industries, with the goal being to own companies that present to us the best opportunity to deliver alpha over the next 3 to 5 years, while at the same time ensuring relative protection of capital in times of market stress. The Portfolio’s largest overweights were in the Industrials and the Materials sectors. Within the Industrials sector, our focus on financial flexibility and long-term competitive advantages drives the Portfolio’s overweight to the machinery industry. In Materials, the overweight is primarily due to opportunities we have found in the specialty chemical industry. The Portfolio’s largest underweights were in the Financials and Real Estate sectors. Within Financials, the Portfolio was significantly underweight the banking industry as we find it difficult to find enough banks that possess long-term competitive advantages and flexible balance sheets to approach the benchmark’s approximate 20% bank weighting. In the Real Estate sector, we have found very few names that present attractive valuations on a reward-to-risk basis and the Portfolio remained largely underweight the sector.

James Tringas

Bryant VanCronkhite

Robert Rifkin

Portfolio Managers

Wells Capital Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-3

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse Small Cap Value Portfolio
Class A		2.30		23.82		13.77		6.16
Class B		2.15		23.50		13.48		5.89
Russell 2000 Value Index		0.54		24.86		13.39		5.92

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
East West Bancorp, Inc.		1.8
Hancock Holding Co.		1.6
First Citizens BancShares, Inc. - Class A		1.3
Validus Holdings, Ltd.		1.2
Berry Global Group, Inc.		1.2
Simpson Manufacturing Co., Inc.		1.1
Novanta, Inc.		1.1
Neenah Paper, Inc.		1.1
Vishay Intertechnology, Inc.		1.1
Webster Financial Corp.		1.0

Top Sectors

	% of Net Assets
Financials		24.4
Industrials		17.4
Information Technology		13.0
Materials		11.2
Consumer Discretionary		10.7
Real Estate		6.1
Health Care		5.1
Consumer Staples		4.2
Energy		4.2
Utilities		2.6

BHFTI-4

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Brighthouse Small Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.77	%	$	1,000.00	$	1,023.00	$	3.86
	Hypothetical*		0.77	%	$	1,000.00	$	1,020.98	$	3.86
Class B(a)	Actual		1.02	%	$	1,000.00	$	1,021.50	$	5.11
	Hypothetical*		1.02	%	$	1,000.00	$	1,019.74	$	5.11

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—98.7% of Net Assets

Security Description	Shares		Value
Auto Components—0.6%
Standard Motor Products, Inc.		46,300	$	2,417,786
Tenneco, Inc.		56,500		3,267,395
				5,685,181
Banks—14.9%
Associated Banc-Corp.		259,668		6,543,633
Bank of Hawaii Corp. (a)		81,400		6,753,758
Boston Private Financial Holdings, Inc.		260,300		3,995,605
Community Bank System, Inc. (a)		104,200		5,811,234
East West Bancorp, Inc.		305,000		17,866,900
First Citizens BancShares, Inc. - Class A		34,271		12,772,802
First Financial Bancorp		222,200		6,154,940
First Interstate BancSystem, Inc. - Class A		85,400		3,176,880
First Midwest Bancorp, Inc.		206,900		4,822,839
Great Western Bancorp, Inc.		179,500		7,325,395
Hancock Holding Co.		338,295		16,576,455
Independent Bank Corp./Rockland Trust		34,500		2,299,425
NBT Bancorp, Inc.		145,000		5,357,750
Prosperity Bancshares, Inc.		74,400		4,779,456
Renasant Corp. (a)		114,090		4,990,297
S&T Bancorp, Inc.		93,600		3,356,496
TCF Financial Corp.		204,750		3,263,715
UMB Financial Corp. (a)		134,007		10,031,764
Umpqua Holdings Corp.		268,900		4,937,004
Valley National Bancorp		479,800		5,666,438
Webster Financial Corp.		200,900		10,490,998
WesBanco, Inc.		126,800		5,013,672
				151,987,456
Beverages—0.5%
Cott Corp.		361,833		5,224,868
Building Products—2.2%
CSW Industrials, Inc. (a) (b)		164,260		6,348,649
Simpson Manufacturing Co., Inc. (a)		265,531		11,606,360
USG Corp. (a) (b)		168,200		4,881,164
				22,836,173
Capital Markets—2.8%
Apollo Investment Corp.		438,116		2,799,561
Artisan Partners Asset Management, Inc. - Class A (a)		177,509		5,449,526
Legg Mason, Inc.		84,500		3,224,520
Main Street Capital Corp. (a)		88,700		3,411,402
New Mountain Finance Corp. (a)		189,903		2,763,089
Stifel Financial Corp. (b)		107,300		4,933,654
Westwood Holdings Group, Inc.		104,298		5,912,654
				28,494,406
Chemicals—6.0%
A. Schulman, Inc.		94,895		3,036,640
HB Fuller Co.		134,900		6,894,739
Ingevity Corp. (b)		36,262		2,081,439
Innospec, Inc. (a)		147,513		9,669,477
KMG Chemicals, Inc.		49,061		2,387,799
Chemicals—(Continued)
Minerals Technologies, Inc.		31,089		2,275,715
Olin Corp.		267,500		8,099,900
PolyOne Corp.		95,826		3,712,299
Quaker Chemical Corp.		44,241		6,425,120
Scotts Miracle-Gro Co. (The)		34,500		3,086,370
Sensient Technologies Corp.		71,351		5,745,896
Trinseo S.A.		112,100		7,701,270
				61,116,664
Commercial Services & Supplies—3.7%
ACCO Brands Corp. (b)		286,706		3,340,125
Brady Corp. - Class A		115,354		3,910,501
Deluxe Corp. (a)		136,593		9,454,967
Ennis, Inc.		365,025		6,971,977
Knoll, Inc.		121,952		2,445,138
LSC Communications, Inc.		102,520		2,193,928
UniFirst Corp.		25,100		3,531,570
Viad Corp. (a)		119,385		5,640,941
				37,489,147
Communications Equipment—1.7%
CommScope Holding Co., Inc. (b)		172,990		6,578,809
NETGEAR, Inc. (a) (b)		103,947		4,480,116
NetScout Systems, Inc. (b)		125,090		4,303,096
Viavi Solutions, Inc. (b)		156,100		1,643,733
				17,005,754
Construction & Engineering—1.4%
MasTec, Inc. (b)		225,775		10,193,741
Primoris Services Corp.		166,200		4,145,028
				14,338,769
Construction Materials—0.9%
Eagle Materials, Inc.		96,510		8,919,454
Containers & Packaging—2.0%
Berry Global Group, Inc. (b)		209,603		11,949,467
Silgan Holdings, Inc.		273,108		8,679,372
				20,628,839
Distributors—0.3%
Core-Mark Holding Co., Inc. (a)		80,799		2,671,215
Diversified Consumer Services—0.4%
Liberty Tax, Inc.		74,586		965,889
Service Corp. International		90,500		3,027,225
				3,993,114
Diversified Telecommunication Services—0.2%
FairPoint Communications, Inc. (b)		117,753		1,842,834
Electric Utilities—1.2%
El Paso Electric Co.		90,900		4,699,530

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
Hawaiian Electric Industries, Inc. (a)		238,877	$	7,734,837
				12,434,367
Electrical Equipment—1.3%
Atkore International Group, Inc. (b)		293,053		6,608,345
EnerSys (a)		55,913		4,050,897
Regal-Beloit Corp.		34,600		2,821,630
				13,480,872
Electronic Equipment, Instruments & Components—4.1%
AVX Corp.		226,273		3,697,301
Badger Meter, Inc. (a)		93,448		3,723,903
Novanta, Inc. (b)		321,091		11,559,276
Orbotech, Ltd. (b)		119,888		3,910,746
Tech Data Corp. (b)		49,576		5,007,176
TTM Technologies, Inc. (a) (b)		176,400		3,062,304
Vishay Intertechnology, Inc. (a)		654,916		10,871,606
				41,832,312
Energy Equipment & Services—2.2%
C&J Energy Services, Inc. (a) (b)		74,800		2,563,396
Dril-Quip, Inc. (a) (b)		47,000		2,293,600
Helix Energy Solutions Group, Inc. (b)		313,100		1,765,884
Oil States International, Inc. (b)		132,840		3,606,606
Patterson-UTI Energy, Inc.		513,234		10,362,194
TETRA Technologies, Inc. (b)		631,044		1,760,613
				22,352,293
Equity Real Estate Investment Trusts—5.5%
Brandywine Realty Trust		350,000		6,135,500
Education Realty Trust, Inc.		81,867		3,172,346
Gramercy Property Trust (a)		202,462		6,015,146
Healthcare Realty Trust, Inc.		137,200		4,685,380
Highwoods Properties, Inc.		112,200		5,689,662
LaSalle Hotel Properties		261,824		7,802,355
Lexington Realty Trust		436,600		4,326,706
Life Storage, Inc.		40,600		3,008,460
Ramco-Gershenson Properties Trust		202,100		2,607,090
Summit Hotel Properties, Inc.		233,600		4,356,640
Washington Real Estate Investment Trust		260,586		8,312,694
				56,111,979
Food & Staples Retailing—0.2%
SUPERVALU, Inc. (b)		614,182		2,020,659
Food Products—2.3%
J&J Snack Foods Corp.		33,000		4,358,310
Nomad Foods, Ltd. (b)		446,911		6,305,914
Pinnacle Foods, Inc.		60,100		3,569,940
TreeHouse Foods, Inc. (b)		114,507		9,354,077
				23,588,241
Gas Utilities—0.5%
Southwest Gas Holdings, Inc.		72,900		5,326,074
Health Care Equipment & Supplies—2.7%
Analogic Corp. (a)		115,284		8,375,383
Haemonetics Corp. (b)		181,152		7,153,692
STERIS plc		105,194		8,573,311
Teleflex, Inc.		16,400		3,407,264
				27,509,650
Health Care Providers & Services—1.5%
AMN Healthcare Services, Inc. (a) (b)		82,576		3,224,593
Owens & Minor, Inc. (a)		208,072		6,697,838
Patterson Cos., Inc. (a)		119,897		5,629,164
				15,551,595
Hotels, Restaurants & Leisure—3.5%
Cheesecake Factory, Inc. (The)		70,300		3,536,090
Choice Hotels International, Inc.		71,700		4,606,725
Denny’s Corp. (b)		616,406		7,255,099
DineEquity, Inc. (a)		137,531		6,058,240
International Speedway Corp. - Class A		91,200		3,424,560
Ruby Tuesday, Inc. (a) (b)		270,082		542,865
Sonic Corp. (a)		102,700		2,720,523
Texas Roadhouse, Inc.		65,300		3,327,035
Wendy’s Co. (The) (a)		265,271		4,114,353
				35,585,490
Household Durables—1.4%
Dixie Group, Inc. (The) (b)		194,365		874,642
Helen of Troy, Ltd. (b)		84,398		7,941,852
Meritage Homes Corp. (b)		138,900		5,861,580
				14,678,074
Household Products—1.2%
Central Garden and Pet Co. (b)		132,341		4,207,120
Energizer Holdings, Inc.		51,554		2,475,623
HRG Group, Inc. (b)		304,112		5,385,824
				12,068,567
Insurance—5.9%
Allied World Assurance Co. Holdings AG		84,741		4,482,799
American Equity Investment Life Holding Co.		219,400		5,765,832
Brown & Brown, Inc.		150,932		6,500,641
Hanover Insurance Group, Inc. (The)		61,100		5,415,293
Infinity Property & Casualty Corp.		37,400		3,515,600
ProAssurance Corp.		127,024		7,723,059
Selective Insurance Group, Inc.		184,500		9,234,225
Stewart Information Services Corp. (a)		102,940		4,671,417
Validus Holdings, Ltd.		237,337		12,334,404
				59,643,270
IT Services—1.9%
Conduent, Inc. (b)		258,519		4,120,793
DST Systems, Inc.		150,729		9,299,979
Sykes Enterprises, Inc. (b)		168,265		5,641,926
				19,062,698

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Leisure Products—0.1%
Vista Outdoor, Inc. (a) (b)		32,958	$	741,885
Life Sciences Tools & Services—0.3%
VWR Corp. (b)		101,165		3,339,457
Machinery—5.9%
Altra Industrial Motion Corp.		110,800		4,409,840
Barnes Group, Inc.		81,300		4,758,489
Douglas Dynamics, Inc. (a)		213,604		7,027,572
EnPro Industries, Inc.		37,600		2,683,512
Franklin Electric Co., Inc.		211,708		8,764,711
Hillenbrand, Inc.		158,249		5,712,789
ITT, Inc.		170,400		6,846,672
Kadant, Inc.		127,388		9,579,578
Mueller Industries, Inc.		322,352		9,815,618
				59,598,781
Marine—0.5%
Kirby Corp. (b)		39,700		2,653,945
Matson, Inc.		72,100		2,165,884
				4,819,829
Media—2.0%
AH Belo Corp. - Class A		433,328		2,383,304
Cable One, Inc.		5,400		3,838,860
Cinemark Holdings, Inc.		111,200		4,320,120
Gannett Co., Inc.		189,821		1,655,239
Meredith Corp. (a)		76,800		4,565,760
New Media Investment Group, Inc. (a)		227,156		3,062,063
				19,825,346
Metals & Mining—0.4%
Compass Minerals International, Inc. (a)		63,593		4,152,623
Mortgage Real Estate Investment Trusts—0.4%
Apollo Commercial Real Estate Finance, Inc. (a)		194,309		3,604,432
Multi-Utilities—0.8%
Black Hills Corp. (a)		83,600		5,640,492
NorthWestern Corp.		48,700		2,971,674
				8,612,166
Oil, Gas & Consumable Fuels—2.0%
Oasis Petroleum, Inc. (b)		338,900		2,728,145
QEP Resources, Inc. (b)		261,691		2,643,079
SM Energy Co.		207,300		3,426,669
Tesoro Corp.		39,719		3,717,698
Whiting Petroleum Corp. (a) (b)		533,507		2,939,624
WPX Energy, Inc. (b)		522,224		5,044,684
				20,499,899
Paper & Forest Products—1.9%
KapStone Paper and Packaging Corp.		163,900		3,381,257
Neenah Paper, Inc.		136,911		10,987,108
Paper & Forest Products—(Continued)
Schweitzer-Mauduit International, Inc.		132,004		4,914,509
				19,282,874
Pharmaceuticals—0.5%
Catalent, Inc. (b)		40,100		1,407,510
Innoviva, Inc. (a) (b)		292,657		3,746,010
				5,153,520
Professional Services—1.0%
Korn/Ferry International		300,958		10,392,080
Real Estate Management & Development—0.6%
Alexander & Baldwin, Inc.		79,400		3,285,572
Jones Lang LaSalle, Inc.		22,877		2,859,625
				6,145,197
Road & Rail—0.8%
Saia, Inc. (b)		55,900		2,867,670
Werner Enterprises, Inc.		171,500		5,033,525
				7,901,195
Semiconductors & Semiconductor Equipment—2.4%
Cirrus Logic, Inc. (b)		62,800		3,938,816
DSP Group, Inc. (b)		155,208		1,800,413
MaxLinear, Inc. - Class A (b)		131,000		3,653,590
ON Semiconductor Corp. (b)		408,600		5,736,744
Teradyne, Inc.		191,800		5,759,754
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a) (b)		140,300		3,346,155
				24,235,472
Software—2.2%
ACI Worldwide, Inc. (b)		103,470		2,314,624
Manhattan Associates, Inc. (b)		53,390		2,565,923
Progress Software Corp.		74,052		2,287,466
PTC, Inc. (b)		91,000		5,015,920
Synopsys, Inc. (b)		134,100		9,779,913
				21,963,846
Specialty Retail—1.1%
Asbury Automotive Group, Inc. (b)		33,700		1,905,735
Buckle, Inc. (The) (a)		159,038		2,830,876
Christopher & Banks Corp. (b)		447,352		586,031
Guess?, Inc. (a)		268,310		3,429,002
Signet Jewelers, Ltd. (a)		40,290		2,547,940
				11,299,584
Technology Hardware, Storage & Peripherals—0.8%
Electronics For Imaging, Inc. (b)		110,700		5,244,966
GlassBridge Enterprises, Inc. (a) (b)		114,401		453,028
Super Micro Computer, Inc. (a) (b)		117,500		2,896,375
				8,594,369

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—1.4%
Delta Apparel, Inc. (b)		132,371	$	2,935,989
Steven Madden, Ltd. (b)		188,121		7,515,434
Wolverine World Wide, Inc.		150,400		4,212,704
				14,664,127
Trading Companies & Distributors—0.6%
H&E Equipment Services, Inc.		185,600		3,788,096
WESCO International, Inc. (b)		39,600		2,269,080
				6,057,176
Total Common Stocks (Cost $864,960,453)				1,004,363,873
Preferred Stock—0.4%
Diversified Financial Services—0.4%
Steel Partners Holdings L.P., 6.000% (Cost $6,392,613)		199,847		4,346,672
Short-Term Investment—0.9%
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $8,890,279 on 07/03/17, collateralized by $9,040,000 Federal Home Loan Mortgage Corp. 0.750% due 07/14/17 with a value of $9,070,438.		8,890,190		8,890,190
Total Short-Term Investments (Cost $8,890,190)				8,890,190
Securities Lending Reinvestments (c)—10.2%
Certificates of Deposit—5.6%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		1,493,726		1,496,850
Bank of America N.A. 1.507%, 07/11/17 (d)		4,000,000		4,000,705
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		2,000,000		2,000,368
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		2,000,000		2,001,975
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (d)		1,250,000		1,251,220
BNP Paribas New York 1.372%, 02/15/18 (d)		2,000,000		2,000,320
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		500,000		500,576
1.558%, 10/13/17 (d)		500,000		500,678
Certificates of Deposit—(Continued)
Credit Industriel et Commercial 1.125%, 07/03/17		1,000,000		1,000,022
Credit Suisse AG New York 1.366%, 10/06/17 (d)		1,000,000		1,000,248
1.432%, 10/16/17 (d)		500,000		500,107
DG Bank New York 1.140%, 07/03/17		2,000,000		1,999,980
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		1,300,000		1,300,162
KBC Bank NV
Zero Coupon, 08/22/17		498,370		499,195
Zero Coupon, 09/08/17		498,281		498,905
1.200%, 07/18/17		250,000		250,000
1.220%, 07/27/17		3,500,000		3,500,000
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (d)		3,000,000		3,000,672
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (d)		1,000,000		999,967
1.469%, 10/18/17 (d)		2,250,000		2,249,847
1.610%, 08/02/17 (d)		1,000,000		1,000,305
National Australia Bank London 1.480%, 11/09/17 (d)		2,000,000		2,001,620
Natixis New York 1.506%, 08/03/17 (d)		4,300,000		4,301,299
Norinchukin Bank New York 1.297%, 11/13/17 (d)		1,000,000		1,000,078
1.377%, 10/13/17 (d)		500,000		500,344
1.584%, 08/21/17 (d)		2,500,000		2,500,922
1.687%, 07/12/17 (d)		1,000,000		1,000,121
Royal Bank of Canada New York 1.358%, 06/12/18 (d)		3,000,000		2,998,986
1.555%, 10/13/17 (d)		500,000		500,505
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		500,000		499,955
1.357%, 10/12/17 (d)		1,000,000		1,000,281
1.551%, 08/01/17 (d)		1,000,000		1,000,389
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		1,000,000		999,927
1.342%, 11/16/17 (d)		250,000		249,984
1.377%, 10/11/17 (d)		1,500,000		1,501,057
1.466%, 10/26/17 (d)		2,000,000		2,000,512
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		2,000,000		2,001,486
UBS, Stamford 1.722%, 07/31/17 (d)		800,818		800,457
				57,411,150
Commercial Paper—2.0%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		1,994,085		1,999,276
Barton Capital S.A. 1.210%, 07/10/17		2,492,101		2,499,185
1.290%, 09/12/17		1,993,550		1,995,104
Commonwealth Bank Australia 1.522%, 10/23/17 (d)		2,000,000		2,002,108

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
ING Funding LLC 1.234%, 12/07/17 (d)		2,000,000	$	2,000,691
1.277%, 11/13/17 (d)		1,500,000		1,499,891
LMA S.A. & LMA Americas 1.150%, 07/07/17		999,776		999,872
1.180%, 07/11/17		997,050		999,668
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (d)		1,000,000		1,000,400
Sheffield Receivables Co. 1.190%, 07/28/17		1,993,786		1,998,120
1.230%, 07/07/17		1,993,782		1,999,532
Westpac Banking Corp. 1.506%, 10/20/17 (d)		2,000,000		2,001,994
				20,995,841
Repurchase Agreements—2.2%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $135,270 on 07/03/17, collateralized by $140,801 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $137,963.		135,258		135,258
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $505,938 on 10/02/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,000,092 on 07/03/17, collateralized by $996,157 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $4,500,450 on 07/03/17, collateralized by $4,575,300 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $4,590,014.		4,500,000		4,500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $3,002,325 on 07/03/17, collateralized by $652 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $3,335,471.		3,000,000		3,000,000
Repurchase Agreements—(Continued)
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $2,009,690 on 09/29/17, 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 1.710% to be repurchased at $2,032,395 on 10/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $2,015,295 on 10/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		2,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000		5,000,000
				22,135,258
Time Deposits—0.4%
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		500,000		500,000
Shinkin Central Bank 1.330%, 07/25/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 07/03/17		1,300,000		1,300,000
				3,800,000
Total Securities Lending Reinvestments (Cost $104,321,441)				104,342,249
Total Investments—110.2% (Cost $984,564,697) (e)				1,121,942,984
Other assets and liabilities (net)—(10.2)%				(103,984,582	)
Net Assets—100.0%			$	1,017,958,402

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $101,719,795 and the collateral received consisted of cash in the amount of $104,290,582.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

	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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $984,564,697. The aggregate unrealized appreciation and depreciation of investments were $197,794,741 and $(60,416,454), respectively, resulting in net unrealized appreciation of $137,378,287.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,004,363,873	$	—		$	—	$	1,004,363,873
Total Preferred Stock*		4,346,672		—			—		4,346,672
Total Short-Term Investment*		—		8,890,190			—		8,890,190
Total Securities Lending Reinvestments*		—		104,342,249			—		104,342,249
Total Investments	$	1,008,710,545	$	113,232,439		$	—	$	1,121,942,984
Collateral for Securities Loaned (Liability)	$	—	$	(104,290,582	)	$	—	$	(104,290,582	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,121,942,984
Receivable for:
Investments sold		3,122,748
Fund shares sold		180,863
Dividends and interest		1,219,790
Total Assets		1,126,466,385
Liabilities
Collateral for securities loaned		104,290,582
Payables for:
Investments purchased		2,312,120
Fund shares redeemed		889,742
Accrued Expenses:
Management fees		619,800
Distribution and service fees		96,203
Deferred trustees’ fees		115,783
Other expenses		183,753
Total Liabilities		108,507,983
Net Assets	$	1,017,958,402
Net Assets Consist of:
Paid in surplus	$	846,774,191
Undistributed net investment income		7,914,857
Accumulated net realized gain		25,891,067
Unrealized appreciation on investments		137,378,287
Net Assets	$	1,017,958,402
Net Assets
Class A	$	550,014,976
Class B		467,943,426
Capital Shares Outstanding*
Class A		35,385,098
Class B		30,380,101
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.54
Class B		15.40

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $984,564,697.
(b)	Includes securities loaned at value of $101,719,795.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	11,222,658
Interest		7,477
Securities lending income		329,432
Total investment income		11,559,567
Expenses
Management fees		3,813,701
Administration fees		16,221
Custodian and accounting fees		42,994
Distribution and service fees—Class B		592,061
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		34,356
Insurance		3,373
Miscellaneous		8,582
Total expenses		4,576,647
Less management fee waiver		(37,811	)
Less broker commission recapture		(16,772	)
Net expenses		4,522,064
Net Investment Income		7,037,503
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		32,240,422
Net change in unrealized depreciation on investments		(16,059,631	)
Net realized and unrealized gain		16,180,791
Net Increase in Net Assets From Operations	$	23,218,294

(a) Net of foreign withholding taxes of $6,805.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	7,037,503		$	12,309,668
Net realized gain		32,240,422			31,700,297
Net change in unrealized appreciation (depreciation)		(16,059,631	)		233,490,106
Increase in net assets from operations		23,218,294			277,500,071
From Distributions to Shareholders
Net investment income
Class A		(6,240,516	)		(7,071,695	)
Class B		(4,282,752	)		(4,663,368	)
Net realized capital gains
Class A		(19,666,057	)		(14,379,113	)
Class B		(16,985,336	)		(11,935,612	)
Total distributions		(47,174,661	)		(38,049,788	)
Decrease in net assets from capital share transactions		(14,023,289	)		(180,039,995	)
Total increase (decrease) in net assets		(37,979,656	)		59,410,288
Net Assets
Beginning of period		1,055,938,058			996,527,770
End of period	$	1,017,958,402		$	1,055,938,058
Undistributed net investment income
End of period	$	7,914,857		$	11,400,622

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		98,612		$	1,592,649			846,053		$	10,034,274
Reinvestments		1,664,947			25,906,573			1,632,482			21,450,808
Redemptions		(1,854,115	)		(29,980,882	)		(11,731,998	)		(163,491,989	)
Net decrease		(90,556	)	$	(2,481,660	)		(9,253,463	)	$	(132,006,907	)
Class B
Sales		788,510		$	12,524,561			1,400,550		$	19,255,328
Reinvestments		1,379,253			21,268,088			1,273,905			16,598,980
Redemptions		(2,848,509	)		(45,334,278	)		(6,172,632	)		(83,887,396	)
Net decrease		(680,746	)	$	(11,541,629	)		(3,498,177	)	$	(48,033,088	)
Decrease derived from capital shares transactions				$	(14,023,289	)				$	(180,039,995	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.94		$	12.62		$	20.51		$	21.04		$	16.05		$	13.57
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.18			0.19			0.08			0.07			0.19
Net realized and unrealized gain (loss) on investments		0.25			3.69			(0.62	)		0.30			5.14			2.29
Total from investment operations		0.37			3.87			(0.43	)		0.38			5.21			2.48
Less Distributions
Distributions from net investment income		(0.19	)		(0.18	)		(0.08	)		(0.06	)		(0.22	)		0.00
Distributions from net realized capital gains		(0.58	)		(0.37	)		(7.38	)		(0.85	)		0.00			0.00
Total distributions		(0.77	)		(0.55	)		(7.46	)		(0.91	)		(0.22	)		0.00
Net Asset Value, End of Period	$	15.54		$	15.94		$	12.62		$	20.51		$	21.04		$	16.05
Total Return (%) (b)		2.30	(c)		31.56			(5.20	)		1.96			32.81			18.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(d)		0.79			0.77			0.77			0.76			0.77
Net ratio of expenses to average net assets (%) (e)		0.77	(d)		0.78			0.77			0.76			0.74			0.76
Ratio of net investment income to average net assets (%)		1.50	(d)		1.34			1.21			0.38			0.37			1.29
Portfolio turnover rate (%)		13	(c)		27			35			135			46			46
Net assets, end of period (in millions)	$	550.0		$	565.6		$	564.5		$	646.7		$	934.0		$	892.7

	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.79		$	12.50		$	20.36		$	20.89		$	15.94		$	13.51
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.15			0.15			0.03			0.02			0.14
Net realized and unrealized gain (loss) on investments		0.24			3.65			(0.61	)		0.30			5.11			2.29
Total from investment operations		0.34			3.80			(0.46	)		0.33			5.13			2.43
Less Distributions
Distributions from net investment income		(0.15	)		(0.14	)		(0.02	)		(0.01	)		(0.18	)		0.00
Distributions from net realized capital gains		(0.58	)		(0.37	)		(7.38	)		(0.85	)		0.00			0.00
Total distributions		(0.73	)		(0.51	)		(7.40	)		(0.86	)		(0.18	)		0.00
Net Asset Value, End of Period	$	15.40		$	15.79		$	12.50		$	20.36		$	20.89		$	15.94
Total Return (%) (b)		2.15	(c)		31.25			(5.41	)		1.72			32.45			17.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03	(d)		1.04			1.02			1.02			1.01			1.02
Net ratio of expenses to average net assets (%) (e)		1.02	(d)		1.03			1.02			1.01			0.99			1.01
Ratio of net investment income to average net assets (%)		1.25	(d)		1.11			0.95			0.16			0.12			0.96
Portfolio turnover rate (%)		13	(c)		27			35			135			46			46
Net assets, end of period (in millions)	$	467.9		$	490.4		$	432.0		$	531.9		$	602.9		$	517.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Small Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-15

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, foreign currency transactions, adjustments to prior period accumulated balances and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-16

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $8,890,190. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $22,135,258. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	128,963,691	$	0	$	172,816,014

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$3,813,701		0.750	%	First $1 billion
		0.700	%	Over $1 billion

Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing the Portfolio. Delaware Investments Fund Advisers and Wells Capital Management Incorporated are compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-18

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.0125%	$500 million to $1 billion
0.050%	Over $1 billion

An identical agreement was in place for the period May 3, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$37,966,397	$	43,284,610	$	83,391	$	359,326,181	$	38,049,788	$	402,610,791

BHFTI-19

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$11,502,444	$	35,473,495	$	148,266,461	$	—	$	195,242,400

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-20

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	62,485,081		1,568,123		4,298,863

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		64,152,495		4,199,572
Robert Boulware		64,115,784		4,236,284
Susan C. Gause		64,256,596		4,095,472
Nancy Hawthorne		64,197,651		4,154,417
Barbara A. Nugent		64,257,201		4,094,866
John Rosenthal		64,203,098		4,148,970
Linda B. Strumpf		64,086,023		4,266,044
Dawn M. Vroegop		64,094,004		4,258,064

BHFTI-21

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Managed by CBRE Clarion Securities, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Clarion Global Real Estate Portfolio returned 4.47%, 4.31%, and 4.40%, respectively. The Portfolio’s benchmark, the FTSE EPRA/NAREIT Developed Index¹, returned 4.84%.

MARKET ENVIRONMENT / CONDITIONS

Global real estate equities generated a return of 4.8% over the past six months as all regions delivered positive performance. Europe was the best performing region, up 13.7%, led by a rebound in property stocks on the Continent, which were up 15.6% during the period, followed by United Kingdom (“U.K.”) property stocks which delivered a total return of 9.0%. The Asia-Pacific region returned 7.6%, as property stocks in Singapore and Hong Kong delivered strong returns, up 25.2% and 21.3%, respectively. The Americas region lagged, up 1.2%, primarily the result of performance in the U.S. market, which was up a modest 0.9% during the period as the headwinds of expectations for rising rates overshadowed the continued improvement of underlying real estate fundamentals.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio trailed the benchmark during the period as the impact of asset allocation decisions more than offset the value added by positive stock selection. From an asset allocation standpoint, an underweight to the outperforming Singapore market accounted for roughly half of the relative shortfall. Singapore outperformed despite lackluster property fundamentals. An overweight to the U.S. market marginally hurt relative performance as the impact of two rate increases by the U.S. Federal Reserve Bank acted to temper returns despite companies, on average, delivering improved cash flow growth. Stock selection decisions contributed to relative performance, led by strong stock selection in the U.S. and Australia. Positive stock selection in the U.S. was as much the result of risk mitigation by avoiding underperformers as it was investing in outperformers. By sticking with quality companies and being underweight a number of underperforming sectors, including net lease and shopping centers, the Portfolio generated positive relative performance. This was particularly true in the troubled sectors of malls, shopping centers and net lease, all of which experienced difficulties given the continued negative headlines surrounding retailers and trends in on-line shopping. Stock selection decisions in the mall, net lease and industrial sectors benefited relative performance. Favorable stock selection in Australia was generated by an overweight position in outperforming industrial company Goodman Group (Australia), as well as avoiding underperformers such as Westfield Corp. (Australia), which trailed as a result of concerns in the retail sector.

Capital was shifted from the U.S. to international markets as non-U.S. markets continued to outperform the U.S. during the first half of this year. U.S. positions were trimmed into headwinds including concerns in retail, rising short-term interest rates, and a continued slow pace of economic improvement in the U.S. as post-election enthusiasm showed signs of fading. Investments were increased in European markets and, to a lesser extent, the Asia-Pacific region and Canada.

In North America, we remained positive on property fundamentals in the U.S. The Portfolio was overweight sectors and stocks where we were positive on the fundamentals and valuations seemed reasonable to cheap; the Portfolio was underweight where fundamentals were weak and valuations were not cheap to justify poor fundamentals. We prefer attractively valued stocks that offer visible earnings growth, conservative balance sheets and modest development pipelines. In the U.S., we favor class-A mall companies, technology, and select residential and industrial companies; we are more selective in the storage, healthcare, net lease, office, shopping center and hotel sectors. Within residential, we like manufactured housing, single family home-for-rent companies and select coastal apartment real estate investment trusts (“REITs”). Class-A mall stocks have been weak on on-line shopping concerns and we believe offer attractive value at these levels. We remained selective on the more bond-like sectors that offer modest growth and trade less attractively relative to our estimate of underlying private market real estate value. In Canada, we preferred companies with solid balance sheets, stable earnings growth and above average dividend yield.

In the Asia-Pacific region, we like Hong Kong and Japan, but remain cautious on Singapore and Australia. We have become more positive on Hong Kong this year as valuations remain attractive relative to property fundamentals which are showing moderate signs of improvement off of sluggish levels. In Japan, we prefer companies with exposure to the Tokyo office market, which continues to experience improved rental growth as vacancies have fallen below the 4% threshold at which landlords enjoy increasing pricing power, particularly with a modest increase in inflation expectations. We also like Japanese REITs with access to robust acquisition pipelines from their sponsors. Australian investments are benefiting from an attractive combination of yield and growth but are reaching valuations levels which give us some pause, particularly in the residential market. Elevated housing policy risk remains a constant in the Asia-Pacific region, which otherwise is a region that should benefit from improving global economic growth.

We are more positive on Europe given indications of renewed economic growth and stable property fundamentals; macro-economic risk remains elevated. Given continued uncertainty surrounding the future economic and political relationship between the U.K. and European Union, and issues surrounding where we are in the economic and real estate cycles, we believe cautious positioning is appropriate in the U.K., although we have become somewhat more positive given valuations. Caution is particularly warranted in the office sector, where any future impact of the U.K.’s departure from the European Union (Brexit) would be particularly felt. This is despite tenant demand and investor demand which has exceeded expectations immediately following the Brexit referendum vote which occurred a year ago. U.K. property shares will continue to be volatile

BHFTI-1

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Managed by CBRE Clarion Securities, LLC

Portfolio Manager Commentary*—(Continued)

and subject to the political vagaries of this political process, despite arguably “pricing in” much of this risk. On the Continent, economic releases reflect improving economic conditions off a low base against a backdrop of attractive financing and macro political risk that may be diminishing. We have become more positive on markets with dependable growth, including Germany, and those with attractive valuations, including a number of the French-based shopping center/mall companies as well as property companies in Spain.

T. Ritson Ferguson

Steven D. Burton

Joseph P. Smith

Portfolio Managers

CBRE Clarion Securities, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

A $10,000 INVESTMENT COMPARED TO THE FTSE EPRA/NAREIT DEVELOPED INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Clarion Global Real Estate Portfolio
Class A		4.47		-1.22		6.45		2.23
Class B		4.31		-1.48		6.19		1.98
Class E		4.40		-1.38		6.29		2.08
FTSE EPRA /NAREIT Developed Index		5.37		1.14		8.36		2.76

¹ The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and Real Estate Investment Trusts worldwide.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings
	% of Net Assets
Simon Property Group, Inc. (REIT)		4.8
ProLogis, Inc. (REIT)		3.3
Mitsui Fudosan Co., Ltd.		3.3
GGP, Inc. (REIT)		2.8
Welltower, Inc. (REIT)		2.8
AvalonBay Communities, Inc. (REIT)		2.7
Cheung Kong Property Holdings, Ltd.		2.3
Vornado Realty Trust (REIT)		2.2
Land Securities Group plc (REIT)		2.1
Vonovia SE		2.0

Top Countries
	% of Net Assets
United States		53.3
Japan		11.0
Hong Kong		8.8
United Kingdom		5.4
Australia		5.2
Germany		4.8
France		4.4
Singapore		2.2
Canada		1.8
Sweden		1.0

BHFTI-3

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Clarion Global Real Estate Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A	Actual		0.65	%	$	1,000.00	$	1,044.70	$	3.30
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.57	$	3.26
Class B	Actual		0.90	%	$	1,000.00	$	1,043.10	$	4.56
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.33	$	4.51
Class E	Actual		0.80	%	$	1,000.00	$	1,044.00	$	4.05
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTI-4

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Australia—5.2%
Dexus Property Group (REIT)		2,963,159	$	21,573,187
Goodman Group (REIT)		2,309,662		13,958,003
GPT Group (The) (REIT)		3,438,126		12,646,465
Mirvac Group (REIT)		2,336,889		3,834,366
Scentre Group (REIT)		7,496,739		23,313,318
				75,325,339
Austria—0.5%
BUWOG AG (a)		276,523		7,948,319
Canada—1.8%
Canadian Real Estate Investment Trust (REIT)		239,200		8,460,907
H&R Real Estate Investment Trust		516,200		8,765,210
Smart Real Estate Investment Trust		361,500		8,953,871
				26,179,988
France—4.4%
Gecina S.A. (REIT)		94,546		14,833,999
Klepierre (REIT)		625,732		25,650,509
Unibail-Rodamco SE (Euronext Paris) (REIT) (b)		39,285		9,900,422
Unibail-Rodamco SE (REIT)		50,248		12,670,205
				63,055,135
Germany—4.8%
ADO Properties S.A.		199,097		8,424,848
Deutsche Wohnen AG		344,767		13,197,182
LEG Immobilien AG		197,911		18,619,504
Vonovia SE		730,731		29,035,382
				69,276,916
Hong Kong—8.8%
Cheung Kong Property Holdings, Ltd.		4,228,500		33,122,233
Hang Lung Properties, Ltd.		8,742,000		21,835,695
Hongkong Land Holdings, Ltd.		2,251,800		16,573,960
Link REIT (The) (REIT)		3,703,200		28,175,762
Swire Properties, Ltd.		3,803,600		12,562,513
Wharf Holdings, Ltd. (The)		1,835,000		15,211,021
				127,481,184
Japan—11.0%
Activia Properties, Inc. (REIT)		1,869		7,986,110
Hulic Co., Ltd.		1,302,000		13,308,235
Japan Retail Fund Investment Corp. (REIT)		6,163		11,369,906
Mitsubishi Estate Co., Ltd.		337,756		6,309,733
Mitsui Fudosan Co., Ltd.		2,016,074		48,199,165
Mori Hills REIT Investment Corp. (REIT)		8,219		10,100,283
Nippon Building Fund, Inc. (REIT)		2,009		10,252,212
Nippon Prologis REIT, Inc. (REIT)		10,467		22,288,062
Nomura Real Estate Holdings, Inc.		224,100		4,391,515
Orix JREIT, Inc. (REIT)		10,409		15,353,309
Tokyo Tatemono Co., Ltd.		749,100		9,830,510
				159,389,040
Netherlands—0.5%
Eurocommercial Properties NV (REIT)		196,474		7,851,592
Singapore—2.2%
CapitaLand, Ltd.		5,394,600		13,715,336
City Developments, Ltd.		658,200		5,130,204
Global Logistic Properties, Ltd.		4,137,900		8,599,733
Mapletree Commercial Trust (REIT)		4,037,542		4,677,590
				32,122,863
Spain—0.7%
Hispania Activos Inmobiliarios SOCIMI S.A. (REIT)		278,750		4,609,895
Inmobiliaria Colonial S.A.		712,539		6,217,271
				10,827,166
Sweden—1.0%
Castellum AB		380,074		5,593,345
Fabege AB		369,747		7,111,400
Hufvudstaden AB - A Shares		94,886		1,574,798
				14,279,543
United Kingdom—5.4%
British Land Co. plc (The) (REIT)		707,494		5,582,602
Hammerson plc (REIT)		1,815,972		13,595,426
Land Securities Group plc (REIT)		2,286,501		30,181,969
Safestore Holdings plc (REIT)		730,808		4,012,640
Segro plc (REIT)		2,258,820		14,404,520
Tritax Big Box REIT plc		2,329,808		4,435,600
UNITE Group plc (The) (REIT)		754,299		6,379,442
				78,592,199
United States—52.7%
Alexandria Real Estate Equities, Inc. (REIT)		233,200		28,093,604
AvalonBay Communities, Inc. (REIT)		201,780		38,776,063
Boston Properties, Inc. (REIT)		97,900		12,043,658
Colony Starwood Homes (REIT) (b)		406,000		13,929,860
CubeSmart (REIT)		523,860		12,593,594
CyrusOne, Inc. (b)		186,700		10,408,525
DCT Industrial Trust, Inc. (REIT)		326,327		17,438,915
DiamondRock Hospitality Co. (REIT)		665,500		7,287,225
Digital Realty Trust, Inc. (REIT)		62,139		7,018,600
Equinix, Inc. (REIT)		36,500		15,664,340
Equity Residential (REIT)		284,650		18,738,509
Extra Space Storage, Inc. (b)		335,958		26,204,724
Forest City Realty Trust, Inc. (REIT) - Class A (b)		275,100		6,649,167
Gaming and Leisure Properties, Inc. (REIT)		644,700		24,285,849
GGP, Inc. (REIT) (b)		1,742,644		41,056,693
HCP, Inc. (REIT)		786,700		25,142,932
Healthcare Trust of America, Inc. (REIT) - Class A (b)		564,969		17,576,185
Host Hotels & Resorts, Inc. (REIT) (b)		1,121,277		20,485,731
Hudson Pacific Properties, Inc. (REIT)		319,736		10,931,774
Invitation Homes, Inc. (REIT)		354,400		7,665,672
Kilroy Realty Corp. (REIT)		213,000		16,006,950

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
United States—(Continued)
Kimco Realty Corp. (REIT)		970,300	$	17,805,005
Mid-America Apartment Communities, Inc. (REIT)		195,200		20,570,176
Park Hotels & Resorts, Inc.		279,400		7,532,624
ProLogis, Inc. (REIT)		826,792		48,483,083
Public Storage (REIT)		35,160		7,331,915
Regency Centers Corp. (REIT)		385,100		24,122,664
Simon Property Group, Inc. (REIT)		429,979		69,553,403
SL Green Realty Corp. (REIT) (b)		258,760		27,376,808
STORE Capital Corp.		448,700		10,073,315
Sun Communities, Inc. (REIT) (b)		260,200		22,816,938
Sunstone Hotel Investors, Inc. (REIT) (b)		658,007		10,607,073
UDR, Inc. (REIT) (b)		636,575		24,807,328
VEREIT, Inc. (REIT)		2,879,281		23,437,347
Vornado Realty Trust (REIT) (b)		333,052		31,273,583
Welltower, Inc. (REIT)		536,557		40,161,291
				763,951,123
Total Common Stocks (Cost $1,384,289,697)				1,436,280,407
Short-Term Investment—0.6%
Repurchase Agreement—0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $8,351,541 on 07/03/17, collateralized by $8,155,000 U.S. Treasury Note at 4.000% due 08/15/18 with a value of $8,521,796.		8,351,457		8,351,457
Total Short-Term Investments (Cost $8,351,457)				8,351,457
Securities Lending Reinvestments (c)—7.6%
Certificates of Deposit—4.1%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		4,481,179		4,490,550
Bank of Montreal 1.130%, 07/07/17		3,000,000		2,999,970
Bank of Nova Scotia 1.492%, 11/03/17 (d)		2,000,000		2,001,975
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		605,554		600,666
BNP Paribas New York 1.524%, 08/04/17 (d)		1,000,000		1,000,119
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.314%, 11/07/17 (d)		4,000,000		4,000,324
1.466%, 10/25/17 (d)		2,000,000		2,000,118
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
Certificates of Deposit—(Continued)
DNB Bank ASA New York 1.412%, 07/28/17 (d)		1,000,000		1,000,125
KBC Bank NV
Zero Coupon, 09/08/17		498,281		498,905
1.220%, 07/26/17		3,100,000		3,100,000
1.220%, 07/27/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,000,000		1,999,980
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (d)		2,000,000		2,000,046
1.401%, 09/01/17 (d)		500,000		500,303
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (d)		2,000,000		1,999,934
1.400%, 11/27/17 (d)		1,000,000		999,540
Natixis New York 1.287%, 11/13/17 (d)		1,500,000		1,499,835
1.506%, 08/03/17 (d)		2,000,000		2,000,604
Norinchukin Bank New York 1.297%, 11/13/17 (d)		2,500,000		2,500,195
1.687%, 07/12/17 (d)		2,000,000		2,000,242
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		5,000,000		5,003,600
Sumitomo Mitsui Banking Corp. 1.330%, 02/08/18 (d)		500,000		499,955
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		2,000,000		1,999,854
1.342%, 11/16/17 (d)		2,500,000		2,499,843
1.377%, 10/11/17 (d)		500,000		500,352
1.466%, 10/26/17 (d)		1,500,000		1,500,384
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		3,500,000		3,502,600
UBS, Stamford 1.722%, 07/31/17 (d)		1,801,840		1,801,028
Wells Fargo Bank N.A. 1.547%, 10/26/17 (d)		1,500,000		1,501,341
				60,002,422
Commercial Paper—1.2%
Commonwealth Bank Australia 1.391%, 03/01/18		2,500,000		2,501,948
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		4,300,000		4,300,249
ING Funding LLC 1.277%, 11/13/17 (d)		2,000,000		1,999,854
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		3,000,000		3,000,180
National Australia Bank, Ltd. 1.563%, 12/06/17 (d)		3,500,000		3,504,729
Westpac Banking Corp. 1.506%, 10/20/17 (d)		1,500,000		1,501,496
				16,808,456

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—1.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $829,332 on 07/03/17, collateralized by $863,243 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $845,843.		829,257	$	829,257
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $2,001,550 on 07/03/17, collateralized by $435 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $2,223,647.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $6,029,070 on 09/29/17, collateralized by various Common Stock with a value of $6,600,001.		6,000,000		6,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,625,916 on 10/02/17, collateralized by various Common Stock with a value of $1,760,000.		1,600,000		1,600,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $1,000,112 on 07/03/17, collateralized by $1,994,062 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $1,020,119.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $5,500,541 on 07/03/17, collateralized by $8,259,698 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $5,610,000.		5,500,000		5,500,000
Repurchase Agreements—(Continued)
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000		5,000,000
				22,929,257
Time Deposits—0.7%
ABN AMRO Bank NV 1.060%, 07/03/17		2,000,000		2,000,000
Australia New Zealand Bank 1.150%, 07/03/17		600,000		600,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		1,600,000		1,600,000
Shinkin Central Bank 1.330%, 07/25/17		1,500,000		1,500,000
Standard Chartered plc 1.200%, 07/03/17		4,200,000		4,200,000
				9,900,000
Total Securities Lending Reinvestments (Cost $109,618,566)				109,640,135
Total Investments—107.2% (Cost $1,502,259,720) (e)				1,554,271,999
Other assets and liabilities (net)—(7.2)%				(104,236,339	)
Net Assets—100.0%			$	1,450,035,660

*	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 June 30, 2017, the market value of securities loaned was $106,806,800 and the collateral received consisted of cash in the amount of $109,616,110. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,502,259,720. The aggregate unrealized appreciation and depreciation of investments were $112,877,126 and $(60,864,847), respectively, resulting in net unrealized appreciation of $52,012,279.
(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.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Ten Largest Industries as of June 30, 2017 (Unaudited)	% of Net Assets
Retail REIT’s		21.0
Office REIT’s		12.6
Residential REIT’s		10.6
Real Estate Operating Companies		10.3
Diversified REIT’s		9.1
Diversified Real Estate Activities		8.6
Industrial REIT’s		8.3
Specialized REIT’s		7.4
Health Care REITs		5.7
Hotel & Resort REITs		3.2

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	75,325,339		$	—	$	75,325,339
Austria		—		7,948,319			—		7,948,319
Canada		26,179,988		—			—		26,179,988
France		9,900,422		53,154,713			—		63,055,135
Germany		—		69,276,916			—		69,276,916
Hong Kong		—		127,481,184			—		127,481,184
Japan		—		159,389,040			—		159,389,040
Netherlands		—		7,851,592			—		7,851,592
Singapore		—		32,122,863			—		32,122,863
Spain		—		10,827,166			—		10,827,166
Sweden		—		14,279,543			—		14,279,543
United Kingdom		—		78,592,199			—		78,592,199
United States		763,951,123		—			—		763,951,123
Total Common Stocks		800,031,533		636,248,874			—		1,436,280,407
Total Short-Term Investment*		—		8,351,457			—		8,351,457
Total Securities Lending Reinvestments*		—		109,640,135			—		109,640,135
Total Investments	$	800,031,533	$	754,240,466		$	—	$	1,554,271,999
Collateral for Securities Loaned (Liability)	$	—	$	(109,616,110	)	$	—	$	(109,616,110	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,554,271,999
Cash denominated in foreign currencies (c)		321,591
Receivable for:
Investments sold		14,856,764
Fund shares sold		279,504
Dividends and interest		5,628,616
Total Assets		1,575,358,474
Liabilities
Collateral for securities loaned		109,616,110
Payables for:
Investments purchased		13,792,407
Fund shares redeemed		556,147
Accrued Expenses:
Management fees		731,876
Distribution and service fees		119,715
Deferred trustees’ fees		115,782
Other expenses		390,777
Total Liabilities		125,322,814
Net Assets	$	1,450,035,660
Net Assets Consist of:
Paid in surplus	$	1,504,452,007
Undistributed net investment income		14,246,667
Accumulated net realized loss		(120,681,080	)
Unrealized appreciation on investments and foreign currency transactions		52,018,066
Net Assets	$	1,450,035,660
Net Assets
Class A	$	860,179,422
Class B		553,689,836
Class E		36,166,402
Capital Shares Outstanding*
Class A		73,410,489
Class B		47,438,952
Class E		3,087,942
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.72
Class B		11.67
Class E		11.71

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,502,259,720.
(b)	Includes securities loaned at value of $106,806,800.
(c)	Identified cost of cash denominated in foreign currencies was $322,462.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	27,154,648
Interest		2,097
Securities lending income		327,536
Total investment income		27,484,281
Expenses
Management fees		4,337,184
Administration fees		22,625
Custodian and accounting fees		101,206
Distribution and service fees—Class B		690,136
Distribution and service fees—Class E		27,148
Audit and tax services		26,980
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		71,904
Insurance		5,044
Miscellaneous		18,280
Total expenses		5,345,209
Less broker commission recapture		(102,076	)
Net expenses		5,243,133
Net Investment Income		22,241,148
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		23,719,030
Foreign currency transactions		(176,218	)
Net realized gain		23,542,812
Net change in unrealized appreciation on:
Investments		16,302,854
Foreign currency transactions		59,336
Net change in unrealized appreciation		16,362,190
Net realized and unrealized gain		39,905,002
Net Increase in Net Assets From Operations	$	62,146,150

(a) Net of foreign withholding taxes of $1,099,619.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	22,241,148		$	35,780,731
Net realized gain		23,542,812			48,537,536
Net change in unrealized appreciation (depreciation)		16,362,190			(66,569,600	)
Increase in net assets from operations		62,146,150			17,748,667
From Distributions to Shareholders
Net investment income
Class A		(31,659,271	)		(19,943,364	)
Class B		(19,152,946	)		(11,979,405	)
Class E		(1,281,387	)		(849,009	)
Total distributions		(52,093,604	)		(32,771,778	)
Increase (decrease) in net assets from capital share transactions		34,682,757			(112,174,609	)
Total increase (decrease) in net assets		44,735,303			(127,197,720	)
Net Assets
Beginning of period		1,405,300,357			1,532,498,077
End of period	$	1,450,035,660		$	1,405,300,357
Undistributed net investment income
End of period	$	14,246,667		$	44,099,123

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,271,960		$	26,731,527			1,810,085		$	21,577,378
Reinvestments		2,658,209			31,659,271			1,670,298			19,943,364
Redemptions		(1,411,423	)		(16,760,347	)		(8,882,236	)		(106,622,816	)
Net increase (decrease)		3,518,746		$	41,630,451			(5,401,853	)	$	(65,102,074	)
Class B
Sales		1,078,445		$	12,658,872			2,800,902		$	32,702,967
Reinvestments		1,613,559			19,152,946			1,006,673			11,979,405
Redemptions		(3,207,709	)		(37,895,204	)		(7,483,659	)		(88,901,048	)
Net decrease		(515,705	)	$	(6,083,386	)		(3,676,084	)	$	(44,218,676	)
Class E
Sales		90,143		$	1,066,472			227,427		$	2,710,861
Reinvestments		107,589			1,281,387			71,106			849,009
Redemptions		(271,425	)		(3,212,167	)		(536,445	)		(6,413,729	)
Net decrease		(73,693	)	$	(864,308	)		(237,912	)	$	(2,853,859	)
Increase (decrease) derived from capital shares transactions				$	34,682,757					$	(112,174,609	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.64		$	11.78		$	12.43		$	11.14		$	11.50		$	9.32
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.30			0.25			0.24			0.24			0.27
Net realized and unrealized gain (loss) on investments		0.34			(0.16	)		(0.40	)		1.26			0.23			2.15
Total from investment operations		0.53			0.14			(0.15	)		1.50			0.47			2.42
Less Distributions
Distributions from net investment income		(0.45	)		(0.28	)		(0.50	)		(0.21	)		(0.83	)		(0.24	)
Total distributions		(0.45	)		(0.28	)		(0.50	)		(0.21	)		(0.83	)		(0.24	)
Net Asset Value, End of Period	$	11.72		$	11.64		$	11.78		$	12.43		$	11.14		$	11.50
Total Return (%) (b)		4.47	(c)		1.15			(1.23	)		13.67			3.76			26.30
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.65	(d)		0.65			0.64			0.64			0.65			0.66
Ratio of net investment income to average net assets (%)		3.24	(d)		2.54			2.03			2.07			2.12			2.54
Portfolio turnover rate (%)		46	(c)		42			44			39	(e)		36			43
Net assets, end of period (in millions)	$	860.2		$	813.3		$	887.3		$	1,228.3		$	1,200.0		$	1,080.7
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.58		$	11.72		$	12.36		$	11.09		$	11.45		$	9.28
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.27			0.22			0.22			0.21			0.24
Net realized and unrealized gain (loss) on investments		0.34			(0.16	)		(0.39	)		1.24			0.23			2.14
Total from investment operations		0.51			0.11			(0.17	)		1.46			0.44			2.38
Less Distributions
Distributions from net investment income		(0.42	)		(0.25	)		(0.47	)		(0.19	)		(0.80	)		(0.21	)
Total distributions		(0.42	)		(0.25	)		(0.47	)		(0.19	)		(0.80	)		(0.21	)
Net Asset Value, End of Period	$	11.67		$	11.58		$	11.72		$	12.36		$	11.09		$	11.45
Total Return (%) (b)		4.31	(c)		0.87			(1.40	)		13.27			3.55			25.99
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.90	(d)		0.90			0.89			0.89			0.90			0.91
Ratio of net investment income to average net assets (%)		2.96	(d)		2.29			1.81			1.84			1.86			2.29
Portfolio turnover rate (%)		46	(c)		42			44			39	(e)		36			43
Net assets, end of period (in millions)	$	553.7		$	555.2		$	605.2		$	691.4		$	526.2		$	518.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.62		$	11.77		$	12.41		$	11.13		$	11.49		$	9.31
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.28			0.23			0.23			0.22			0.25
Net realized and unrealized gain (loss) on investments		0.34			(0.17	)		(0.39	)		1.25			0.24			2.15
Total from investment operations		0.52			0.11			(0.16	)		1.48			0.46			2.40
Less Distributions
Distributions from net investment income		(0.43	)		(0.26	)		(0.48	)		(0.20	)		(0.82	)		(0.22	)
Total distributions		(0.43	)		(0.26	)		(0.48	)		(0.20	)		(0.82	)		(0.22	)
Net Asset Value, End of Period	$	11.71		$	11.62		$	11.77		$	12.41		$	11.13		$	11.49
Total Return (%) (b)		4.40	(c)		0.90			(1.30	)		13.42			3.63			26.13
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.80	(d)		0.80			0.79			0.79			0.80			0.81
Ratio of net investment income to average net assets (%)		3.06	(d)		2.38			1.91			1.92			1.96			2.38
Portfolio turnover rate (%)		46	(c)		42			44			39	(e)		36			43
Net assets, end of period (in millions)	$	36.2		$	36.7		$	40.0		$	45.3		$	42.7		$	41.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Clarion Global Real Estate Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTI-13

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (“PFICs”), real estate investment trust (“REIT”) adjustments, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-14

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $8,351,457. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $22,929,257. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

BHFTI-15

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	677,510,067	$	0	$	652,015,216

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$4,337,184		0.700	%	First $200 million
		0.650	%	$200 million to $750 million
		0.550	%	Over $750 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. CBRE Clarion Securities LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-16

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$32,771,778	$	65,071,704	$	—	$	—	$	32,771,778	$	65,071,704

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$57,943,040	$	—	$	12,720,428	$	(135,030,530	)	$	—	$	(64,367,062	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

BHFTI-17

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

During the year ended December 31, 2016 the Portfolio utilized capital loss carryforwards of $29,614,719.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/18		Total
$7,335,323	$	87,695,207	$	135,030,530

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-18

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	105,927,299		3,165,371		8,139,209

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		109,994,671		7,237,207
Robert Boulware		109,981,318		7,250,560
Susan C. Gause		110,051,306		7,180,573
Nancy Hawthorne		110,078,337		7,153,541
Barbara A. Nugent		110,132,851		7,099,027
John Rosenthal		110,002,902		7,228,976
Linda B. Strumpf		110,005,278		7,226,600
Dawn M. Vroegop		109,971,229		7,260,650

BHFTI-19

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Managed by ClearBridge Investments, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the ClearBridge Aggressive Growth Portfolio returned 10.70%, 10.56%, and 10.57%, respectively. The Portfolio’s benchmark, the Russell 3000 Growth Index¹, returned 13.69%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the first six months of 2017, led by large growth stocks. The S&P 500 Index gained 9.34% for the first half of the year, the Russell 3000 Index advanced 8.93% while the Russell Midcap Index added 7.99%. The benchmark Russell 3000 Growth Index (+13.69%) outperformed its value counterpart by 937 basis points.

Equities were propelled higher by a combination of solid earnings growth and steady economic expansion. Stocks in the S&P 500 Index turned in their best earnings growth in four years. Continued health in the economy was also supportive as first quarter Gross Domestic Product (GDP) growth was revised higher for the second time to a final reading of 1.4% while the unemployment rate ticked down to a near decade low of 4.4%, indicating that the economy is nearing full employment. Consumer spending rose strongly in June while manufacturing activity, wage and loan growth were also robust. These solid improvements led the Federal Reserve to raise short-term interest rates 25 basis points in March and in June and disclose plans to start paring down its balance sheet of government bonds.

While encouraged by the extension of the equity rally from the market lows of February 2016, we caution that crowding in mega cap technology and internet names through passive vehicles continues, leading to relatively narrow leadership in the market in our view. We believe the risk of failure is higher in these areas given valuations which far exceed the average in the S&P 500 Index.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the six-month period ended June 30, 2017, the Portfolio’s overall stock selection and sector allocation detracted from relative performance. In particular, an overweight allocation and stock selection within Energy had the greatest negative impact on returns over the period. Stock selection in the Industrials sector and an underweight to Information Technology (“IT”) also hurt results.

In terms of individual holdings, the leading relative detractors from performance included positions in Anadarko Petroleum, Weatherford International, Core Laboratories and National Oilwell Varco in the Energy sector and Facebook, Inc. in the IT sector.

Anadarko Petroleum is an oil exploration and development company with oil and natural gas operations in the Permian Basin in the U.S. and in Mozambique. After a strong run up last year, the stock gave back some gains as oil prices retraced 20% during the first half. We believe the company has a cash-rich balance sheet and low-cost, high-quality assets that we expect to earn decent returns even in a challenging pricing environment.

Weatherford International provides equipment and services used in drilling of oil and natural gas wells around the world. The stock, which holds greater leverage than many of its peers, fell sharply in a broad decline for energy stocks on oil price weakness. However, Weatherford International has strengthened its financial position by terming out its debt obligations and signing an accretive joint venture with Schlumberger earlier this year.

Core Laboratories is a provider of petroleum reservoir description and management and production enhancement services to oil and gas producers. The stock was held back by the slow recovery of its deepwater projects and below forecast earnings guidance.

National Oilwell Varco designs and markets machinery and equipment used in oil and gas drilling and production. The stock declined along with the services sector due to declining commodity prices.

Within the IT sector, Facebook manages an online social networking platform with over 1 billion monthly active users and generates revenue principally through advertising. The stock maintained its positive momentum for most of the quarter, boosted by passive buying of the largest cap stocks in the market.

On the positive side, the Portfolio’s overweight allocation to the Health Care sector, a lack of exposure to the Consumer Staples sector and stock selection in the Health Care and Consumer Discretionary sectors contributed to relative performance. The leading relative individual contributors included UnitedHealth Group, Amgen and Vertex Pharmaceuticals in the Health Care sector as well as Broadcom in the IT sector and Comcast in the Consumer Discretionary sector.

UnitedHealth Group provides health insurance, software and consulting services. The stock reacted positively as potential replacements to the Affordable Care Act are unlikely to negatively impact its managed care business.

Amgen is a biotechnology company that focuses on developing therapies for use in oncology, endocrinology, hematology, neurobiology as well as the treatment of infectious diseases, arthritis and inflammation. Amgen was one of several drug makers that moved higher in response to the likelihood of a more moderate health care replacement bill from the Senate that will not impose additional pricing pressure on its therapeutic treatments.

Vertex Pharmaceuticals is a biotechnology company focused on discovering, developing and commercializing small-molecule drugs for the treatment of viral diseases, cystic fibrosis, inflammation, auto-immune diseases, cancer and pain. Shares maintained the momentum of positive clinical news on its triple combination cystic fibrosis treatment as a competitor’s trial results disappointed.

BHFTI-1

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Managed by ClearBridge Investments, LLC

Portfolio Manager Commentary*—(Continued)

Broadcom produces semiconductors and related technologies for use primarily in wired and wireless communications and storage applications for the consumer and business markets. Continued solid earnings and revenue results that again topped expectations as well as solid forward guidance drove the stock higher.

Comcast offers consumer entertainment, information, and communication products and services, including cable TV systems, Internet and phone services and consolidated national programming networks. Company shares finished higher on strong results and building optimism over its new wireless and mobile application products.

During the period, the Portfolio received shares of Bioverativ in the Health Care sector following its spinoff from Portfolio holding Biogen. The Portfolio also received shares of LogMeIn in the IT sector following its merger with GoTo Meeting, a spinoff from Portfolio holding Citrix Systems.

For the six months ended June 30, 2017, the Portfolio’s sector positioning, a function of our bottom-up stock selection process, was largely consistent with average allocations concentrated among Health Care, Information Technology, Consumer Discretionary, Energy and Industrials sectors. The Portfolio had no holdings in the Consumer Staples, Financials, Real Estate, and Utilities sectors.

Richard Freeman

Evan Bauman

Portfolio Managers

ClearBridge Investments, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 3000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
ClearBridge Aggressive Growth Portfolio
Class A		10.70		19.07		15.36		8.68
Class B		10.56		18.80		15.07		8.41
Class E		10.57		18.89		15.18		8.52
Russell 3000 Growth Index		13.69		20.72		15.20		8.82

¹ The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
UnitedHealth Group, Inc.		9.8
Comcast Corp.- Class A		8.9
Amgen, Inc.		8.7
Biogen, Inc.		7.4
Broadcom, Ltd.		6.5
Allergan plc		6.0
Anadarko Petroleum Corp.		4.1
Vertex Pharmaceuticals, Inc.		3.5
TE Connectivity, Ltd.		3.1
L3 Technologies, Inc.		3.0

Top Sectors

	% of Net Assets
Health Care		40.7
Information Technology		23.0
Consumer Discretionary		20.6
Energy		7.8
Industrials		6.6
Materials		1.0
Telecommunication Services		0.2

BHFTI-3

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

ClearBridge Aggressive Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,107.00	$	2.93
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,105.60	$	4.23
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06
Class E(a)	Actual		0.71	%	$	1,000.00	$	1,105.70	$	3.71
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.27	$	3.56

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.1%
Engility Holdings, Inc. (a)		57,266	$	1,626,354
L3 Technologies, Inc.		582,900		97,390,932
				99,017,286
Auto Components—0.3%
Adient plc		140,683		9,197,855
Biotechnology—21.6%
Aduro Biotech, Inc. (a) (b)		31,570		359,898
Agios Pharmaceuticals, Inc. (a) (b)		170,800		8,787,660
Amgen, Inc.		1,610,100		277,307,523
Biogen, Inc. (a)		867,860		235,502,490
Bioverativ, Inc. (a)		433,930		26,109,568
ImmunoGen, Inc. (a) (b)		499,700		3,552,867
Ionis Pharmaceuticals, Inc. (a) (b)		498,335		25,350,301
ProQR Therapeutics NV (a)		88,300		459,160
Spark Therapeutics, Inc. (a)		53,520		3,197,285
Vertex Pharmaceuticals, Inc. (a)		859,672		110,785,931
				691,412,683
Building Products—1.9%
Johnson Controls International plc		1,406,834		61,000,322
Communications Equipment—0.1%
ARRIS International plc (a)		122,915		3,444,078
Construction & Engineering—0.7%
Fluor Corp.		519,410		23,778,590
Diversified Telecommunication Services—0.2%
AT&T, Inc.		157,745		5,951,719
Electronic Equipment, Instruments & Components—3.6%
Dolby Laboratories, Inc. - Class A		295,300		14,457,888
Fitbit, Inc. - Class A (a) (b)		54,350		288,598
TE Connectivity, Ltd.		1,269,625		99,894,095
				114,640,581
Energy Equipment & Services—3.5%
Core Laboratories NV (b)		514,070		52,059,869
Frank’s International NV (b)		30,500		252,845
National Oilwell Varco, Inc. (b)		916,878		30,201,961
Weatherford International plc (a) (b)		7,614,500		29,468,115
				111,982,790
Health Care Equipment & Supplies—2.4%
Medtronic plc		861,379		76,447,386
Wright Medical Group NV (a) (b)		58,679		1,613,086
				78,060,472
Health Care Providers & Services—9.8%
UnitedHealth Group, Inc.		1,685,450		312,516,139
Internet & Direct Marketing Retail—2.2%
Liberty Expedia Holdings, Inc. - Class A (a)		167,951		9,072,713
Liberty Interactive Corp. - Class A (a) (b)		1,867,200		45,821,088
Liberty TripAdvisor Holdings, Inc. - Class A (a)		154,420		1,791,272
Liberty Ventures - Series A (a) (b)		251,927		13,173,263
				69,858,336
Internet Software & Services—1.8%
Facebook, Inc. - Class A (a)		185,500		28,006,790
LogMeIn, Inc.		105,873		11,063,729
Twitter, Inc. (a) (b)		1,100,000		19,657,000
				58,727,519
Machinery—0.7%
Pentair plc (b)		339,804		22,610,558
Media—18.1%
AMC Networks, Inc. - Class A (a) (b)		825,825		44,107,313
CBS Corp. - Class B		323,200		20,613,696
Comcast Corp. - Class A		7,339,200		285,641,664
Liberty Braves Group - Class A (a)		47,058		1,124,216
Liberty Braves Group - Class C (a)		94,117		2,255,985
Liberty Broadband Corp. - Class A (a) (b)		117,647		10,092,936
Liberty Broadband Corp. - Class C (a) (b)		305,883		26,535,350
Liberty Global plc - Class A (a)		299,400		9,616,728
Liberty Global plc - Class C (a) (b)		299,400		9,335,292
Liberty Global plc LiLAC - Class A (a)		52,325		1,139,115
Liberty Global plc LiLAC - Class C (a) (b)		52,325		1,120,278
Liberty Media Corp.-Liberty Formula One - Class A (a) (b)		117,647		4,121,175
Liberty Media Corp.-Liberty Formula One - Class C (a)		235,294		8,616,466
Liberty SiriusXM Group - Class A (a)		470,588		19,755,284
Liberty SiriusXM Group - Class C (a)		941,176		39,247,039
Lions Gate Entertainment Corp. - Class B (a) (b)		348,621		9,161,760
Madison Square Garden Co. (The) - Class A (a)		286,049		56,323,048
MSG Networks, Inc. - Class A (a) (b)		858,150		19,265,468
Viacom, Inc. - Class B		344,700		11,571,579
				579,644,392
Metals & Mining—1.0%
Freeport-McMoRan, Inc. (a)		1,270,800		15,262,308
Nucor Corp.		274,700		15,896,889
				31,159,197
Oil, Gas & Consumable Fuels—4.4%
Anadarko Petroleum Corp.		2,919,860		132,386,452
Newfield Exploration Co. (a)		255,400		7,268,684
				139,655,136
Pharmaceuticals—6.9%
Allergan plc		786,777		191,257,621
Mallinckrodt plc (a)		143,915		6,448,831
Teva Pharmaceutical Industries, Ltd. (ADR) (b)		298,100		9,902,882

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Pharmaceuticals—(Continued)
Valeant Pharmaceuticals International, Inc. (a)		653,070	$	11,298,111
				218,907,445
Semiconductors & Semiconductor Equipment—8.5%
Broadcom, Ltd.		891,161		207,685,071
Cree, Inc. (a) (b)		887,200		21,869,480
Intel Corp.		1,288,348		43,468,862
				273,023,413
Software—4.7%
Autodesk, Inc. (a)		944,300		95,204,326
Citrix Systems, Inc. (a)		616,100		49,029,238
Nuance Communications, Inc. (a) (b)		400,000		6,964,000
				151,197,564
Technology Hardware, Storage & Peripherals—4.2%
Seagate Technology plc (b)		2,448,500		94,879,375
Western Digital Corp.		444,489		39,381,725
				134,261,100
Trading Companies & Distributors—0.1%
NOW, Inc. (a) (b)		229,219		3,685,841
Total Common Stocks (Cost $2,147,297,286)				3,193,733,016
Rights—0.0%
Health Care Equipment & Supplies—0.0%
Wright Medical Group NV, Expires 03/01/19 (a) (Cost $573,350)		229,340		344,010
Short-Term Investment—0.2%
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $4,827,590 on 07/03/17, collateralized by $4,930,000 U.S. Treasury Note at 1.125% due 06/15/18 with a value of $4,925,918.		4,827,542		4,827,542
Total Short-Term Investments (Cost $4,827,542)				4,827,542
Securities Lending Reinvestments (c)—9.3%
Certificates of Deposit—5.0%
ABN AMRO Bank NV Zero Coupon, 09/05/17		4,481,179		4,490,550
Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Banco Del Estado De Chile New York 1.429%, 10/19/17 (d)		7,000,000	$	7,001,666
Bank of Montreal 1.130%, 07/07/17		2,500,000		2,499,975
Bank of Nova Scotia 1.492%, 11/03/17 (d)		8,000,000		8,007,898
Canadian Imperial Bank 1.630%, 10/27/17 (d)		2,750,000		2,753,094
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		2,500,000		2,502,883
1.558%, 10/13/17 (d)		2,000,000		2,002,713
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.366%, 10/06/17 (d)		5,000,000		5,001,240
1.432%, 10/16/17 (d)		3,000,000		3,000,642
DG Bank New York 1.140%, 07/03/17		7,000,000		6,999,930
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		2,400,000		2,400,300
KBC Bank NV
Zero Coupon, 08/22/17		2,990,219		2,995,170
Zero Coupon, 09/08/17		498,281		498,905
1.200%, 07/18/17		1,400,000		1,400,000
1.220%, 07/27/17		7,000,000		7,000,000
1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		7,000,000		6,999,930
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (d)		10,500,000		10,502,352
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (d)		5,000,000		4,999,835
1.469%, 10/18/17 (d)		5,000,000		4,999,660
1.610%, 08/02/17 (d)		2,000,000		2,000,610
National Australia Bank London 1.480%, 11/09/17 (d)		11,500,000		11,509,315
Natixis New York 1.287%, 11/13/17 (d)		2,500,000		2,499,725
1.506%, 08/03/17 (d)		5,000,000		5,001,510
Norinchukin Bank New York 1.377%, 10/13/17 (d)		2,000,000		2,001,375
1.584%, 08/21/17 (d)		6,000,000		6,002,214
1.687%, 07/12/17 (d)		4,000,000		4,000,484
Royal Bank of Canada New York 1.358%, 06/12/18 (d)		5,000,000		4,998,310
1.555%, 10/13/17 (d)		5,000,000		5,005,055
Sumitomo Mitsui Banking Corp., New York 1.357%, 10/12/17 (d)		3,500,000		3,500,984
Sumitomo Mitsui Trust Bank, Ltd., New York 1.170%, 07/03/17		5,000,000		4,999,985
1.377%, 10/11/17 (d)		2,000,000		2,001,409
1.466%, 10/26/17 (d)		5,000,000		5,001,280
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		5,100,000		5,103,789
1.475%, 01/10/18 (d)		5,000,000		5,008,312

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		2,300,000	$	2,302,056
				159,993,230
Commercial Paper—1.4%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		5,982,255		5,997,828
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
Commonwealth Bank Australia 1.522%, 10/23/17 (d)		4,000,000		4,004,217
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		10,000,000		10,000,580
ING Funding LLC 1.234%, 12/07/17 (d)		3,000,000		3,001,036
LMA S.A. & LMA Americas 1.150%, 07/07/17		499,888		499,936
1.180%, 07/11/17		2,991,150		2,999,004
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		1,000,000		1,000,060
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (d)		2,500,000		2,501,001
Sheffield Receivables Co. 1.190%, 07/28/17		5,981,357		5,994,360
1.230%, 07/07/17		3,987,563		3,999,064
Westpac Banking Corp. 1.506%, 10/20/17 (d)		3,900,000		3,903,888
				45,900,322
Repurchase Agreements—2.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $368,421 on 07/03/17, collateralized by $383,486 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $375,756.		368,388		368,388
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $18,701,714 on 07/03/17, collateralized by $18,628,132 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $19,074,002.		18,700,000		18,700,000
Deutsche Bank AG, London
Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $7,315,901 on 07/03/17, collateralized by $7,437,577 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $7,461,495.		7,315,170		7,315,170
Repurchase Agreements—(Continued)
Deutsche Bank AG, London
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $15,011,625 on 07/03/17, collateralized by $3,260 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $16,677,353.		15,000,000		15,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $3,014,535 on 09/29/17, collateralized by various Common Stock with a value of $3,300,001.		3,000,000		3,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,759,931 on 10/02/17, collateralized by various Common Stock with a value of $4,070,000.		3,700,000		3,700,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $7,557,356 on 10/02/17, collateralized by various Common Stock with a value of $8,250,001.		7,500,000		7,500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $3,400,380 on 07/03/17, collateralized by $6,779,810 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $3,468,404.		3,400,000		3,400,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $6,000,590 on 07/03/17, collateralized by $9,010,579 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $6,120,000.		6,000,000		6,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $10,002,061 on 07/07/17, collateralized by $10,211,044 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $10,200,282.		10,000,000		10,000,000
				74,983,558
Time Deposits—0.6%
ABN AMRO Bank NV 1.180%, 07/07/17		4,000,000		4,000,000

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Credit Industriel et Commercial 1.100%, 07/03/17		4,000,000	$	4,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		2,700,000		2,700,000
Shinkin Central Bank 1.330%, 07/25/17		1,500,000		1,500,000
Standard Chartered plc 1.200%, 07/03/17		5,600,000		5,600,000
				17,800,000
Total Securities Lending Reinvestments (Cost $298,608,370)				298,677,110
Total Investments—109.3% (Cost $2,451,306,548) (e)				3,497,581,678
Other assets and liabilities (net)—(9.3)%				(299,014,607	)
Net Assets—100.0%			$	3,198,567,071

* 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 June 30, 2017, the market value of securities loaned was $291,662,420 and the collateral received consisted of cash in the amount of $298,539,131. 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 June 30, 2017.

(d) Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.

(e) As of June 30, 2017, the aggregate cost of investments was $2,451,306,548. The aggregate unrealized appreciation and depreciation of investments were $1,361,043,130 and $(314,768,000), respectively, resulting in net unrealized appreciation of $1,046,275,130.

(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,193,733,016	$	—		$	—	$	3,193,733,016
Total Rights*		344,010		—			—		344,010
Total Short-Term Investment*		—		4,827,542			—		4,827,542
Total Securities Lending Reinvestments*		—		298,677,110			—		298,677,110
Total Investments	$	3,194,077,026	$	303,504,652		$	—	$	3,497,581,678
Collateral for Securities Loaned (Liability)	$	—	$	(298,539,131	)	$	—	$	(298,539,131	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	3,497,581,678
Receivable for:
Fund shares sold		933,247
Dividends and interest		3,558,561
Total Assets		3,502,073,486
Liabilities
Collateral for securities loaned		298,539,131
Payables for:
Fund shares redeemed		2,779,045
Accrued Expenses:
Management fees		1,420,209
Distribution and service fees		232,103
Deferred trustees’ fees		183,598
Other expenses		352,329
Total Liabilities		303,506,415
Net Assets	$	3,198,567,071
Net Assets Consist of:
Paid in surplus	$	2,162,123,732
Undistributed net investment income		11,624,175
Accumulated net realized loss		(21,453,562	)
Unrealized appreciation on investments and foreign currency transactions		1,046,272,726
Net Assets	$	3,198,567,071
Net Assets
Class A	$	2,059,155,529
Class B		1,099,520,097
Class E		39,891,445
Capital Shares Outstanding*
Class A		120,014,675
Class B		65,604,414
Class E		2,358,363
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	17.16
Class B		16.76
Class E		16.91

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,451,306,548.
(b)	Includes securities loaned at value of $291,662,420.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	21,006,766
Interest		4,098
Securities lending income		849,024
Total investment income		21,859,888
Expenses
Management fees		8,862,876
Administration fees		50,679
Custodian and accounting fees		66,519
Distribution and service fees—Class B		1,380,289
Distribution and service fees—Class E		30,115
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		85,862
Insurance		10,589
Miscellaneous		16,288
Total expenses		10,568,576
Less management fee waiver		(279,453	)
Less broker commission recapture		(22,263	)
Net expenses		10,266,860
Net Investment Income		11,593,028
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		122,512,044
Foreign currency transactions		(11,525	)
Net realized gain		122,500,519
Net change in unrealized appreciation on:
Investments		191,716,253
Foreign currency transactions		15,743
Net change in unrealized appreciation		191,731,996
Net realized and unrealized gain		314,232,515
Net Increase in Net Assets From Operations	$	325,825,543

(a) Net of foreign withholding taxes of $115,914.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,593,028		$	28,059,085
Net realized gain		122,500,519			127,023,529
Net change in unrealized appreciation (depreciation)		191,731,996			(67,268,779	)
Increase in net assets from operations		325,825,543			87,813,835
From Distributions to Shareholders
Net investment income
Class A		(19,479,926	)		(13,307,320	)
Class B		(7,902,017	)		(4,285,535	)
Class E		(323,547	)		(196,065	)
Total distributions		(27,705,490	)		(17,788,920	)
Decrease in net assets from capital share transactions		(211,719,228	)		(221,545,277	)
Total increase (decrease) in net assets		86,400,825			(151,520,362	)
Net Assets
Beginning of period		3,112,166,246			3,263,686,608
End of period	$	3,198,567,071		$	3,112,166,246
Undistributed net investment income
End of period	$	11,624,175		$	27,736,637

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		885,475		$	15,031,452			6,620,437		$	95,377,903
Reinvestments		1,145,204			19,479,926			915,851			13,307,320
Redemptions		(9,836,400	)		(166,036,683	)		(12,307,157	)		(185,881,000	)
Net decrease		(7,805,721	)	$	(131,525,305	)		(4,770,869	)	$	(77,195,777	)
Class B
Sales		1,217,417		$	20,153,695			3,742,451		$	53,669,002
Reinvestments		475,738			7,902,017			301,798			4,285,535
Redemptions		(6,409,714	)		(105,804,628	)		(13,493,274	)		(196,365,273	)
Net decrease		(4,716,559	)	$	(77,748,916	)		(9,449,025	)	$	(138,410,736	)
Class E
Sales		81,563		$	1,360,073			99,805		$	1,443,661
Reinvestments		19,293			323,547			13,682			196,065
Redemptions		(247,108	)		(4,128,627	)		(519,792	)		(7,578,490	)
Net decrease		(146,252	)	$	(2,445,007	)		(406,305	)	$	(5,938,764	)
Decrease derived from capital shares transactions				$	(211,719,228	)				$	(221,545,277	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.65		$	15.30		$	15.97		$	13.45		$	9.26		$	7.81
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.15	(b)		0.10			0.07			0.05			0.05
Net realized and unrealized gain (loss) on investments		1.60			0.30			(0.70	)		2.50			4.19			1.42
Total from investment operations		1.67			0.45			(0.60	)		2.57			4.24			1.47
Less Distributions
Distributions from net investment income		(0.16	)		(0.10	)		(0.07	)		(0.05	)		(0.05	)		(0.02	)
Total distributions		(0.16	)		(0.10	)		(0.07	)		(0.05	)		(0.05	)		(0.02	)
Net Asset Value, End of Period	$	17.16		$	15.65		$	15.30		$	15.97		$	13.45		$	9.26
Total Return (%) (c)		10.70	(d)		2.98			(3.81	)		19.12			45.90			18.81
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(e)		0.57			0.57			0.57			0.61			0.64
Net ratio of expenses to average net assets (%) (f)		0.56	(e)		0.57			0.57			0.56			0.61			0.64
Ratio of net investment income to average net assets (%)		0.81	(e)		1.00	(b)		0.64			0.50			0.43			0.61
Portfolio turnover rate (%)		0	(d)(g)		2			1			0	(g)		7			4
Net assets, end of period (in millions)	$	2,059.2		$	1,999.9		$	2,029.0		$	2,285.1		$	1,496.3		$	974.5
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.27		$	14.93		$	15.59		$	13.13		$	9.04		$	7.63
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.11	(b)		0.06			0.04			0.02			0.03
Net realized and unrealized gain (loss) on investments		1.56			0.29			(0.69	)		2.44			4.10			1.38
Total from investment operations		1.61			0.40			(0.63	)		2.48			4.12			1.41
Less Distributions
Distributions from net investment income		(0.12	)		(0.06	)		(0.03	)		(0.02	)		(0.03	)		(0.00	)(h)
Total distributions		(0.12	)		(0.06	)		(0.03	)		(0.02	)		(0.03	)		(0.00	)(h)
Net Asset Value, End of Period	$	16.76		$	15.27		$	14.93		$	15.59		$	13.13		$	9.04
Total Return (%) (c)		10.56	(d)		2.68			(4.04	)		18.89			45.60			18.51
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(e)		0.82			0.82			0.82			0.86			0.89
Net ratio of expenses to average net assets (%) (f)		0.81	(e)		0.82			0.82			0.81			0.86			0.89
Ratio of net investment income to average net assets (%)		0.56	(e)		0.74	(b)		0.39			0.25			0.18			0.31
Portfolio turnover rate (%)		0	(d)(g)		2			1			0	(g)		7			4
Net assets, end of period (in millions)	$	1,099.5		$	1,073.6		$	1,190.8		$	1,335.9		$	727.5		$	467.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.42		$	15.07		$	15.74		$	13.26		$	9.12		$	7.70
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.12	(b)		0.08			0.05			0.03			0.03
Net realized and unrealized gain (loss) on investments		1.57			0.30			(0.70	)		2.46			4.14			1.40
Total from investment operations		1.63			0.42			(0.62	)		2.51			4.17			1.43
Less Distributions
Distributions from net investment income		(0.14	)		(0.07	)		(0.05	)		(0.03	)		(0.03	)		(0.01	)
Total distributions		(0.14	)		(0.07	)		(0.05	)		(0.03	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	16.91		$	15.42		$	15.07		$	15.74		$	13.26		$	9.12
Total Return (%) (c)		10.57	(d)		2.84			(3.99	)		18.94			45.85			18.57
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(e)		0.72			0.72			0.72			0.76			0.79
Net ratio of expenses to average net assets (%) (f)		0.71	(e)		0.72			0.72			0.71			0.76			0.79
Ratio of net investment income to average net assets (%)		0.67	(e)		0.84	(b)		0.49			0.36			0.28			0.40
Portfolio turnover rate (%)		0	(d)(g)		2			1			0	(g)		7			4
Net assets, end of period (in millions)	$	39.9		$	38.6		$	43.9		$	51.5		$	24.6		$	17.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	Rounds to less than 1%.
(h)	Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is ClearBridge Aggressive Growth Portfolio (the “Portfolio”), which is non-diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-13

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, adjustments to prior period accumulated balances, expired capital losses and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-14

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $4,827,542. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $74,983,558. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

BHFTI-15

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	4,218,605	$	0	$	171,722,480

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$8,862,876		0.650	%	First $500 million
		0.600	%	$500 million to $1 billion
		0.550	%	$1 billion to $2 billion
		0.500	%	Over $2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. ClearBridge Investments, LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-16

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	$1 billion to $1.75 billion
0.050%	$1.75 billion to $2 billion
0.025%	$2.85 billion to $3 billion
0.045%	On amounts in excess of $3 billion

An identical agreement was in place for the period November 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$17,788,920	$	12,244,705	$	—	$	—	$	17,788,920	$	12,244,705

BHFTI-17

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$27,906,738	$	—	$	855,016,957	$	(144,430,308	)	$	—	$	738,493,387

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2016, the Portfolio utilized capital loss carryforwards of $129,725,635, and $288,295,515 of capital loss carryforwards expired.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/18		Total
$130,530,096	$	13,900,212	$	144,430,308

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-18

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
181,763,181		7,485,074		12,305,329

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		187,301,710		14,251,874
Robert Boulware		187,508,762		14,044,821
Susan C. Gause		188,000,361		13,553,223
Nancy Hawthorne		187,302,240		14,251,344
Barbara A. Nugent		188,118,271		13,435,312
John Rosenthal		187,869,506		13,684,078
Linda B. Strumpf		187,293,707		14,259,877
Dawn M. Vroegop		187,068,284		14,485,300

BHFTI-19

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Harris Oakmark International Portfolio returned 17.33%, 17.12%, and 17.16%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned 13.81%.

MARKET ENVIRONMENT / CONDITIONS

Global markets marched higher early in the reporting period as economic activity continued to strengthen. The Dow Jones Industrial Average notched its sixth consecutive quarterly gain in the first quarter, while the STOXX Europe 600 Index advanced for the third quarter in a row. In February, the U.S. personal consumption expenditures (PCE) index surpassed the Federal Reserve’s (the “Fed”) long-term target. The eurozone’s own annual rate of inflation also reached the European Central Bank’s 2% target in February for the first time in four years. Citing improvements to the labor market and economic health, the Fed lifted interest rates in the U.S. in March.

While stocks in so-called stable sectors have tended to outperform over the greater part of the last two calendar years, cyclically oriented names rallied in the second half of 2016 on the heels of the U.K. referendum to leave the European Union (“Brexit”) and the U.S. presidential election. Investors’ rotation away from perceived safety continued in early 2017, although sector returns finished mixed for the first quarter. Additionally, despite the uncertainty caused by Brexit and a recent general election in the U.K., which resulted in a lost majority for the still-governing Conservative Party, the British economy performed acceptably well with a 2% year-over-year growth rate. Furthermore, economic sentiment in the eurozone reached its highest level in June in nearly a decade.

In May, the unemployment rate in the U.S. fell to a 16-year low of 4.3%. Coupled with low price inflation and seasonal gasoline prices that had reached the lowest levels since 2005, the Fed once again raised its key interest rate by one-quarter point in June.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the MSCI EAFE Index over the period. Both stock selection and country weightings contributed to relative performance. Holdings in the U.K., France and Italy were the largest positive relative contributors to performance for the period. Conversely, holdings in Germany, Sweden and Japan were the largest detractors relative to the benchmark during the first half of 2017.

Individual holdings CNH Industrial (U.K.) and Intesa Sanpaolo (Italy) were the Portfolio’s top contributors to performance during the period. CNH Industrial’s fourth quarter of 2016 revenues and earnings per share exceeded market expectations, and results for the full fiscal year were generally in line with our estimates. The company’s level of free cash flow, which was more robust than our estimates and management’s guidance, resulted in a fourth-quarter reduction of $1.1 billion in net industrial debt from the previous quarter end. Most recently, CNH Industrial’s first-quarter of 2017 revenue and earnings again exceeded market estimates. Performance in the industrial business improved, as earnings increased 34% year-over-year, driven by a 77% improvement in the agriculture equipment segment. Overall, the industry has seen signs of stabilization in global agricultural equipment markets and has begun to see the early stages of restocking. Additionally, Standard & Poor’s upgraded CNH Industrial’s long-term corporate credit rating, which indicated an improved outlook for the company. We believe the upgrade bolsters CNH Industrial’s ability to improve its balance sheet efficiency and refinance debt at lower rates.

Intesa Sanpaolo issued fiscal year 2016 results that were largely as we expected, and net income met our forecasts. The company’s fourth-quarter revenue and operating income surpassed market forecasts by 5% and 15%, respectively. Intesa subsequently released first-quarter results that were in line with our expectations, and its net income exceeded market estimates by 16%, which led its share price to increase significantly in the second quarter. In our view, costs remained well controlled and asset quality continued to improve as non-performing loans declined. Intesa’s share price also reacted favorably when the European Central Bank and the Italian government announced plans to rescue two Italian banks, putting an end to months of concern that failures of these banks could undermine confidence in the Italian banking system. As part of the deal, Intesa will acquire EUR 26 billion of performing loans and EUR 4 billion of high-risk performing loans from the two banks. The asset quality of the performing loans is higher than the average of Intesa’s current portfolio, and the company will have the option to return the high-risk performing loans to the government if asset quality deteriorates.

The Portfolio’s top detractors from performance during the period were in positions H&M (Sweden) and Toyota Motor (Japan). Early in the year, higher-than-normal first-quarter inventory levels led to increased markdowns and lower margins. While H&M has started to see an improvement in a number of markets, including China, its performance in the U.S. and Central/Southern Europe remained weak. H&M’s share price declined again during the second quarter, as its fiscal first-half results were mixed. Sales continued to track behind plan (increasing only 5% in local currency), while inventory position remained high (growing by 22% year-over-year). However, the company experienced some positive developments, which included effective cost controls, as operating expenses increased only 4% despite store count expansion and pre-markdown margin expansion in the second quarter. Last year, a new management team revised the company’s growth targets to focus more on comparable and profitable growth. Recently, it announced the launch of the Arket brand, a higher priced concept that will offer classic garments for women, men and children, as well as home furnishings. We supported the move as the company has been successful with its other lines.

BHFTI-1

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*—(Continued)

Toyota Motor’s fiscal nine-month results were weaker than market expectations and included sales and operating profit declines of about 6% and 34%, respectively, from the same period last year. However, we viewed Toyota’s results acceptable to us, as we attributed these declines mainly to negative currency effects. Toyota exports more than 50% of cars produced in Japan, and yen appreciation weighed on financial performance for the period. In April, the company announced that its U.S. auto sales in March declined, but the drop was not as significant as the market expected. Monthly sales of 215,224 autos surpassed market projections by nearly 480 units. Production of Toyota vehicles in Japan decreased in May, while sales rose for the seventh consecutive month. In addition, Toyota vehicle exports advanced, driven by increases to key regions, including North America, Europe, Asia and Latin America. We met with members of Toyota’s management team in June and learned that the company is seeing volume growth in Europe, especially for hybrid vehicles that accounted for 39% of sales in the January to March quarter, which reflected a 7% increase over last year.

Currency hedging was actively utilized during the period. Currencies hedged in the Portfolio for the reporting period included the Swiss Franc and the Australian Dollar. We continued to view the Swiss Franc as overvalued based on purchasing-power parity. The use of currency forward contracts detracted slightly from the Portfolio’s performance relative to the MSCI EAFE Index over the period.

For the six-month period ended June 30, 2017, the Portfolio was most heavily weighted in the U.K., followed by Switzerland and France. The Portfolio’s largest sector weights were in Financials, Consumer Discretionary, and Industrials. The Portfolio had no exposure to the Energy, Telecommunications and Utilities sectors. During the period, new positions in the Portfolio included Publicis Groupe (France) and Volvo (Sweden). Positions eliminated over the period included Check Point Software Technologies (Israel), Honda Motor (Japan) and Nomura Holdings (Japan).

David G. Herro

Michael L. Manelli

Portfolio Managers

Harris Associates L.P.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Harris Oakmark International Portfolio
Class A		17.33		40.84		13.10		5.15
Class B		17.12		40.39		12.83		4.88
Class E		17.16		40.59		12.94		4.99
MSCI EAFE Index		13.81		20.27		8.69		1.03

¹ The MSCI Europe, Australasia and Far East Index (“MSCI EAFE Index”) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Glencore plc		5.2
Credit Suisse Group AG		4.6
Daimler AG		4.1
Allianz SE		3.9
BNP Paribas S.A.		3.9
Lloyds Banking Group plc		3.8
Toyota Motor Corp.		3.3
Hennes & Mauritz AB- B Shares		3.1
CNH Industrial NV		3.1
Intesa Sanpaolo S.p.A.		3.0

Top Countries

	% of Net Assets
United Kingdom		18.1
Switzerland		16.9
France		15.1
Germany		13.1
Japan		6.0
Sweden		5.6
Netherlands		4.8
United States		4.8
Australia		3.5
Italy		3.4

BHFTI-3

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Harris Oakmark International Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.79	%	$	1,000.00	$	1,173.30	$	4.26
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96
Class B(a)	Actual		1.04	%	$	1,000.00	$	1,171.20	$	5.60
	Hypothetical*		1.04	%	$	1,000.00	$	1,019.64	$	5.21
Class E(a)	Actual		0.94	%	$	1,000.00	$	1,171.60	$	5.06
	Hypothetical*		0.94	%	$	1,000.00	$	1,020.13	$	4.71

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—97.2% of Net Assets

Security Description	Shares		Value
Australia—3.5%
AMP, Ltd.		16,414,082	$	65,411,757
Orica, Ltd.		3,279,145		52,056,949
				117,468,706
China—2.3%
Baidu, Inc. (ADR) (a)		423,150		75,684,609
France—15.1%
BNP Paribas S.A.		1,758,176		127,875,446
Bureau Veritas S.A.		2,559,000		56,685,801
Danone S.A.		696,714		52,371,558
Kering		69,300		23,727,608
LVMH Moet Hennessy Louis Vuitton SE		64,500		16,180,594
Pernod-Ricard S.A.		290,350		38,923,564
Publicis Groupe S.A.		902,600		67,621,506
Safran S.A.		635,900		58,328,508
Sanofi		81,400		7,823,522
Valeo S.A.		732,000		49,653,970
				499,192,077
Germany—13.1%
Allianz SE		655,400		129,158,926
Bayerische Motoren Werke AG		1,079,800		100,504,205
Continental AG		316,800		68,367,937
Daimler AG		1,870,000		135,656,443
				433,687,511
Hong Kong—0.3%
Melco Resorts & Entertainment, Ltd. (ADR)		390,156		8,759,002
India—1.0%
Infosys, Ltd. (ADR) (b)		2,182,900		32,787,158
Indonesia—2.2%
Bank Mandiri Persero Tbk PT		74,937,900		71,507,920
Italy—3.4%
Intesa Sanpaolo S.p.A.		31,505,400		100,506,077
Prada S.p.A.		3,579,902		13,275,960
				113,782,037
Japan—6.0%
Daiwa Securities Group, Inc.		5,524,700		32,826,963
Komatsu, Ltd.		475,900		12,132,300
Olympus Corp.		806,400		29,471,143
Omron Corp.		373,000		16,226,905
Toyota Motor Corp.		2,064,100		108,272,168
				198,929,479
Mexico—2.1%
Grupo Televisa S.A.B. (ADR)		2,789,708		67,985,184
Netherlands—4.8%
Akzo Nobel NV		198,961		17,271,987
ASML Holding NV		267,750		34,861,338
EXOR NV		1,173,005		63,829,917
Koninklijke Philips NV		1,220,172		43,433,819
				159,397,061
South Korea—0.6%
Samsung Electronics Co., Ltd.		10,355		21,484,372
Sweden—5.6%
Atlas Copco AB - B Shares		280,694		9,715,692
Hennes & Mauritz AB - B Shares (b)		4,169,100		104,126,194
SKF AB - B Shares		2,290,990		46,636,334
Volvo AB - B Shares		1,556,191		26,581,108
				187,059,328
Switzerland—16.9%
Cie Financiere Richemont S.A.		711,147		58,682,112
Credit Suisse Group AG (a)		10,546,656		152,813,665
Glencore plc (a)		45,679,220		171,452,476
Kuehne & Nagel International AG		281,065		46,982,320
LafargeHolcim, Ltd. (a)		1,168,305		67,115,438
Nestle S.A.		167,500		14,590,925
Swatch Group AG (The) - Bearer Shares		102,140		37,761,019
Wolseley plc		155,800		9,581,257
				558,979,212
Taiwan—0.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,079,000		7,363,032
United Kingdom—18.1%
Ashtead Group plc		2,813,000		58,349,672
CNH Industrial NV		9,048,000		102,977,763
Diageo plc		2,225,400		65,785,882
Experian plc		1,706,400		35,042,285
G4S plc		6,849,600		29,143,184
Lloyds Banking Group plc		144,689,300		124,885,223
Meggitt plc		4,080,718		25,385,678
Royal Bank of Scotland Group plc (a)		16,707,701		53,842,091
Schroders plc		1,574,884		63,698,438
Schroders plc (non-voting shares)		10,427		300,706
Smiths Group plc		1,090,107		22,711,860
WPP plc		868,200		18,266,959
				600,389,741
United States—2.0%
Willis Towers Watson plc		459,274		66,805,996
Total Common Stocks (Cost $2,814,738,879)				3,221,262,425

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—2.8%

Security Description	Principal Amount*		Value
Repurchase Agreement—2.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $91,032,947 on 07/03/17, collateralized by $91,720,000 U.S. Treasury Notes with rates ranging from 0.750% - 2.750%, maturity dates ranging from 02/28/18 - 03/31/18, with a value of $92,855,751.		91,032,036	$	91,032,036
Total Short-Term Investments (Cost $91,032,036)				91,032,036
Securities Lending Reinvestments (c)—1.0%
Certificate of Deposit—0.0%
UBS, Stamford
1.722%, 07/31/17 (d)		500,511		500,286
Commercial Paper—0.1%
LMA S.A. & LMA Americas
1.040%, 07/03/17		1,499,870		1,499,853
Repurchase Agreements—0.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $223,815 on 07/03/17, collateralized by $232,966 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $228,271.		223,794		223,794
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $6,500,596 on 07/03/17, collateralized by $6,475,019 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $6,630,001.		6,500,000		6,500,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $4,000,400 on 07/03/17, collateralized by $4,066,933 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $4,080,012.		4,000,000		4,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $2,702,093 on 07/03/17, collateralized by $587 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $3,001,923.		2,700,000		2,700,000
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $6,800,669 on 07/03/17, collateralized by $10,211,990 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $6,936,000.		6,800,000		6,800,000
				20,223,794
Time Deposits—0.3%
ABN AMRO Bank NV
1.060%, 07/03/17		1,000,000		1,000,000
1.180%, 07/07/17		1,500,000		1,500,000
Australia New Zealand Bank
1.150%, 07/03/17		1,500,000		1,500,000
Credit Industriel et Commercial
1.100%, 07/03/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg
1.200%, 07/03/17		1,500,000		1,500,000
Nordea Bank New York
1.050%, 07/03/17		1,000,000		1,000,000
Standard Chartered plc
1.200%, 07/03/17		1,500,000		1,500,000
Svenska
1.050%, 07/03/17		1,000,000		1,000,000
				10,000,000
Total Securities Lending Reinvestments (Cost $32,223,947)				32,223,933
Total Investments—101.0% (Cost $2,937,994,862) (e)				3,344,518,394
Other assets and liabilities (net)—(1.0)%				(31,737,275	)
Net Assets—100.0%			$	3,312,781,119

*	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 June 30, 2017, the market value of securities loaned was $31,673,437 and the collateral received consisted of cash in the amount of $32,224,176. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $2,937,994,862. The aggregate unrealized appreciation and depreciation of investments were $484,656,774 and $(78,133,242), respectively, resulting in net unrealized appreciation of $406,523,532.
(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.

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Ten Largest Industries as of June 30, 2017 (Unaudited)	% of Net Assets
Banks		14.5
Automobiles		10.4
Capital Markets		7.5
Machinery		6.0
Insurance		5.9
Metals & Mining		5.2
Media		4.6
Textiles, Apparel & Luxury Goods		4.5
Diversified Financial Services		3.9
Auto Components		3.6

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Depreciation
CHF	37,688,000	State Street Bank and Trust		09/20/17	$	37,737,436	$	(1,758,490	)

(CHF)— Swiss Franc

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	117,468,706		$	—	$	117,468,706
China		75,684,609		—			—		75,684,609
France		—		499,192,077			—		499,192,077
Germany		—		433,687,511			—		433,687,511
Hong Kong		8,759,002		—			—		8,759,002
India		32,787,158		—			—		32,787,158
Indonesia		—		71,507,920			—		71,507,920
Italy		—		113,782,037			—		113,782,037
Japan		—		198,929,479			—		198,929,479
Mexico		67,985,184		—			—		67,985,184
Netherlands		—		159,397,061			—		159,397,061
South Korea		—		21,484,372			—		21,484,372
Sweden		—		187,059,328			—		187,059,328
Switzerland		—		558,979,212			—		558,979,212
Taiwan		—		7,363,032			—		7,363,032
United Kingdom		—		600,389,741			—		600,389,741
United States		66,805,996		—			—		66,805,996
Total Common Stocks		252,021,949		2,969,240,476			—		3,221,262,425
Total Short-Term Investment*		—		91,032,036			—		91,032,036
Total Securities Lending Reinvestments*		—		32,223,933			—		32,223,933
Total Investments	$	252,021,949	$	3,092,496,445		$	—	$	3,344,518,394
Collateral for Securities Loaned (Liability)	$	—	$	(32,224,176	)	$	—	$	(32,224,176	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—	$	(1,758,490	)	$	—	$	(1,758,490	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	3,344,518,394
Receivable for:
Investments sold		16,580,905
Fund shares sold		403,257
Dividends and interest		11,263,708
Total Assets		3,372,766,264
Liabilities
Cash due to bank denominated in foreign currencies (c)		823,662
Unrealized depreciation on forward foreign currency exchange contracts		1,758,490
Collateral for securities loaned		32,224,176
Payables for:
Investments purchased		18,004,106
Fund shares redeemed		3,858,592
Accrued Expenses:
Management fees		2,042,698
Distribution and service fees		266,212
Deferred trustees’ fees		115,782
Other expenses		891,427
Total Liabilities		59,985,145
Net Assets	$	3,312,781,119
Net Assets Consist of:
Paid in surplus	$	2,996,788,308
Undistributed net investment income		51,516,589
Accumulated net realized loss		(140,296,997	)
Unrealized appreciation on investments and foreign currency transactions		404,773,219
Net Assets	$	3,312,781,119
Net Assets
Class A	$	1,969,779,444
Class B		1,224,312,207
Class E		118,689,468
Capital Shares Outstanding*
Class A		129,787,257
Class B		82,337,920
Class E		7,918,642
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.18
Class B		14.87
Class E		14.99

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,937,994,862.
(b)	Includes securities loaned at value of $31,673,437.
(c)	Identified cost of cash due to bank denominated in foreign currencies was $820,237.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	70,555,067
Interest		17,559
Securities lending income		810,071
Total investment income		71,382,697
Expenses
Management fees		12,415,290
Administration fees		51,308
Custodian and accounting fees		330,022
Distribution and service fees—Class B		1,485,429
Distribution and service fees—Class E		85,283
Audit and tax services		26,325
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		83,523
Insurance		9,944
Miscellaneous		59,747
Total expenses		14,591,573
Less management fee waiver		(280,779	)
Net expenses		14,310,794
Net Investment Income		57,071,903
Net Realized and Unrealized Gain
Net realized gain on:
Investments		67,482,447
Foreign currency transactions		4,168,950
Net realized gain		71,651,397
Net change in unrealized appreciation (depreciation) on:
Investments		394,655,495
Foreign currency transactions		(6,540,779	)
Net change in unrealized appreciation		388,114,716
Net realized and unrealized gain		459,766,113
Net Increase in Net Assets From Operations	$	516,838,016

(a) Net of foreign withholding taxes of $7,828,167.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	57,071,903		$	55,152,928
Net realized gain (loss)		71,651,397			(177,207,940	)
Net change in unrealized appreciation		388,114,716			380,323,944
Increase in net assets from operations		516,838,016			258,268,932
From Distributions to Shareholders
Net investment income
Class A		(35,844,106	)		(41,603,288	)
Class B		(19,928,035	)		(23,446,727	)
Class E		(2,028,096	)		(2,282,019	)
Net realized capital gains
Class A		0			(116,570,251	)
Class B		0			(74,666,145	)
Class E		0			(6,934,446	)
Total distributions		(57,800,237	)		(265,502,876	)
Increase (decrease) in net assets from capital share transactions		(272,207,947	)		133,818,891
Total increase in net assets		186,829,832			126,584,947
Net Assets
Beginning of period		3,125,951,287			2,999,366,340
End of period	$	3,312,781,119		$	3,125,951,287
Undistributed net investment income
End of period	$	51,516,589		$	52,244,923

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		1,352,164		$	19,562,185			14,134,995		$	172,105,987
Reinvestments		2,407,260			35,844,106			14,160,567			158,173,539
Redemptions		(16,734,320	)		(242,649,643	)		(13,751,826	)		(173,482,442	)
Net increase (decrease)		(12,974,896	)	$	(187,243,352	)		14,543,736		$	156,797,084
Class B
Sales		1,338,523		$	19,045,611			5,302,306		$	62,812,228
Reinvestments		1,365,870			19,928,035			8,960,080			98,112,872
Redemptions		(8,397,806	)		(119,273,500	)		(14,610,822	)		(179,478,602	)
Net decrease		(5,693,413	)	$	(80,299,854	)		(348,436	)	$	(18,553,502	)
Class E
Sales		295,885		$	4,277,325			456,490		$	5,518,580
Reinvestments		137,872			2,028,096			834,825			9,216,465
Redemptions		(765,530	)		(10,970,162	)		(1,561,180	)		(19,159,736	)
Net decrease		(331,773	)	$	(4,664,741	)		(269,865	)	$	(4,424,691	)
Increase (decrease) derived from capital shares transactions				$	(272,207,947	)				$	133,818,891

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.18		$	13.43		$	15.94		$	19.13		$	15.06		$	11.85
Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.24			0.29			0.37			0.31			0.29
Net realized and unrealized gain (loss) on investments		2.02			0.68			(0.76	)		(1.31	)		4.22			3.16
Total from investment operations		2.28			0.92			(0.47	)		(0.94	)		4.53			3.45
Less Distributions
Distributions from net investment income		(0.28	)		(0.31	)		(0.53	)		(0.48	)		(0.46	)		(0.24	)
Distributions from net realized capital gains		0.00			(0.86	)		(1.51	)		(1.77	)		0.00			0.00
Total distributions		(0.28	)		(1.17	)		(2.04	)		(2.25	)		(0.46	)		(0.24	)
Net Asset Value, End of Period	$	15.18		$	13.18		$	13.43		$	15.94		$	19.13		$	15.06
Total Return (%) (b)		17.33	(c)		8.43			(4.31	)		(5.52	)		30.80			29.47
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80	(d)		0.81			0.83			0.83			0.83			0.83
Net ratio of expenses to average net assets (%) (e)		0.79	(d)		0.79			0.81			0.81			0.81			0.81
Ratio of net investment income to average net assets (%)		3.62	(d)		1.95			1.88			2.12			1.79			2.26
Portfolio turnover rate (%)		20	(c)		50			49			45			58			41
Net assets, end of period (in millions)	$	1,969.8		$	1,882.2		$	1,722.4		$	1,903.6		$	2,176.6		$	1,929.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	12.91		$	13.17		$	15.66		$	18.84		$	14.84		$	11.67
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.21			0.25			0.32			0.25			0.25
Net realized and unrealized gain (loss) on investments		1.97			0.66			(0.75	)		(1.29	)		4.17			3.13
Total from investment operations		2.21			0.87			(0.50	)		(0.97	)		4.42			3.38
Less Distributions
Distributions from net investment income		(0.25	)		(0.27	)		(0.48	)		(0.44	)		(0.42	)		(0.21	)
Distributions from net realized capital gains		0.00			(0.86	)		(1.51	)		(1.77	)		0.00			0.00
Total distributions		(0.25	)		(1.13	)		(1.99	)		(2.21	)		(0.42	)		(0.21	)
Net Asset Value, End of Period	$	14.87		$	12.91		$	13.17		$	15.66		$	18.84		$	14.84
Total Return (%) (b)		17.12	(c)		8.18			(4.52	)		(5.79	)		30.49			29.25
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.05	(d)		1.06			1.08			1.08			1.08			1.08
Net ratio of expenses to average net assets (%) (e)		1.04	(d)		1.04			1.06			1.06			1.06			1.06
Ratio of net investment income to average net assets (%)		3.38	(d)		1.73			1.64			1.88			1.50			1.98
Portfolio turnover rate (%)		20	(c)		50			49			45			58			41
Net assets, end of period (in millions)	$	1,224.3		$	1,136.3		$	1,163.9		$	1,287.4		$	1,379.5		$	1,102.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.02		$	13.27		$	15.77		$	18.95		$	14.92		$	11.74
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.22			0.26			0.34			0.27			0.27
Net realized and unrealized gain (loss) on investments		1.98			0.67			(0.75	)		(1.29	)		4.20			3.13
Total from investment operations		2.23			0.89			(0.49	)		(0.95	)		4.47			3.40
Less Distributions
Distributions from net investment income		(0.26	)		(0.28	)		(0.50	)		(0.46	)		(0.44	)		(0.22	)
Distributions from net realized capital gains		0.00			(0.86	)		(1.51	)		(1.77	)		0.00			0.00
Total distributions		(0.26	)		(1.14	)		(2.01	)		(2.23	)		(0.44	)		(0.22	)
Net Asset Value, End of Period	$	14.99		$	13.02		$	13.27		$	15.77		$	18.95		$	14.92
Total Return (%) (b)		17.16	(c)		8.31			(4.45	)		(5.67	)		30.65			29.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.95	(d)		0.96			0.98			0.98			0.98			0.98
Net ratio of expenses to average net assets (%) (e)		0.94	(d)		0.94			0.96			0.96			0.96			0.96
Ratio of net investment income to average net assets (%)		3.50	(d)		1.83			1.75			1.98			1.60			2.10
Portfolio turnover rate (%)		20	(c)		50			49			45			58			41
Net assets, end of period (in millions)	$	118.7		$	107.4		$	113.1		$	129.4		$	148.9		$	116.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Harris Oakmark International Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-13

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization

BHFTI-14

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and distribution re-designations. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2017, the Portfolio had a payment of $823,662 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2017. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2017. The Portfolio’s average overdraft advances during the six months ended June 30, 2017 were not significant.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $91,032,036. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $20,223,794. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

BHFTI-15

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized depreciation on forward foreign currency exchange contracts	$	1,758,490

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†		Net Amount*
State Street Bank and Trust	$	1,758,490	$	—	$	—	$	1,758,490

*	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

BHFTI-16

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	4,271,764
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	(7,020,383	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	69,147,819

‡ Averages are based on activity levels during the year.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

BHFTI-17

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	646,226,059	$	0	$	956,210,156

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$12,415,290		0.850	%	First $100 million
		0.800	%	$100 million to $1 billion
		0.750	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Harris Associates L.P. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	Over $	1 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse

BHFTI-18

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$86,374,797	$	149,387,085	$	179,128,079	$	253,405,474	$	265,502,876	$	402,792,559

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$57,603,263	$	—	$	(47,961,858	)	$	(152,584,551	)	$	(142,943,146	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had short-term accumulated capital losses of $31,731,321 and long-term accumulated capital losses of $120,853,230.

BHFTI-19

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-20

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
221,240,334		7,883,481		13,659,842

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		227,809,761		14,973,895
Robert Boulware		227,926,352		14,857,304
Susan C. Gause		228,036,008		14,747,649
Nancy Hawthorne		227,945,541		14,838,115
Barbara A. Nugent		228,244,810		14,538,846
John Rosenthal		227,870,557		14,913,100
Linda B. Strumpf		227,545,155		15,238,501
Dawn M. Vroegop		227,605,522		15,178,135

BHFTI-21

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the Invesco Balanced-Risk Allocation Portfolio returned 2.07%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

One of the effects of the continuing aggressive monetary policy, coupled with the absence of effective fiscal policy measures, is wealth inequality and the subsequent rise in populism and nationalism that we experienced in 2016. The first half of 2017 witnessed some abatement of anti-establishment politics with Emmanuel Macron winning in France and Geert Wilders losing the Dutch election; however, the one year anniversary of Brexit, Britain’s referendum vote to leave the European Union (“E.U.”), still finds politics in turmoil after an early call for elections by British Prime Minister Theresa May left her pro-Brexit Tory government without a majority. Another effect is the bloated balance sheets of the major central banks, which now find themselves an ever-larger owner of outstanding bond issues and facing the risk that they will not have sufficient dosage to aid their economies when the next recession inevitably arrives. Withdrawing the aid may prove to be more difficult than its administration; nevertheless, global stock markets continued to surge but slow growth, low inflation and political uncertainty provided a lift to bonds. Commodities declined as oversupplied agriculture and energy complexes overwhelmed gains in industrial metals and precious metals.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Invesco Balanced-Risk Allocation Portfolio strategically balances the amount of risk exposure to equities, fixed income and commodities and targets a strategic risk level of 8%. This is intended to limit the impact of surprise outcomes on the Portfolio. Secondarily, the Portfolio tactically shifts from the strategic equal risk in order to emphasize those assets that are more likely to outperform cash on a monthly basis. Tactical allocation is applied at the individual asset level and aggregated with the strategic allocation allowing the Portfolio risk target to fluctuate between 6% and 10%.

Positive absolute performance from the strategic and tactical equity exposures as well as strategic bond exposures drove results for the reporting period. Strategic and tactical commodity exposures and tactical bond exposures detracted from absolute performance. The Portfolio’s relative underperformance occurred from the commodity and fixed income exposures.

Stocks had a great first half as all six of our market exposures rallied, with Hong Kong, Europe, U.S. large caps and Japan being the leading markets followed by the U.K. and U.S. small caps. Hong Kong stocks led results as signs of economic stability in China, along with appealing valuations, translated into flows from the mainland. European stocks benefitted from a pickup in manufacturing, low borrowing costs and the euro’s competitive exchange rate. U.S. large cap stocks had gains, but narrow breadth is a growing concern as leadership is becoming more concentrated in a handful of Technology stocks. Furthermore, President Trump’s inability to get the Republican majority to fast track his economic agenda has begun to temper enthusiasm. The smaller company Russell 2000 Index surged after Trump’s election, and was our leading market for 2016, but it ended the first half of 2017 as the weakest performer given uncertainty over fiscal policy reforms. A populist revolt against E.U. regulation led to the U.K.’s decision to Brexit a year ago but the country’s economy has not imploded as many opponents had forecasted. The weaker British pound has aided the country’s stock market as a competitive currency provides exporters an advantage in sales and earnings.

Overall, tactical shifts within the equity sleeve were additive to results as the Portfolio maintained an overweight to the asset class during the entire first half of the calendar year.

Despite low first quarter Gross Domestic Product (GDP) and inflation, the U.S. Federal Reserve (the “Fed”) raised rates in March and June. While the data may not have strongly supported a need to notch interest rates higher, the Fed may be attempting to slowly withdraw their heavy dosage of monetary stimulus. Additionally, the Fed has indicated that they could start reducing their balance sheet as early as later this year while the European Central Bank has been hinting at a taper of their stimulus program despite an inflation rate that refuses to cooperate. Political discord in the U.S. aided bonds early in the year as the focus turned to Russian intrigue, while the initial failure of the U.S. House of Representative to pass health care reform subdued enthusiasm for proposed tax cuts. Later in the period, weakness in commodities, especially energy, further reduced inflationary expectations and bond yields. All six bond markets with the exception of Germany had gains for the first half, led by the U.S. and the commodity-oriented economy of Australia. U.K. and U.S. bond markets gained with further help from geopolitical conflicts arising in North Korea and the Middle East. The Japanese bond markets had modest price advances, with only an incremental benefit to results, as their low absolute yields have led to a reduced allocation.

Tactical exposure detracted from overall results as the Portfolio maintained a targeted risk contribution below the strategic threshold when bond yields receded (and prices advanced), particularly during the second quarter.

Commodities gave back much of their 2016 gains, with 2017 shaping up to be a battle between the profits in metals complexes and losses in the oversupplied energy and agriculture complexes. The energy markets have once again grabbed the headlines as Organization of the Petroleum Exporting Countries (“OPEC”) extended their 2016 production cut into 2018, but high existing inventory levels and increasing production from Iraq, Nigeria, Libya and the U.S. continue to force prices lower. All energy exposures declined, but unleaded gasoline was hit hardest, with stock levels in the U.S.

BHFTI-1

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

(recorded in April) well above their five-year average. Exceptionally good weather in North and South America has hurt grain prices, especially the soy complex, as Brazil is on track to harvest a record soybean crop. Sugar was the worst performer within agriculture as 2016 deficits have been quickly restored while demand has faded. Cotton was a bright spot as rising global demand for higher quality U.S. crops put a lift under prices. Industrial metals rose on a resurgence in Chinese economic data and early period enthusiasm for President Trump’s infrastructure agenda. The complex got the biggest boost from aluminum, which further benefitted from Chinese plans to cut production in an effort to reduce pollution. Precious metals had the largest gains. Strength in the complex resulted from numerous factors, including the fading strength of the U.S. dollar, inflation showing marginal increases and long yields remaining stubbornly low. Fears of geopolitical strife including European elections and potential military conflict in North Korea also provided support.

Tactical shifts among the various commodities hurt performance mainly due to losses in energy, sugar and soy exposures as our models had favorable readings while underlying prices reversed.

Tactical positioning at the end of the period maintained overweights to all six equity markets but with reductions in the U.K., U.S. large caps and Europe. Positioning in bonds moved to underweight across all six markets. In commodities, the posture in agriculture shifted from defensive to constructive. In energy, every exposure was underweight except for heating oil which was neutral. In metals, the overweights to gold and silver weakened while overweights to copper has strengthened and the overweight to aluminum has been maintained.

Please note that the Portfolio is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a more liquid and cost-effective way to gain exposure to asset classes. Additionally, the leverage used in the strategy is inherent in these instruments. All derivatives performed as expected during the period.

Scott Wolle

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Portfolio Managers

Invesco Advisers, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Invesco Balanced-Risk Allocation Portfolio
Class B		2.07		3.49		4.41		4.38
Dow Jones Moderate Index		7.27		10.35		7.87		7.28

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/23/2012. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		53.9
Global Developed Equities		40.7
Commodities - Production Weighted		28.7

* The percentages noted above are based on the notional amounts by asset class as a percentage of net assets

BHFTI-3

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Balanced-Risk Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.87	%	$	1,000.00	$	1,020.70	$	4.36
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 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 1.177%, 07/31/18 (a)		8,310,000	$	8,324,950
1.193%, 04/30/18 (a)		22,092,000		22,129,556
1.275%, 01/31/18 (a)		11,050,000		11,068,940
Total U.S. Treasury & Government Agencies (Cost $41,451,998)				41,523,446
Commodity-Linked Securities—1.8%
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		6,679,396
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		13,610,662
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		9,390,722
Total Commodity-Linked Securities (Cost $39,350,000)				29,680,780
Short-Term Investments—93.7%
Certificate of Deposit—9.4%
Banco del Estado de Chile 1.120%, 07/12/17 (b)		27,000,000		26,999,201
Bank of Nova Scotia 1.589%, 07/14/17 (b)		32,000,000		32,005,440
KBC Bank NV 1.140%, 07/26/17 (b)		35,000,000		35,003,408
Natixis (NY) 1.280%, 09/01/17 (b)		30,000,000		30,004,129
Sumitomo Mitsui Trust Bank, Ltd. (NY) 1.170%, 07/03/17 (b)		31,000,000		30,999,989
				155,012,167
Commercial Paper—56.3%
American Honda Finance Corp. 0.976%, 07/21/17 (b)		40,000,000		39,974,007
Apple, Inc. 0.759%, 07/05/17 (b)		25,000,000		24,996,292
0.891%, 07/18/17 (b)		20,000,000		19,989,180
0.966%, 07/21/17 (b)		10,000,000		9,993,677
Bennington Sark Capital Co. LLC 1.194%, 07/17/17 (b)		15,000,000		14,991,465
BMW U.S. Capital LLC 1.067%, 07/19/17 (b)		20,000,000		19,988,252
Commercial Paper—(Continued)
Charta LLC 1.286%, 09/22/17 (b)		37,000,000		36,887,421
Coca-Cola Co. (The) 0.791%, 07/07/17 (b)		25,000,000		24,994,799
1.127%, 08/24/17 (b)		20,000,000		19,966,175
Collateralized Commercial Paper Co. LLC 0.974%, 07/05/17 (b)		30,000,000		29,995,050
DBS Bank, Ltd. 1.306%, 09/20/17 (b)		35,000,000		34,902,580
Exxon Mobil Corp. 1.116%, 08/22/17 (b)		40,000,000		39,934,044
Fairway Finance Co. LLC 1.073%, 07/21/17 (b)		30,000,000		29,978,720
Johnson & Johnson 1.012%, 07/17/17 (b)		40,000,000		39,979,581
L’Oreal U.S.A., Inc. 0.996%, 07/11/17 (b)		30,000,000		29,990,146
1.041%, 07/17/17 (b)		14,350,000		14,342,675
Manhattan Asset Funding Co. LLC 1.247%, 08/25/17 (b)		35,000,000		34,931,563
Nestle Capital Corp. 1.179%, 10/11/17 (b)		19,848,000		19,780,026
Novartis Finance Corp. 0.615%, 07/03/17 (b)		21,000,000		20,998,136
NRW Bank 0.908%, 07/06/17 (b)		27,000,000		26,994,829
1.018%, 07/12/17 (b)		5,000,000		4,998,072
Old Line Funding LLC 1.365%, 11/06/17 (b)		40,000,000		39,805,210
PACCAR Financial Corp. 1.100%, 07/31/17 (b)		31,500,000		31,467,965
PepsiCo, Inc. 1.024%, 07/21/17 (b)		25,000,000		24,983,754
1.064%, 08/18/17 (b)		20,000,000		19,969,157
Regency Market No. 1 LLC 1.198%, 07/25/17 (b)		10,000,000		9,991,479
Ridgefield Funding Co. LLC 1.253%, 09/11/17 (b)		35,055,000		34,964,510
Siemens Capital Co. LLC 1.186%, 09/26/17 (b)		30,000,000		29,916,547
Societe Generale 1.300%, 08/31/17 (b)		35,000,000		34,927,486
Toronto-Dominion Bank (The) 1.307%, 09/25/17 (b)		25,000,000		24,925,204
Total Capital Canada, Ltd. 0.974%, 07/13/17 (b)		20,000,000		19,991,637
Unilever Capital Corp. 0.831%, 07/10/17 (b)		25,000,000		24,992,333
Victory Receivables Corp. 1.286%, 09/20/17 (b)		40,000,000		39,864,973
Wal-Mart Stores, Inc. 0.995%, 07/10/17 (b)		30,000,000		29,991,050
1.070%, 07/24/17 (b)		20,000,000		19,985,520
				924,383,515

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Shares/ Principal Amount*		Value
Municipals—2.1%
Columbus Regional Airport Authority, Revenue Bonds 0.960%, 04/01/35 (a)		21,000,000	$	21,000,000
County of Emery, Utah, Revenue Bonds 0.900%, 11/01/24 (a)		13,300,000		13,300,000
				34,300,000
Mutual Funds—19.3%
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class 1.000% (c) (d)		258,374,328		258,374,328
STIT-Government & Agency Portfolio, Institutional Class 0.030% (c) (d)		34,805,554		34,805,554
STIT-Treasury Portfolio Institutional Class 0.935% (c) (d)		23,203,703		23,203,703
				316,383,585
U.S. Treasury—6.6%
U.S. Treasury Bills 0.562%, 08/17/17 (b) (e)		5,370,000		5,363,932
0.570%, 07/06/17 (b) (e)		32,230,000		32,227,969
0.584%, 07/27/17 (b) (e)		20,740,000		20,728,655
0.906%, 10/05/17 (b) (e)		13,500,000		13,464,225
1.085%, 12/07/17 (b) (e)		26,780,000		26,655,045
1.110%, 12/14/17 (b)		10,730,000		10,677,820
				109,117,646
Total Short-Term Investments (Cost $1,539,236,589)				1,539,196,913
Total Investments—98.0% (Cost $1,620,038,587) (f)				1,610,401,139
Other assets and liabilities (net)—2.0%				32,110,465
Net Assets—100.0%			$	1,642,511,604

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 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 June 30, 2017.
(d)	Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $61,589,547.
(f)	As of June 30, 2017, the aggregate cost of investments was $1,620,038,587. The aggregate unrealized appreciation and depreciation of investments were $104,134 and $(9,741,582), respectively, resulting in net unrealized depreciation of $(9,637,448).
(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 June 30, 2017, the market value of 144A securities was $29,680,780, which is 1.8% 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		09/15/17		2,485		AUD	325,812,625	$	(3,537,209	)
Brent Crude Oil Futures		11/30/17		414		USD	21,454,060		(816,160	)
Canada Government Bond 10 Year Futures		09/20/17		3,342		CAD	482,549,927		(9,894,993	)
Euro Stoxx 50 Index Futures		09/15/17		3,385		EUR	120,303,828		(4,756,457	)
Euro-Bund Futures		09/07/17		913		EUR	150,271,041		(2,836,792	)
FTSE 100 Index Futures		09/15/17		1,375		GBP	102,380,353		(3,641,620	)
Gasoline RBOB Futures		07/31/17		557		USD	33,168,390		2,243,108
Hang Seng Index Futures		07/28/17		615		HKD	788,324,709		(203,134	)
Japanese Government 10 Year Bond Futures		09/12/17		13		JPY	1,958,333,000		(61,374	)
New York Harbor ULSD Futures		07/31/17		187		USD	11,815,427		(167,160	)
Russell 2000 Index Mini Futures		09/15/17		1,305		USD	92,977,910		(694,835	)
S&P 500 Index E-Mini Futures		09/15/17		933		USD	113,374,363		(439,378	)
Silver Futures		09/27/17		542		USD	44,873,434		185,736

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
TOPIX Index Futures		09/07/17		1,020		JPY	16,270,061,820	$	1,486,892
U.S. Treasury Long Bond Futures		09/20/17		1,040		USD	158,966,543		868,457
United Kingdom Long Gilt Bond Futures		09/27/17		2,160		GBP	275,641,630		(5,744,363	)
WTI Light Sweet Crude Oil Futures		11/17/17		329		USD	16,198,545		(719,095	)
Net Unrealized Depreciation								$	(28,728,377	)

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)
0.300%	12/21/17	Macquarie Bank, Ltd.	Aluminum Dynamic Selection Index	USD	15,236,444	$	466,348		$	—	$	466,348
0.280%	09/18/17	Barclays Bank plc	Aluminum Excess Return Index	USD	4,725,939		—			—		—
0.330%	10/23/17	Barclays Bank plc	Barclays Commodity Strategy 1452 Excess Return Index	USD	29,377,864		1,412,333			—		1,412,333
0.450%	07/07/17	Barclays Bank plc	Barclays Commodity Strategy 1719 Excess Return Index	USD	6,874,829		57,715			—		57,715
0.300%	04/10/18	Canadian Imperial Bank of Commerce	CIBC Dynamic Roll LME Copper Excess Return Index	USD	33,724,086		937,905			—		937,905
0.120%	01/12/18	Cargill, Inc.	Single Commodity Excess Return Index	USD	22,851,925		—			—		—
0.400%	10/07/17	Goldman Sachs International	Goldman Sachs Alpha Basket B823 Excess Return Strategy	USD	39,646,560		(333,645	)		—		(333,645	)
0.000%	07/31/17	Goldman Sachs International	Hang Seng Index	HKD	269,325,716		(87,508	)		—		(87,508	)
0.250%	04/25/18	JPMorgan Chase Bank N.A.	JPMorgan Beta Contag Gas Oil Excess Return Index	USD	13,097,573		639,285			—		639,285
0.250%	08/17/17	Bank of America N.A.	MLCX Natural Gas Annual Excess Return Index	USD	16,631,174		—			—		—
0.140%	06/27/18	Bank of America N.A.	Merrill Lynch Gold Excess Return Index	USD	28,970,589		(106,881	)		—		(106,881	)
0.470%	10/07/17	Cargill, Inc.	Monthly Rebalance Commodity Excess Return Index	USD	43,237,218		—			—		—
0.380%	10/16/17	Morgan Stanley Capital Services LLC	S&P GSCI Aluminum Dynamic Roll Index	USD	22,963,005		639,630			—		639,630
0.090%	10/16/17	JPMorgan Chase Bank N.A.	S&P GSCI Gold Index Excess Return	USD	23,229,932		(132,023	)		—		(132,023	)
Totals						$	3,493,159		$	—	$	3,493,159

Securities in the amount of $1,410,064 have been received at the custodian bank as collateral for OTC swap contracts.

Index Information:

Barclays Commodity Strategy 1719 Excess Return Index—a commodity index that provide exposure to future contracts on Copper.

Barclays Commodity Strategy 1452 Excess Return Index—a commodity index that provide exposure to future contracts on Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean Oil, Sugar and Wheat.

Goldman Sachs Alpha Basket B823 Excess Return Strategy—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, Soybean Meal, Soybean Oil, Soybeans, Sugar and Wheat.

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

Single Commodity Excess Return Index—commodity index that provides exposure to futures contracts on Gold.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

(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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	41,523,446		$	—	$	41,523,446
Total Commodity-Linked Securities		—			29,680,780			—		29,680,780
Short-Term Investments
Certificate of Deposit		—			155,012,167			—		155,012,167
Commercial Paper		—			924,383,515			—		924,383,515
Municipals		—			34,300,000			—		34,300,000
Mutual Funds		316,383,585			—			—		316,383,585
U.S. Treasury		—			109,117,646			—		109,117,646
Total Short-Term Investments		316,383,585			1,222,813,328			—		1,539,196,913
Total Investments	$	316,383,585		$	1,294,017,554		$	—	$	1,610,401,139
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,784,193		$	—		$	—	$	4,784,193
Futures Contracts (Unrealized Depreciation)		(33,512,570	)		—			—		(33,512,570	)
Total Futures Contracts	$	(28,728,377	)	$	—		$	—	$	(28,728,377	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	4,153,216		$	—	$	4,153,216
OTC Swap Contracts at Value (Liabilities)		—			(660,057	)		—		(660,057	)
Total OTC Swap Contracts	$	—		$	3,493,159		$	—	$	3,493,159

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	1,294,017,554
Affiliated investments at value (b)		316,383,585
Cash		3,247,586
Cash collateral (c)		47,522,002
OTC swap contracts at market value		4,153,216
Receivable for:
Fund shares sold		133,969
Interest		484,774
Total Assets		1,665,942,686
Liabilities
OTC swap contracts at market value		660,057
Cash collateral for OTC swap contracts		12,300,003
Payables for:
Variation margin on futures contracts		7,998,390
OTC swap contracts		657,466
Fund shares redeemed		251,051
Interest on OTC swap contracts		52,182
Accrued Expenses:
Management fees		811,066
Distribution and service fees		343,061
Deferred trustees’ fees		90,943
Other expenses		266,863
Total Liabilities		23,431,082
Net Assets	$	1,642,511,604
Net Assets Consist of:
Paid in surplus	$	1,610,224,695
Distributions in excess of net investment income		(451,614	)
Accumulated net realized gain		67,793,738
Unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(35,055,215	)
Net Assets	$	1,642,511,604
Net Assets
Class B	$	1,642,511,604
Capital Shares Outstanding*
Class B		172,362,582
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.53

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,303,655,002.
(b)	Identified cost of affiliated investments was $316,383,585.
(c)	Includes collateral of $8,740,000 for forward foreign currency exchange contracts, $25,182,002 for OTC swap contracts and $13,600,000 for futures contracts.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from affiliated investments	$	1,411,783
Interest (a)		5,518,610
Total investment income		6,930,393
Expenses
Management fees		5,129,607
Administration fees		50,458
Custodian and accounting fees		66,916
Distribution and service fees—Class B		2,034,026
Audit and tax services		41,348
Legal		20,784
Trustees’ fees and expenses		26,454
Shareholder reporting		29,299
Insurance		4,637
Miscellaneous		9,128
Total expenses		7,412,657
Less management fee waiver		(312,382	)
Net expenses		7,100,275
Net Investment Loss		(169,882	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(11	)
Futures contracts		84,677,965
Swap contracts		(9,212,571	)
Foreign currency transactions		(367,338	)
Net realized gain		75,098,045
Net change in unrealized appreciation (depreciation) on:
Investments		(5,486,980	)
Futures contracts		(41,828,051	)
Swap contracts		5,424,182
Foreign currency transactions		(174,582	)
Net change in unrealized depreciation		(42,065,431	)
Net realized and unrealized gain		33,032,614
Net Increase in Net Assets From Operations	$	32,862,732

(a) Net of foreign withholding taxes of $24,359.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(169,882	)	$	(5,606,782	)
Net realized gain		75,098,045			147,736,141
Net change in unrealized appreciation (depreciation)		(42,065,431	)		6,768,674
Increase in net assets from operations		32,862,732			148,898,033
From Distributions to Shareholders
Net investment income
Class B		(61,587,538	)		(2,081,473	)
Net realized capital gains
Class B		(85,371,984	)		0
Total distributions		(146,959,522	)		(2,081,473	)
Increase in net assets from capital share transactions		229,428,542			93,119,831
Total increase in net assets		115,331,752			239,936,391
Net Assets
Beginning of period		1,527,179,852			1,287,243,461
End of period	$	1,642,511,604		$	1,527,179,852
Undistributed (distributions in excess of) net investment income
End of period	$	(451,614	)	$	61,305,806

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		12,862,124		$	133,918,662			18,721,832		$	188,187,097
Reinvestments		15,244,764			146,959,522			210,462			2,081,473
Redemptions		(4,946,310	)		(51,449,642	)		(9,959,073	)		(97,148,739	)
Net increase		23,160,578		$	229,428,542			8,973,221		$	93,119,831
Increase derived from capital shares transactions				$	229,428,542					$	93,119,831

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012(a)
Net Asset Value, Beginning of Period	$	10.24		$	10.64		$	10.58		$	10.49		$	10.00
Income (Loss) from Investment Operations
Net investment loss (b)		(0.00	)(c)		(0.08	)		(0.08	)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.22			(0.32	)		0.65			0.27			0.69
Total from investment operations		0.22			(0.40	)		0.57			0.19			0.63
Less Distributions
Distributions from net investment income		(0.39	)		(0.30	)		0.00			0.00			(0.03	)
Distributions from net realized capital gains		(0.54	)		(0.76	)		(0.51	)		(0.10	)		(0.11	)
Total distributions		(0.93	)		(1.06	)		(0.51	)		(0.10	)		(0.14	)
Net Asset Value, End of Period	$	9.53		$	9.18		$	10.64		$	10.58		$	10.49
Total Return (%) (d)		2.07	(e)		(4.20	)		5.58			1.86			6.34	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.91	(f)		0.92			0.94			0.93			1.03	(f)
Gross ratio of expenses to average net assets excluding interest expense (%)		0.91	(f)		0.92			0.93			0.91			1.03	(f)
Net ratio of expenses to average net assets (%) (g)(i)		0.87	(f)		0.89			0.91			0.90			0.90	(f)
Net ratio of expenses to average net assets excluding interest expense (%) (g)(i)		0.87	(f)		0.89			0.90			0.88			0.90	(f)
Ratio of net investment loss to average net assets (%)		(0.02	)(f)		(0.76	)		(0.78	)		(0.76	)		(0.80	)(f)
Portfolio turnover rate (%)		21	(e)		40			44			34			0	(h)
Net assets, end of period (in millions)	$	1,642.5		$	1,287.2		$	1,351.3		$	1,340.5		$	973.1

(a)	Commencement of operations was April 23, 2012.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Net investment loss was less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).
(h)	There were no long-term sale transactions during the period ended December 31, 2012.
(i)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2017. (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Balanced-Risk Allocation Portfolio (the “Portfolio”), which is non-diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—Invesco Balanced-Risk Allocation Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the Invesco Balanced-Risk Allocation Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary’s inception date is April 23, 2012 and it may invest in commodity derivatives, exchange-traded notes, exchange-traded funds, cash and cash equivalents, including money market funds affiliated with Invesco Advisers, Inc. (the “Subadviser”). Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by the Subadviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $401,741,895 in the Subsidiary, representing 24.2% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in unregistered open-end management investment companies are reported at NAV per share on the valuation date and are categorized as Level 1 within the fair value heirarchy provided the NAV is observable, calculated daily and are the value at which both purchases and sales will be conducted.

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

BHFTI-13

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to futures transactions, foreign currency transactions, swap transactions, premium amortization and controlled foreign corporations. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it. The Portfolio had no outstanding repurchase agreements at June 30, 2017.

4. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign

BHFTI-14

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by

BHFTI-15

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Equity Swaps: Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	868,457	Unrealized depreciation on futures contracts (a) (b)	$	22,074,731
Equity				OTC swap contracts at market value (c)		87,508
	Unrealized appreciation on futures contracts (a) (b)		1,486,892	Unrealized depreciation on futures contracts (a) (b)		9,735,424
Commodity	OTC swap contracts at market value (c)		4,153,216	OTC swap contracts at market value (c)		572,549
	Unrealized appreciation on futures contracts (a) (b)		2,428,844	Unrealized depreciation on futures contracts (a) (b)		1,702,415
		$	8,937,409		$	34,172,627

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Excludes OTC swap interest payable of $52,182.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

BHFTI-16

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	1,470,048	$	—		$	—		$	1,470,048
Canadian Imperial Bank of Commerce		937,905		—			—			937,905
JPMorgan Chase Bank N.A.		639,285		(132,023	)		—			507,262
Macquarie Bank, Ltd.		466,348		—			—			466,348
Morgan Stanley Capital Services, LLC		639,630		—			(360,000	)		279,630
	$	4,153,216	$	(132,023	)	$	(360,000	)	$	3,661,193

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.
Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	106,881	$	—		$	(106,881	)	$	—
Goldman Sachs International		421,153		—			(421,153	)		—
JPMorgan Chase Bank N.A.		132,023		(132,023	)		—			—
	$	660,057	$	(132,023	)	$	(528,034	)	$	—

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity			Total
Futures contracts	$	34,695,691		$	67,634,634		$	(17,652,360	)	$	84,677,965
Swap contracts		—			4,856,430			(14,069,001	)		(9,212,571	)
	$	34,695,691		$	72,491,064		$	(31,721,361	)	$	75,465,394
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity			Total
Futures contracts	$	(22,026,051	)	$	(16,892,088	)	$	(2,909,912	)	$	(41,828,051	)
Swap contracts		—			(457,040	)		5,881,222			5,424,182
	$	(22,026,051	)	$	(17,349,128	)	$	2,971,310		$	(36,403,869	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	863,217,028
Swap contracts		2,617,001

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTI-17

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	30,810,000	$	0	$	100,775,000

BHFTI-18

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$5,129,607		0.675	%	First $250 million
		0.650	%	$250 million to $750 million
		0.625	%	$750 million to $1 billion
		0.600	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - The Subadviser agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it also receives due to the Portfolio’s investment in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the Subadviser or any of its affiliates serves as investment adviser. The Adviser agreed to waive a portion of the management fee related to the Subadviser’s waiving of its subadvisory fee on funds where the Subadviser or any of its affiliates serves as investment adviser. Amounts waived for the six months ended June 30, 2017 amounted to $235,091 and are included in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

Effective January 1, 2017, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $77,291 was waived in the aggregate for the six months ended June 30, 2017 and is reflected in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee.

BHFTI-19

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class		227,245,702		199,846,594		(168,717,968	)		258,374,328
STIT-Government & Agency Portfolio		69,441,390		180,316,181		(214,952,017	)		34,805,554
STIT-Treasury Portfolio Institutional Class		46,294,260		120,210,787		(143,301,344	)		23,203,703
Security Description	Net Realized Gain/(Loss) on sales of Affiliated Investments		Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments			Ending Value as of June 30, 2017
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class	$	—	$	—	$	1,038,251		$	258,374,328
STIT-Government & Agency Portfolio		—		—		174,522			34,805,554
STIT-Treasury Portfolio Institutional Class		—		—		199,010			23,203,703
	$	—	$	—	$	1,411,783		$	316,383,585

9. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

10. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$2,081,473	$	84,957,994	$	—	$	50,101,461	$	2,081,473	$	135,059,455

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$97,306,133	$	49,164,517	$	(10,137	)	$	—	$	146,460,513

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

During the year ended December 31, 2016, the Portfolio utilized $1,479,744 of accumulated capital losses.

11. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTI-20

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

12. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-21

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	131,911,949		5,370,507		8,183,174

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		136,519,032		8,946,598
Robert Boulware		136,557,615		8,908,015
Susan C. Gause		136,768,071		8,697,559
Nancy Hawthorne		136,651,867		8,813,763
Barbara A. Nugent		136,744,233		8,721,397
John Rosenthal		136,335,442		9,130,188
Linda B. Strumpf		136,293,018		9,172,612
Dawn M. Vroegop		136,586,719		8,878,911

BHFTI-22

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Invesco Comstock Portfolio returned 3.55% and 3.46%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 4.66%.

MARKET ENVIRONMENT / CONDITIONS

Despite volatility due to geopolitical events and uncertainty surrounding healthcare and tax reform in the U.S., the U.S. stock market remained resilient and the S&P 500 Index posted a gain of 9.34% during the period. Crude oil prices and energy stocks began a decline during the first quarter that continued through the second quarter amid supply concerns, despite confirmation of the OPEC-led production cuts. Growth stocks outperformed meaningfully, particularly due to strong returns from technology companies and the “FANG” (Facebook, Amazon, Netflix and Google/Alphabet) stocks. First quarter GDP was revised upward to 1.4% from 1.2%, and the U.S. Federal Reserve (the “Fed”) raised interest rates by another 25 basis points in June, following a similar rate increase in March.

In general, international and global indices outperformed the U.S. broad market. Within the U.S., growth outperformed value within small, mid and large caps.

PORTFOLIO REVIEW / CURRENT POSITIONING

The Portfolio produced positive returns, but underperformed the Russell 1000 Value Index for the six month period, ending June 30, 2017. Within the Russell 1000 Value Index, 9 of the 11 sectors posted positive returns, while Energy and Telecommunication Services produced negative returns. The Portfolio’s main performance driver was sector allocation; however, it should be noted that sector exposure is derived solely from bottom-up stock selection.

On the negative side, an overweight in Energy stocks detracted from relative performance. Within exploration and production, Devon Energy and Marathon Oil were the largest detractors. Oil prices, along with energy stocks, continued to decline during the period amid an increase in inventories, despite confirmation that the Organization of Petroleum Exporting Countries had been compliant with the agreed upon production cuts among members.

A material underweight to Utilities also hampered relative performance. The management team has long been underweight this sector due to unattractive valuations and fundamentals, in our opinion. Stock selection within Healthcare also hurt relative performance. The largest detractor in the sector came from not owning Johnson & Johnson and offset positive contributions from select holdings like Anthem and AbbVie.

On the positive side of sector performance, stock selection and an overweight within Financials was a large contributor for the period. Banks were the largest contributors to performance, followed by diversified financials and insurance. Citigroup was the largest contributor within the sector. In late June, the Fed posted the 2017 Comprehensive Capital Analysis and Review (CCAR) results, which were better than expected, showing the relative strength of large U.S banks and approving more return of capital back to shareholders. Having a material underweight to the Telecommunication Services sector also assisted relative performance versus the Russell 1000 Value Index benchmark, as that was one of the worst performing sectors for the period. The team has remained underweight this sector based on their opinion that valuations are unattractive. Stock selection in Information Technology was also a contributor to relative return. Within software and services, NetApp and PayPal Holdings performed well during the period. NetApp’s new management has focused on returning capital to shareholders and limiting merger & acquisition activity.

We used currency forward contracts during the reporting period solely for the purpose of hedging currency exposure of non-U.S.-based companies held in the Portfolio. The use of currency forward contracts had a negative impact on the Portfolio’s performance relative to the Russell 1000 Value Index for the reporting period.

BHFTI-1

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary—(Continued)

At the end of the period, compared to the Russell 1000 Value Index, the Portfolio’s largest overweights were in Consumer Discretionary, Energy, Financials and Information Technology. The Portfolio’s largest underweights were in Telecommunication Services, Utilities and Consumer Staples.

Kevin C. Holt

Devin E. Armstrong

Charles DyReyes

James Warwick

Portfolio Managers

Invesco Advisers, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Invesco Comstock Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Invesco Comstock Portfolio
Class A		3.55		21.54		13.31		5.64
Class B		3.46		21.25		13.03		5.38
Russell 1000 Value Index		4.66		15.53		13.94		5.57

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Citigroup, Inc.		6.1
Bank of America Corp.		4.7
JPMorgan Chase & Co.		4.0
Carnival Corp.		3.3
Cisco Systems, Inc.		2.5
Suncor Energy, Inc.		2.3
PNC Financial Services Group, Inc. (The)		2.1
General Motors Co.		2.1
Morgan Stanley		2.1
Wells Fargo & Co.		2.0

Top Sectors

	% of Net Assets
Financials		34.2
Energy		14.0
Health Care		12.7
Information Technology		10.6
Industrials		9.4
Consumer Discretionary		9.3
Consumer Staples		3.7
Materials		1.9
Telecommunication Services		0.7
Utilities		0.6

BHFTI-3

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Comstock Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,035.50	$	2.83
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,034.60	$	4.09
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—96.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.9%
Arconic, Inc. (a)		726,072	$	16,445,531
Textron, Inc. (a)		744,664		35,073,674
				51,519,205
Automobiles—2.1%
General Motors Co. (a)		1,573,864		54,975,070
Banks—22.7%
Bank of America Corp.		5,100,034		123,726,825
Citigroup, Inc.		2,399,919		160,506,583
Citizens Financial Group, Inc. (a)		879,626		31,385,056
Fifth Third Bancorp		1,841,302		47,800,200
JPMorgan Chase & Co.		1,143,714		104,535,460
KeyCorp		612,878		11,485,334
PNC Financial Services Group, Inc. (The)		451,529		56,382,426
U.S. Bancorp		205,270		10,657,618
Wells Fargo & Co.		976,557		54,111,023
				600,590,525
Biotechnology—2.5%
AbbVie, Inc.		284,279		20,613,070
Biogen, Inc. (b)		90,451		24,544,783
Gilead Sciences, Inc.		282,919		20,025,007
				65,182,860
Building Products—1.5%
Johnson Controls International plc		884,547		38,353,958
Capital Markets—6.5%
Bank of New York Mellon Corp. (The)		883,084		45,054,946
Goldman Sachs Group, Inc. (The)		130,467		28,950,627
Morgan Stanley		1,227,362		54,691,251
State Street Corp.		488,557		43,838,219
				172,535,043
Chemicals—0.7%
CF Industries Holdings, Inc. (a)		617,498		17,265,244
Communications Equipment—2.5%
Cisco Systems, Inc.		2,138,763		66,943,282
Consumer Finance—1.4%
Ally Financial, Inc.		1,809,412		37,816,711
Containers & Packaging—0.9%
International Paper Co. (a)		440,353		24,928,383
Electric Utilities—0.6%
FirstEnergy Corp.		541,657		15,794,718
Electrical Equipment—2.4%
Eaton Corp. plc		571,626		44,489,651
Emerson Electric Co.		310,030		18,483,989
				62,973,640
Energy Equipment & Services—0.9%
Halliburton Co.		562,608	$	24,028,988
Food & Staples Retailing—2.0%
CVS Health Corp.		286,406		23,044,227
Wal-Mart Stores, Inc.		377,111		28,539,760
				51,583,987
Food Products—1.1%
Danone S.A.		274,236		20,614,149
Mondelez International, Inc. - Class A		169,320		7,312,931
				27,927,080
Health Care Equipment & Supplies—0.9%
Medtronic plc		257,554		22,857,918
Health Care Providers & Services—2.5%
Anthem, Inc.		196,886		37,040,163
Cardinal Health, Inc. (a)		147,651		11,504,966
McKesson Corp.		107,448		17,679,494
				66,224,623
Hotels, Restaurants & Leisure—3.3%
Carnival Corp.		1,334,664		87,513,918
Industrial Conglomerates—1.1%
General Electric Co.		1,062,646		28,702,068
Insurance—3.5%
Aflac, Inc.		185,234		14,388,977
Allstate Corp. (The)		431,182		38,133,736
American International Group, Inc.		638,046		39,890,636
				92,413,349
Internet Software & Services—1.6%
eBay, Inc. (b)		1,215,732		42,453,361
IT Services—1.8%
Cognizant Technology Solutions Corp. - Class A		267,184		17,741,018
PayPal Holdings, Inc. (a) (b)		567,393		30,451,982
				48,193,000
Machinery—2.5%
Caterpillar, Inc. (a)		453,221		48,703,129
Ingersoll-Rand plc		193,103		17,647,683
				66,350,812
Media—2.9%
CBS Corp. - Class B		253,058		16,140,039
Charter Communications, Inc. - Class A (b)		37,495		12,630,191
Comcast Corp. - Class A		466,168		18,143,258
Twenty-First Century Fox, Inc. - Class B		1,067,594		29,753,845
				76,667,333

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—0.3%
Alcoa Corp. (a)		271,332	$	8,858,990
Oil, Gas & Consumable Fuels—13.1%
BP plc (ADR)		1,301,858		45,109,380
Canadian Natural Resources, Ltd.		759,723		21,922,297
Chevron Corp.		427,955		44,648,545
Devon Energy Corp.		1,004,011		32,098,232
Hess Corp. (a)		676,130		29,661,823
Marathon Oil Corp. (a)		2,134,950		25,299,158
Occidental Petroleum Corp. (a)		351,436		21,040,473
QEP Resources, Inc. (a) (b)		1,321,082		13,342,928
Royal Dutch Shell plc - Class A (ADR)		990,718		52,696,290
Suncor Energy, Inc.		2,040,268		59,575,826
				345,394,952
Personal Products—0.7%
Unilever NV		326,870		18,066,105
Pharmaceuticals—6.9%
Merck & Co., Inc.		512,798		32,865,224
Mylan NV (a) (b)		663,943		25,774,267
Novartis AG		305,199		25,486,852
Pfizer, Inc.		1,542,720		51,819,965
Sanofi (ADR)		943,372		45,196,953
				181,143,261
Semiconductors & Semiconductor Equipment—1.5%
Intel Corp.		884,134		29,830,681
QUALCOMM, Inc.		167,846		9,268,456
				39,099,137
Software—1.6%
Microsoft Corp.		611,755		42,168,272
Specialty Retail—1.0%
Advance Auto Parts, Inc. (a)		223,001		25,999,687
Technology Hardware, Storage & Peripherals—1.1%
NetApp, Inc. (a)		737,030		29,518,052
Wireless Telecommunication Services—0.7%
Vodafone Group plc		6,802,900		19,305,204
Total Common Stocks (Cost $2,057,519,522)				2,553,348,736
Mutual Fund—0.4%
Investment Company Security—0.4%
Altaba, Inc. (a) (b) (Cost $6,663,643)		200,596		10,928,470

Short-Term Investment—3.2%
Security Description	Principal Amount*		Value
Repurchase Agreement—3.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $84,553,709 on 07/03/17, collateralized by $85,175,000 U.S. Treasury Notes with rates ranging from 1.125% - 4.000%, maturity dates ranging from 06/15/18 - 08/15/18, with a value of $86,244,586.		84,552,863	$	84,552,863
Total Short-Term Investments (Cost $84,552,863)				84,552,863
Securities Lending Reinvestments (c)—5.2%
Certificates of Deposit—2.6%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		3,485,362		3,492,650
Bank of Montreal 1.130%, 07/07/17		5,000,000		4,999,950
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		2,000,000		2,001,975
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (d)		6,000,000		6,005,856
BNP Paribas New York 1.524%, 08/04/17 (d)		1,000,000		1,000,119
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
DG Bank New York 1.140%, 07/03/17		3,000,000		2,999,970
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		1,300,000		1,300,162
KBC Bank NV
Zero Coupon, 09/08/17		996,562		997,810
1.220%, 07/27/17		6,000,000		6,000,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		5,000,000		4,999,950
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (d)		2,000,000		2,000,046
1.401%, 09/01/17 (d)		3,000,000		3,001,817
Mizuho Bank, Ltd., New York 1.451%, 09/01/17 (d)		2,000,000		2,000,436
1.610%, 08/02/17 (d)		500,000		500,153
National Australia Bank London 1.480%, 11/09/17 (d)		2,000,000		2,001,620
Norinchukin Bank New York 1.687%, 07/12/17 (d)		4,000,000		4,000,484
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (d)		8,000,000		8,003,112
Sumitomo Mitsui Trust Bank, Ltd., New York 1.230%, 12/04/17 (d)		3,500,000		3,499,657
1.466%, 10/26/17 (d)		3,000,000		3,000,768
1.552%, 08/16/17 (d)		3,000,000		3,000,903
UBS, Stamford 1.722%, 07/31/17 (d)		1,001,022		1,000,571

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		2,000,000	$	2,001,788
				68,810,922
Commercial Paper—1.2%
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
Commonwealth Bank Australia 1.391%, 03/01/18		5,000,000		5,003,896
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		6,200,000		6,200,359
ING Funding LLC 1.234%, 12/07/17 (d)		2,000,000		2,000,691
1.277%, 11/13/17 (d)		2,000,000		1,999,854
National Australia Bank, Ltd. 1.563%, 12/06/17 (d)		6,500,000		6,508,782
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (d)		2,500,000		2,501,001
Sheffield Receivables Co. 1.230%, 07/07/17		3,987,563		3,999,064
Westpac Banking Corp. 1.506%, 10/20/17 (d)		2,000,000		2,001,994
				32,214,989
Repurchase Agreements—1.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $91,889 on 07/03/17, collateralized by $95,646 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $93,718.		91,880		91,880
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $2,226,125 on 10/02/17, collateralized by various Common Stock with a value of $2,420,000.		2,200,000		2,200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $7,000,642 on 07/03/17, collateralized by $6,973,098 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $7,140,001.		7,000,000		7,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $1,100,110 on 07/03/17, collateralized by $1,118,407 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $1,122,003.		1,100,000		1,100,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,501,163 on 07/03/17, collateralized by $326 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,667,735.		1,500,000		1,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $301,454 on 09/29/17, collateralized by various Common Stock with a value of $330,000.		300,000		300,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,540,494 on 10/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $3,526,766 on 10/02/17, collateralized by various Common Stock with a value of $3,850,000.		3,500,000		3,500,000
				28,191,880
Time Deposits—0.3%
Credit Industriel et Commercial 1.100%, 07/03/17		5,000,000		5,000,000
Shinkin Central Bank 1.330%, 07/25/17		4,000,000		4,000,000
				9,000,000
Total Securities Lending Reinvestments (Cost $138,180,855)				138,217,791
Total Investments—105.5% (Cost $2,286,916,883) (e)				2,787,047,860
Other assets and liabilities (net)—(5.5)%				(146,529,057	)
Net Assets—100.0%			$	2,640,518,803

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $135,828,497 and the collateral received consisted of cash in the amount of $138,156,070. 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 June 30, 2017.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $2,286,916,883. The aggregate unrealized appreciation and depreciation of investments were $607,608,968 and $(107,477,991), respectively, resulting in net unrealized appreciation of $500,130,977.
(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 Appreciation/ (Depreciation)
CAD	22,981,067	Barclays Bank plc		08/04/17	$	17,331,997	$	(399,092	)
CAD	22,980,827	Canadian Imperial Bank of Commerce		08/04/17		17,325,649		(405,255	)
CAD	22,981,067	Goldman Sachs & Co.		08/04/17		17,324,719		(406,369	)
CAD	22,981,067	Royal Bank of Canada		08/04/17		17,331,906		(399,183	)
CHF	5,135,571	Barclays Bank plc		08/04/17		5,282,069		(83,643	)
CHF	5,135,571	Canadian Imperial Bank of Commerce		08/04/17		5,283,020		(82,693	)
CHF	5,135,571	Goldman Sachs & Co.		08/04/17		5,285,140		(80,572	)
CHF	5,139,285	Royal Bank of Canada		08/04/17		5,287,488		(82,105	)
EUR	24,925,702	Barclays Bank plc		08/04/17		27,832,787		(679,825	)
EUR	24,925,702	Canadian Imperial Bank of Commerce		08/04/17		27,832,039		(680,573	)
EUR	24,929,008	Goldman Sachs & Co.		08/04/17		27,805,068		(711,326	)
EUR	2,602,560	Goldman Sachs & Co.		08/04/17		2,908,413		(68,666	)
EUR	773,150	Goldman Sachs & Co.		08/04/17		881,074		(3,336	)
EUR	24,925,702	Royal Bank of Canada		08/04/17		27,830,294		(682,318	)
EUR	2,357,560	Royal Bank of Canada		08/04/17		2,698,416		1,593
GBP	11,045,164	Barclays Bank plc		08/04/17		13,958,437		(441,003	)
GBP	11,043,249	Canadian Imperial Bank of Commerce		08/04/17		13,972,747		(424,196	)
GBP	11,043,249	Goldman Sachs & Co.		08/04/17		13,973,465		(423,478	)
GBP	11,043,249	Royal Bank of Canada		08/04/17		13,969,103		(427,840	)
Net Unrealized Depreciation							$	(6,479,880	)

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

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 Financial Statements.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	51,519,205	$	—		$	—	$	51,519,205
Automobiles		54,975,070		—			—		54,975,070
Banks		600,590,525		—			—		600,590,525
Biotechnology		65,182,860		—			—		65,182,860
Building Products		38,353,958		—			—		38,353,958
Capital Markets		172,535,043		—			—		172,535,043
Chemicals		17,265,244		—			—		17,265,244
Communications Equipment		66,943,282		—			—		66,943,282
Consumer Finance		37,816,711		—			—		37,816,711
Containers & Packaging		24,928,383		—			—		24,928,383
Electric Utilities		15,794,718		—			—		15,794,718
Electrical Equipment		62,973,640		—			—		62,973,640
Energy Equipment & Services		24,028,988		—			—		24,028,988
Food & Staples Retailing		51,583,987		—			—		51,583,987
Food Products		7,312,931		20,614,149			—		27,927,080
Health Care Equipment & Supplies		22,857,918		—			—		22,857,918
Health Care Providers & Services		66,224,623		—			—		66,224,623
Hotels, Restaurants & Leisure		87,513,918		—			—		87,513,918
Industrial Conglomerates		28,702,068		—			—		28,702,068
Insurance		92,413,349		—			—		92,413,349
Internet Software & Services		42,453,361		—			—		42,453,361
IT Services		48,193,000		—			—		48,193,000
Machinery		66,350,812		—			—		66,350,812
Media		76,667,333		—			—		76,667,333
Metals & Mining		8,858,990		—			—		8,858,990
Oil, Gas & Consumable Fuels		345,394,952		—			—		345,394,952
Personal Products		18,066,105		—			—		18,066,105
Pharmaceuticals		155,656,409		25,486,852			—		181,143,261
Semiconductors & Semiconductor Equipment		39,099,137		—			—		39,099,137
Software		42,168,272		—			—		42,168,272
Specialty Retail		25,999,687		—			—		25,999,687
Technology Hardware, Storage & Peripherals		29,518,052		—			—		29,518,052
Wireless Telecommunication Services		—		19,305,204			—		19,305,204
Total Common Stocks		2,487,942,531		65,406,205			—		2,553,348,736
Total Mutual Fund*		10,928,470		—			—		10,928,470
Total Short-Term Investment*		—		84,552,863			—		84,552,863
Total Securities Lending Reinvestments*		—		138,217,791			—		138,217,791
Total Investments	$	2,498,871,001	$	288,176,859		$	—	$	2,787,047,860
Collateral for Securities Loaned (Liability)	$	—	$	(138,156,070	)	$	—	$	(138,156,070	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	1,593		$	—	$	1,593
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(6,481,473	)		—		(6,481,473	)
Total Forward Contracts	$	—	$	(6,479,880	)	$	—	$	(6,479,880	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,787,047,860
Cash denominated in foreign currencies (c)		1,146
Unrealized appreciation on forward foreign currency exchange contracts		1,593
Receivable for:
Investments sold		2,010,831
Fund shares sold		37,590
Dividends and interest		4,129,086
Total Assets		2,793,228,106
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		6,481,473
Collateral for securities loaned		138,156,070
Payables for:
Investments purchased		6,011,214
Fund shares redeemed		297,681
Accrued Expenses:
Management fees		1,147,709
Distribution and service fees		215,167
Deferred trustees’ fees		115,782
Other expenses		284,207
Total Liabilities		152,709,303
Net Assets	$	2,640,518,803
Net Assets Consist of:
Paid in surplus	$	2,105,561,084
Undistributed net investment income		18,581,097
Accumulated net realized gain		22,711,934
Unrealized appreciation on investments and foreign currency transactions		493,664,688
Net Assets	$	2,640,518,803
Net Assets
Class A	$	1,586,826,899
Class B		1,053,691,904
Capital Shares Outstanding*
Class A		110,693,678
Class B		73,810,282
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.34
Class B		14.28

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,286,916,883.
(b)	Includes securities loaned at value of $135,828,497.
(c)	Identified cost of cash denominated in foreign currencies was $1,119.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	29,197,615
Interest		31,551
Securities lending income		676,910
Total investment income		29,906,076
Expenses
Management fees		7,035,796
Administration fees		39,502
Custodian and accounting fees		67,444
Distribution and service fees—Class B		1,318,896
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		52,346
Insurance		8,072
Miscellaneous		29,390
Total expenses		8,616,805
Less management fee waiver		(355,567	)
Less broker commission recapture		(11,349	)
Net expenses		8,249,889
Net Investment Income		21,656,187
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		28,911,718
Foreign currency transactions		(3,055,530	)
Net realized gain		25,856,188
Net change in unrealized appreciation (depreciation) on:
Investments		50,107,447
Foreign currency transactions		(10,374,048	)
Net change in unrealized appreciation		39,733,399
Net realized and unrealized gain		65,589,587
Net Increase in Net Assets From Operations	$	87,245,774

(a) Net of foreign withholding taxes of $834,353.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	21,656,187		$	54,925,040
Net realized gain		25,856,188			89,241,695
Net change in unrealized appreciation		39,733,399			248,308,035
Increase in net assets from operations		87,245,774			392,474,770
From Distributions to Shareholders
Net investment income
Class A		(39,840,401	)		(38,668,264	)
Class B		(24,195,462	)		(25,310,225	)
Net realized capital gains
Class A		(47,473,864	)		(106,459,478	)
Class B		(31,839,826	)		(77,490,408	)
Total distributions		(143,349,553	)		(247,928,375	)
Increase (decrease) in net assets from capital share transactions		218,883,156			(86,206,487	)
Total increase in net assets		162,779,377			58,339,908
Net Assets
Beginning of period		2,477,739,426			2,419,399,518
End of period	$	2,640,518,803		$	2,477,739,426
Undistributed net investment income
End of period	$	18,581,097		$	60,960,773

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		13,489,598		$	202,589,072			846,842		$	10,672,954
Reinvestments		6,127,317			87,314,265			11,789,419			145,127,742
Redemptions		(4,516,686	)		(67,865,531	)		(16,558,305	)		(229,098,487	)
Net increase (decrease)		15,100,229		$	222,037,806			(3,922,044	)	$	(73,297,791	)
Class B
Sales		1,222,632		$	18,099,429			2,580,639		$	34,154,524
Reinvestments		3,948,928			56,035,288			8,385,043			102,800,633
Redemptions		(5,208,515	)		(77,289,367	)		(11,115,399	)		(149,863,853	)
Net decrease		(36,955	)	$	(3,154,650	)		(149,717	)	$	(12,908,696	)
Increase (decrease) derived from capital shares transactions				$	218,883,156					$	(86,206,487	)

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	14.66		$	13.97		$	15.79		$	14.58		$	10.90		$	9.32
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.33			0.26			0.30			0.20			0.19
Net realized and unrealized gain (loss) on investments		0.37			1.85			(1.08	)		1.08			3.65			1.55
Total from investment operations		0.51			2.18			(0.82	)		1.38			3.85			1.74
Less Distributions
Distributions from net investment income		(0.38	)		(0.40	)		(0.48	)		(0.17	)		(0.17	)		(0.16	)
Distributions from net realized capital gains		(0.45	)		(1.09	)		(0.52	)		0.00			0.00			0.00
Total distributions		(0.83	)		(1.49	)		(1.00	)		(0.17	)		(0.17	)		(0.16	)
Net Asset Value, End of Period	$	14.34		$	14.66		$	13.97		$	15.79		$	14.58		$	10.90
Total Return (%) (b)		3.55	(c)		17.64			(5.73	)		9.60			35.64			18.76
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59	(d)		0.59			0.58			0.58			0.59			0.60
Net ratio of expenses to average net assets (%) (e)(f)		0.56	(d)		0.57			0.56			0.56			0.57			0.58
Ratio of net investment income to average net assets (%)		1.85	(d)		2.43			1.76			1.97			1.59			1.90
Portfolio turnover rate (%)		13	(c)		16			15			23	(g)		14			17
Net assets, end of period (in millions)	$	1,586.8		$	1,401.0		$	1,390.6		$	1,587.6		$	1,897.6		$	1,524.2
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	14.58		$	13.90		$	15.72		$	14.52		$	10.85		$	9.28
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.29			0.23			0.24			0.17			0.17
Net realized and unrealized gain (loss) on investments		0.38			1.84			(1.08	)		1.10			3.64			1.53
Total from investment operations		0.50			2.13			(0.85	)		1.34			3.81			1.70
Less Distributions
Distributions from net investment income		(0.35	)		(0.36	)		(0.45	)		(0.14	)		(0.14	)		(0.13	)
Distributions from net realized capital gains		(0.45	)		(1.09	)		(0.52	)		0.00			0.00			0.00
Total distributions		(0.80	)		(1.45	)		(0.97	)		(0.14	)		(0.14	)		(0.13	)
Net Asset Value, End of Period	$	14.28		$	14.58		$	13.90		$	15.72		$	14.52		$	10.85
Total Return (%) (b)		3.46	(c)		17.30			(5.97	)		9.31			35.39			18.43
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(d)		0.84			0.83			0.83			0.84			0.85
Net ratio of expenses to average net assets (%) (e)(f)		0.81	(d)		0.82			0.81			0.81			0.82			0.83
Ratio of net investment income to average net assets (%)		1.58	(d)		2.18			1.51			1.60			1.33			1.65
Portfolio turnover rate (%)		13	(c)		16			15			23	(g)		14			17
Net assets, end of period (in millions)	$	1,053.7		$	1,076.8		$	1,028.8		$	1,213.1		$	762.8		$	607.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2017. (see Note 6 of the Notes to Financial Statements).
(g)	Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Comstock Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTI-13

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due

BHFTI-14

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

to broker commission recapture, investments in passive foreign investment companies (PFICs), adjustments to prior period accumulated balances and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $84,552,863. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $28,191,880. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-15

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	1,593	Unrealized depreciation on forward foreign currency exchange contracts	$	6,481,473

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Royal Bank of Canada	$	1,593	$	(1,593	)	$	—	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	1,603,563	$	—		$	—	$	1,603,563
Canadian Imperial Bank of Commerce		1,592,717		—			—		1,592,717
Goldman Sachs & Co.		1,693,747		—			—		1,693,747
Royal Bank of Canada		1,591,446		(1,593	)		—		1,589,853
	$	6,481,473	$	(1,593	)	$	—	$	6,479,880

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

BHFTI-16

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	(3,065,222	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	(10,444,315	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	231,643,635

‡ Averages are based on activity levels during the year.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

BHFTI-17

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	372,501,925	$	0	$	326,571,135

The Portfolio engaged in security transactions with other accounts managed by Invesco Advisers, Inc., the subadviser to the Portfolio, that amounted to $1,352,882 in purchases which are included above.

During the six months ended June 30, 2017, the Portfolio engaged in security transactions with other affiliated Portfolios. These amounted to $56,902,581 in purchases of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$7,035,796		0.650	%	First $500 million
		0.600	%	$500 million to $1 billion
		0.525	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	$1 billion to $2 billion
0.050%	Over $2 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 amounted to $250,931 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Effective January 1, 2017, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above management fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $104,636 was waived in the aggregate for the six months ended June 30, 2017 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

BHFTI-18

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

Affiliated Broker - During the six months ended June 30, 2017 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Invesco Capital Markets, Inc.	$	38,188

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$70,373,819	$	78,687,412	$	177,554,556	$	87,424,428	$	247,928,375	$	166,111,840

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$68,015,271	$	75,940,439	$	447,207,610	$	—	$	591,163,320

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

BHFTI-19

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-20

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
160,489,151		3,793,842		10,107,811

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		165,072,714		9,318,090
Robert Boulware		164,852,518		9,538,287
Susan C. Gause		165,059,554		9,331,250
Nancy Hawthorne		164,894,409		9,496,395
Barbara A. Nugent		165,350,351		9,040,453
John Rosenthal		164,948,442		9,442,362
Linda B. Strumpf		164,901,532		9,489,273
Dawn M. Vroegop		164,961,551		9,429,253

BHFTI-21

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Invesco Mid Cap Value Portfolio returned 2.10%, 1.94%, and 1.97%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 5.18%.

MARKET ENVIRONMENT / CONDITIONS

The period began amid a surge in U.S. stocks, fueled by optimism about the new administration’s plans for tax reform and regulatory easing, which investors believed would encourage economic growth. Market leadership shifted early in the period, however, as volatility was largely absent, and growth stocks, particularly within Information Technology (“IT”), outperformed. This represented a reversal from the immediate post-election period that had largely benefitted financial and cyclical stock sectors. Investors continued to react to U.S. politics, but stronger economic data also supported optimism, and investors generally shrugged off a 0.25% rate increase by the U.S. Federal Reserve (the “Fed”) in March. Volatility returned briefly in May, amid uncertainty surrounding the French election, a series of terror attacks and rhetoric from Washington DC, but equity markets still managed gains. Citing economic “progress” and a generally positive employment outlook, the Fed raised interest rates by another 25 basis points in June. Crude oil prices and energy stocks declined amid supply concerns, despite confirmation of production cuts led by the Organization of the Petroleum Exporting Countries (“OPEC”). Growth stocks outperformed meaningfully, particularly due to strong returns from the “FANG” (Facebook, Amazon, Netflix and Google/Alphabet) stocks within the IT sector. In this environment, most major U.S. equity indexes ended the period with positive returns.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell Midcap Value Index for the six-month period ending June 30, 2017. Eight out of eleven sectors within the Portfolio posted positive returns for the period. Within the Portfolio, the Health Care sector had the highest return for the period, while the Energy, Consumer Staples, and Real Estate sectors had negative returns.

Stock selection in the Industrials sector was the largest detractor from the Portfolio’s relative return. Key detractors within the sector included Fluor, an engineering and construction company, and Babcock & Wilcox Enterprises, which manufactures fossil and renewable power generation equipment. Fluor missed its first quarter earnings estimates due to significant cost over runs, and the company lowered its earnings guidance for the rest of the year. Babcock & Wilcox sold off sharply in February after the company reported weak fourth quarter earnings due to cost overruns on several projects.

Stock selection in the Consumer Discretionary sector also detracted from the Portfolio’s relative return. The largest detractor within the sector was Advance Auto Parts. During the period, the auto retailer reported disappointing first quarter results, due to a decline in comparable sales and operating margins. Despite being an overall detractor, the Consumer Discretionary sector also included the Portfolio’s top individual contributor, Royal Caribbean Cruises. The cruise operator reported solid earnings, strong bookings, and the company raised its outlook for 2017 as demand for cruise travel continued to increase.

The Portfolio’s underweight in Utilities was another relative detractor for the reporting period, due primarily to sector allocation. Similarly, stock selection in the IT sector also detracted from the Portfolio’s relative return. IT was the best performing sector within the benchmark during the period, and the Portfolio’s lack of exposure to the semiconductor industry detracted from relative returns.

Another key detractor from the Portfolio’s relative return was stock selection within the Energy sector. Despite an agreement on production cuts by OPEC, oil inventories moved higher during the period, putting downward pressure on oil prices and energy companies. As a result, a number of the Portfolio’s largest individual detractors were energy stocks, including Devon Energy and Marathon Oil.

An overweight and stock selection in the Health Care sector was the largest contributor to the Portfolio’s relative return during the period. Within Health Care, the Portfolio benefitted from AmerisourceBergen and HealthSouth. AmerisourceBergen, a pharmaceutical services company, reported better than expected earnings and increased its outlook for 2017. HealthSouth also reported earnings that exceeded expectations due to stronger revenue growth.

Stock selection in Materials also contributed to the Portfolio’s relative return. Within the sector, a key contributor was Eastman Chemical, a company that manufactures and sells a variety of materials such as chemicals, fibers and plastics. During the period, Eastman Chemical reported stronger than anticipated earnings results due to lower costs and higher revenues. The company also raised its earnings outlook for the full year.

BHFTI-1

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary—(Continued)

During the period, we increased the Portfolio’s exposure to select names within the Financials and Consumer Discretionary sectors and decreased exposure to select holdings in Telecommunications Services, Energy and Materials. However, the Portfolio’s overall positioning was largely unchanged, with the largest absolute concentrations remaining in the Financials, Industrials, IT and Consumer Discretionary sectors. At the end of the period, the Portfolio’s largest sector overweights relative to the Russell Midcap Value Index were in IT, Financials, and Industrials, while the largest underweights were in Real Estate, Utilities, and Consumer Discretionary.

Thomas Copper

Jeffrey Vancavage

Sergio Marcheli

Portfolio Managers

Invesco Advisers, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Invesco Mid Cap Value Portfolio
Class A		2.10		15.61		11.41		4.30		—
Class B		1.94		15.31		11.12		4.04		—
Class E		1.97		15.39		11.24		—		9.93
Russell Midcap Value Index		5.18		15.93		15.14		7.23		—

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and lower forecasted growth values.

² Inception dates of the Class A, Class B and Class E shares are 8/20/1997, 4/3/2001 and 4/25/2012, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Comerica, Inc.		3.9
KeyCorp		3.8
Royal Caribbean Cruises, Ltd.		3.7
Textron, Inc.		3.7
Eastman Chemical Co.		3.4
Zions Bancorp		3.3
Ciena Corp.		3.3
Willis Towers Watson plc		3.2
Keysight Technologies, Inc.		3.2
Wintrust Financial Corp.		3.1

Top Sectors

	% of Net Assets
Financials		25.2
Industrials		14.8
Information Technology		14.4
Consumer Discretionary		9.8
Health Care		7.6
Real Estate		6.5
Energy		6.3
Materials		5.3
Utilities		4.0
Consumer Staples		2.3

BHFTI-3

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.65	%	$	1,000.00	$	1,021.00	$	3.26
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.57	$	3.26
Class B(a)	Actual		0.90	%	$	1,000.00	$	1,019.40	$	4.51
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.33	$	4.51
Class E(a)	Actual		0.80	%	$	1,000.00	$	1,019.70	$	4.01
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—96.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.7%
Textron, Inc.		864,077	$	40,698,027
Banks—14.1%
Comerica, Inc.		581,040		42,555,370
KeyCorp		2,225,507		41,706,001
Wintrust Financial Corp.		442,391		33,816,368
Zions Bancorp (a)		814,836		35,779,449
				153,857,188
Building Products—2.4%
Johnson Controls International plc		596,539		25,865,931
Capital Markets—2.6%
Stifel Financial Corp. (a) (b)		610,766		28,083,021
Chemicals—5.4%
Eastman Chemical Co.		445,652		37,430,311
WR Grace & Co. (a)		294,578		21,212,562
				58,642,873
Commercial Services & Supplies—0.8%
Clean Harbors, Inc. (a) (b)		161,692		9,027,264
Communications Equipment—4.6%
ARRIS International plc (b)		543,374		15,225,339
Ciena Corp. (a) (b)		1,422,124		35,581,543
				50,806,882
Construction & Engineering—2.2%
Fluor Corp.		535,829		24,530,252
Diversified Financial Services—2.6%
Voya Financial, Inc.		772,907		28,512,539
Electric Utilities—4.0%
Edison International		276,851		21,646,980
FirstEnergy Corp.		767,731		22,387,036
				44,034,016
Electrical Equipment—0.5%
Babcock & Wilcox Enterprises, Inc. (b)		432,151		5,082,096
Electronic Equipment, Instruments & Components—5.2%
Keysight Technologies, Inc. (b)		888,589		34,592,770
Zebra Technologies Corp. - Class A (a) (b)		218,793		21,993,072
				56,585,842
Energy Equipment & Services—2.0%
TechnipFMC plc (a) (b)		785,974		21,378,493
Equity Real Estate Investment Trusts—6.5%
Forest City Realty Trust, Inc. - Class A (a)		1,104,600		26,698,182
Liberty Property Trust		541,286		22,035,753
Equity Real Estate Investment Trusts—(Continued)
Life Storage, Inc.		301,474		22,339,223
				71,073,158
Food Products—2.3%
Conagra Brands, Inc.		699,900		25,028,424
Health Care Providers & Services—5.1%
AmerisourceBergen Corp. (a)		283,477		26,797,081
HealthSouth Corp.		590,908		28,599,947
				55,397,028
Hotels, Restaurants & Leisure—3.7%
Royal Caribbean Cruises, Ltd.		374,123		40,865,455
Insurance—5.9%
Arthur J. Gallagher & Co.		521,822		29,874,309
Willis Towers Watson plc (a)		241,173		35,081,025
				64,955,334
IT Services—2.0%
Teradata Corp. (a) (b)		731,915		21,584,173
Machinery—2.0%
Ingersoll-Rand plc		245,521		22,438,164
Marine—2.0%
Kirby Corp. (a) (b)		323,985		21,658,397
Media—4.3%
Regal Entertainment Group - Class A (a)		930,934		19,046,910
Scripps Networks Interactive, Inc. - Class A (a)		405,974		27,732,084
				46,778,994
Oil, Gas & Consumable Fuels—4.3%
Devon Energy Corp.		922,533		29,493,380
Marathon Oil Corp.		1,505,566		17,840,957
				47,334,337
Pharmaceuticals—2.5%
Mylan NV (b)		715,319		27,768,684
Road & Rail—1.1%
Ryder System, Inc.		169,227		12,180,959
Software—0.5%
Citrix Systems, Inc. (b)		63,581		5,059,776
Specialty Retail—1.8%
Advance Auto Parts, Inc. (a)		166,709		19,436,602
Technology Hardware, Storage & Peripherals—2.1%
Diebold Nixdorf, Inc. (a)		841,025		23,548,700
Total Common Stocks (Cost $931,766,816)				1,052,212,609

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—3.0%

Security Description	Principal Amount*		Value
Repurchase Agreement—3.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $32,947,362 on 07/03/17, collateralized by $33,670,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $33,610,337.		32,947,033	$	32,947,033
Total Short-Term Investments (Cost $32,947,033)				32,947,033
Securities Lending Reinvestments (c)—18.2%
Certificates of Deposit—7.9%
ABN AMRO Bank NV Zero Coupon, 09/05/17		3,485,362		3,492,650
Bank of Montreal 1.130%, 07/07/17		3,000,000		2,999,970
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		4,000,000		4,000,736
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		2,000,000		2,001,975
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (d)		5,000,000		5,004,880
BNP Paribas New York 1.524%, 08/04/17 (d)		1,250,000		1,250,149
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.314%, 11/07/17 (d)		1,000,000		1,000,081
1.366%, 10/06/17 (d)		2,500,000		2,500,620
1.466%, 10/25/17 (d)		1,000,000		1,000,059
DG Bank New York 1.140%, 07/03/17		3,000,000		2,999,970
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		1,300,000		1,300,163
KBC Bank NV 1.220%, 07/26/17		2,000,000		2,000,000
1.220%, 07/27/17		6,000,000		6,000,000
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (d)		3,000,000		3,001,817
Mizuho Bank, Ltd., New York 1.451%, 09/01/17 (d)		800,000		800,174
1.610%, 08/02/17 (d)		250,000		250,076
National Australia Bank London 1.480%, 11/09/17 (d)		6,000,000		6,004,860
Natixis New York 1.287%, 11/13/17 (d)		1,000,000		999,890
Norinchukin Bank New York 1.297%, 11/13/17 (d)		2,500,000		2,500,195
1.687%, 07/12/17 (d)		5,000,000		5,000,605
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		6,400,000		6,404,608
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		908,310		900,207
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		400,000		399,964
1.551%, 08/01/17 (d)		5,000,000		5,001,945
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		1,000,000		999,927
1.342%, 11/16/17 (d)		1,000,000		999,937
1.377%, 10/11/17 (d)		1,000,000		1,000,704
1.466%, 10/26/17 (d)		3,000,000		3,000,768
1.552%, 08/16/17 (d)		2,500,000		2,500,753
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		1,800,000		1,801,337
1.475%, 01/10/18 (d)		3,000,000		3,004,987
UBS, Stamford 1.722%, 07/31/17 (d)		800,818		800,457
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		2,000,000		2,001,788
				85,927,421
Commercial Paper—3.4%
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
Commonwealth Bank Australia 1.391%, 03/01/18		4,250,000		4,253,311
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		6,500,000		6,500,377
ING Funding LLC 1.234%, 12/07/17 (d)		4,000,000		4,001,381
1.277%, 11/13/17 (d)		2,000,000		1,999,854
LMA S.A. & LMA Americas 1.150%, 07/07/17		6,598,524		6,599,157
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		500,000		500,030
Ridgefield Funding Co. LLC 1.180%, 07/31/17		1,994,100		1,997,854
1.434%, 09/07/17 (d)		2,000,000		2,000,801
Sheffield Receivables Co. 1.190%, 07/28/17		2,990,678		2,997,180
1.230%, 07/07/17		1,993,782		1,999,532
Westpac Banking Corp. 1.506%, 10/20/17 (d)		2,000,000		2,001,994
				36,850,819
Repurchase Agreements—6.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $85,108 on 07/03/17, collateralized by $88,588 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $86,803.		85,101		85,101

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,214,250 on 10/02/17, collateralized by various Common Stock with a value of $1,320,000.		1,200,000	$	1,200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $10,000,917 on 07/03/17, collateralized by $9,961,568 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/15/18 - 02/15/36, with a value of $10,200,001.		10,000,000		10,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $11,011,101 on 07/03/17, collateralized by $11,194,234 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $11,230,234.		11,010,000		11,010,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $11,108,603 on 07/03/17, collateralized by $2,413 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $12,341,241.		11,100,000		11,100,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,004,845 on 09/29/17, 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 06/08/17 at 1.150% to be repurchased at $5,004,632 on 07/07/17, collateralized by $4,508,413 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $5,103,330.		5,000,000		5,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,540,494 on 10/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $4,030,590 on 10/02/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $3,500,391 on 07/03/17, collateralized by $6,979,216 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $3,570,416.		3,500,000		3,500,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $6,700,659 on 07/03/17, collateralized by $10,061,814 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $6,834,000.		6,700,000		6,700,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $10,002,061 on 07/07/17, collateralized by $10,211,044 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $10,200,282.		10,000,000		10,000,000
				66,095,101
Time Deposits—0.8%
ABN AMRO Bank NV 1.180%, 07/07/17		447		447
Australia New Zealand Bank 1.150%, 07/03/17		600,000		600,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		1,600,000		1,600,000
Shinkin Central Bank 1.330%, 07/25/17		2,600,000		2,600,000
Standard Chartered plc 1.200%, 07/03/17		4,400,000		4,400,000
				9,200,447
Total Securities Lending Reinvestments (Cost $198,032,098)				198,073,788
Total Investments—117.4% (Cost $1,162,745,947) (e)				1,283,233,430
Other assets and liabilities (net)—(17.4)%				(189,937,288	)
Net Assets—100.0%			$	1,093,296,142

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $192,758,546 and the collateral received consisted of cash in the amount of $198,010,802. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,162,745,947. The aggregate unrealized appreciation and depreciation of investments were $162,474,391 and $(41,986,908), respectively, resulting in net unrealized appreciation of $120,487,483.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,052,212,609	$	—		$	—	$	1,052,212,609
Total Short-Term Investment*		—		32,947,033			—		32,947,033
Total Securities Lending Reinvestments*		—		198,073,788			—		198,073,788
Total Investments	$	1,052,212,609	$	231,020,821		$	—	$	1,283,233,430
Collateral for Securities Loaned (Liability)	$	—	$	(198,010,802	)	$	—	$	(198,010,802	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,283,233,430
Receivable for:
Investments sold		7,105,836
Fund shares sold		1,552,447
Dividends and interest		1,456,324
Total Assets		1,293,348,037
Liabilities
Collateral for securities loaned		198,010,802
Payables for:
Investments purchased		621,041
Fund shares redeemed		343,767
Accrued Expenses:
Management fees		551,537
Distribution and service fees		160,031
Deferred trustees’ fees		131,747
Other expenses		232,970
Total Liabilities		200,051,895
Net Assets	$	1,093,296,142
Net Assets Consist of:
Paid in surplus	$	949,707,391
Undistributed net investment income		2,571,787
Accumulated net realized gain		20,529,481
Unrealized appreciation on investments		120,487,483
Net Assets	$	1,093,296,142
Net Assets
Class A	$	302,099,315
Class B		761,185,710
Class E		30,011,117
Capital Shares Outstanding*
Class A		15,548,760
Class B		39,867,162
Class E		1,557,158
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.43
Class B		19.09
Class E		19.27

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,162,745,947.
(b)	Includes securities loaned at value of $192,758,546.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	7,031,108
Interest		12,480
Securities lending income		395,006
Total investment income		7,438,594
Expenses
Management fees		3,579,434
Administration fees		17,659
Custodian and accounting fees		29,406
Distribution and service fees—Class B		965,896
Distribution and service fees—Class E		22,772
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		73,957
Insurance		3,704
Miscellaneous		9,619
Total expenses		4,767,806
Less management fee waiver		(171,376	)
Less broker commission recapture		(17,557	)
Net expenses		4,578,873
Net Investment Income		2,859,721
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		43,312,857
Foreign currency transactions		(11,764	)
Net realized gain		43,301,093
Net change in unrealized appreciation (depreciation) on:
Investments		(23,825,471	)
Foreign currency transactions		1,736
Net change in unrealized depreciation		(23,823,735	)
Net realized and unrealized gain		19,477,358
Net Increase in Net Assets From Operations	$	22,337,079

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,859,721		$	11,315,175
Net realized gain (loss)		43,301,093			(22,418,940	)
Net change in unrealized appreciation (depreciation)		(23,823,735	)		171,982,621
Increase in net assets from operations		22,337,079			160,878,856
From Distributions to Shareholders
Net investment income
Class A		(3,467,433	)		(2,615,288	)
Class B		(7,049,078	)		(4,705,424	)
Class E		(302,925	)		(213,418	)
Net realized capital gains
Class A		0			(13,975,443	)
Class B		0			(36,244,479	)
Class E		0			(1,425,566	)
Total distributions		(10,819,436	)		(59,179,618	)
Decrease in net assets from capital share transactions		(54,141,959	)		(109,559,442	)
Total decrease in net assets		(42,624,316	)		(7,860,204	)
Net Assets
Beginning of period		1,135,920,458			1,143,780,662
End of period	$	1,093,296,142		$	1,135,920,458
Undistributed net investment income
End of period	$	2,571,787		$	10,531,502

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		369,335		$	7,299,060			533,269		$	9,176,357
Reinvestments		178,091			3,467,433			966,826			16,590,731
Redemptions		(1,242,047	)		(24,318,741	)		(5,806,627	)		(103,092,465	)
Net decrease		(694,621	)	$	(13,552,248	)		(4,306,532	)	$	(77,325,377	)
Class B
Sales		958,552		$	18,466,504			2,236,651		$	37,360,080
Reinvestments		368,290			7,049,078			2,427,380			40,949,903
Redemptions		(3,354,514	)		(64,573,471	)		(6,204,821	)		(108,492,450	)
Net decrease		(2,027,672	)	$	(39,057,889	)		(1,540,790	)	$	(30,182,467	)
Class E
Sales		19,073		$	369,443			55,288		$	934,821
Reinvestments		15,679			302,925			96,298			1,638,984
Redemptions		(113,402	)		(2,204,190	)		(262,867	)		(4,625,403	)
Net decrease		(78,650	)	$	(1,531,822	)		(111,281	)	$	(2,051,598	)
Decrease derived from capital shares transactions				$	(54,141,959	)				$	(109,559,442	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	19.25		$	17.61		$	20.36		$	22.73		$	17.57		$	15.38
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.21	(b)		0.14			0.13			0.16			0.23
Net realized and unrealized gain (loss) on investments		0.34			2.45			(1.77	)		1.70			5.18			2.07
Total from investment operations		0.41			2.66			(1.63	)		1.83			5.34			2.30
Less Distributions
Distributions from net investment income		(0.23	)		(0.16	)		(0.14	)		(0.16	)		(0.18	)		(0.11	)
Distributions from net realized capital gains		0.00			(0.86	)		(0.98	)		(4.04	)		0.00			0.00
Total distributions		(0.23	)		(1.02	)		(1.12	)		(4.20	)		(0.18	)		(0.11	)
Net Asset Value, End of Period	$	19.43		$	19.25		$	17.61		$	20.36		$	22.73		$	17.57
Total Return (%) (c)		2.10	(d)		15.78			(8.76	)		9.96			30.63			15.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68	(e)		0.68			0.67			0.69			0.70			0.69
Net ratio of expenses to average net assets (%) (f)(g)		0.65	(e)		0.66			0.66			0.67			0.69			0.69
Ratio of net investment income to average net assets (%)		0.69	(e)		1.18	(b)		0.71			0.62			0.78			1.37
Portfolio turnover rate (%)		24	(d)		32			26			42	(h)		144			66
Net assets, end of period (in millions)	$	302.1		$	312.8		$	361.9		$	431.4		$	355.5		$	304.7
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.90		$	17.30		$	20.02		$	22.42		$	17.34		$	15.18
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.17	(b)		0.09			0.08			0.11			0.16
Net realized and unrealized gain (loss) on investments		0.33			2.40			(1.74	)		1.67			5.12			2.07
Total from investment operations		0.37			2.57			(1.65	)		1.75			5.23			2.23
Less Distributions
Distributions from net investment income		(0.18	)		(0.11	)		(0.09	)		(0.11	)		(0.15	)		(0.07	)
Distributions from net realized capital gains		0.00			(0.86	)		(0.98	)		(4.04	)		0.00			0.00
Total distributions		(0.18	)		(0.97	)		(1.07	)		(4.15	)		(0.15	)		(0.07	)
Net Asset Value, End of Period	$	19.09		$	18.90		$	17.30		$	20.02		$	22.42		$	17.34
Total Return (%) (c)		1.94	(d)		15.50			(8.98	)		9.64			30.30			14.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93	(e)		0.93			0.92			0.94			0.95			0.94
Net ratio of expenses to average net assets (%) (f)(g)		0.90	(e)		0.91			0.91			0.92			0.94			0.94
Ratio of net investment income to average net assets (%)		0.44	(e)		0.97	(b)		0.47			0.38			0.53			1.00
Portfolio turnover rate (%)		24	(d)		32			26			42	(h)		144			66
Net assets, end of period (in millions)	$	761.2		$	791.9		$	751.4		$	871.3		$	800.0		$	705.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012(i)
Net Asset Value, Beginning of Period	$	19.09		$	17.46		$	20.19		$	22.58		$	17.46		$	16.44
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.19	(b)		0.11			0.10			0.13			0.14
Net realized and unrealized gain (loss) on investments		0.33			2.43			(1.75	)		1.68			5.15			0.88
Total from investment operations		0.38			2.62			(1.64	)		1.78			5.28			1.02
Less Distributions
Distributions from net investment income		(0.20	)		(0.13	)		(0.11	)		(0.13	)		(0.16	)		0.00
Distributions from net realized capital gains		0.00			(0.86	)		(0.98	)		(4.04	)		0.00			0.00
Total distributions		(0.20	)		(0.99	)		(1.09	)		(4.17	)		(0.16	)		0.00
Net Asset Value, End of Period	$	19.27		$	19.09		$	17.46		$	20.19		$	22.58		$	17.46
Total Return (%) (c)		1.97	(d)		15.65			(8.88	)		9.74			30.46			6.20	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(e)		0.83			0.82			0.84			0.85			0.84	(e)
Net ratio of expenses to average net assets (%) (f)		0.80	(e)		0.81			0.81			0.82			0.84			0.84	(e)
Ratio of net investment income to average net assets (%)		0.54	(e)		1.07	(b)		0.56			0.47			0.62			1.26	(e)
Portfolio turnover rate (%)		24	(d)		32			26			42	(h)		144			66
Net assets, end of period (in millions)	$	30.0		$	31.2		$	30.5		$	38.1		$	40.9		$	37.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2017. (see Note 6 of the Notes to Financial Statements).
(h)	Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.
(i)	Commencement of operations was April 25, 2012.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Mid Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-13

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of

BHFTI-14

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, real estate investment trusts (“REITs”), distribution redesignations and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $ 32,947,033 . Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $66,095,101. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

BHFTI-15

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	258,300,182	$	0	$	324,564,374

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Adviserss receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$3,579,434		0.700	%	First $200 million
		0.650	%	$200 million to $500 million
		0.625	%	Over $500 million

BHFTI-16

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018 to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

If average daily net assets are between $750 million and $1.4 billion:

% per annum reduction	Average Daily Net Assets
0.075%	First $200 million
0.025%	$200 million to $500 million

If average daily net assets are less than $750 million or above $1.4 billion:

% per annum reduction	Average Daily Net Assets
0.025%	Over $	500 million

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 amounted to $111,576 and are included in the total amount shown as a management fee waiver in the Statement of Operations.

Effective January 1, 2017, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $59,800 was waived in the aggregate for the six months ended June 30, 2017 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTI-17

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Affiliated Broker - During the six months ended June 30, 2017 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Invesco Capital Markets, Inc.	$	14,445

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$7,678,960	$	49,003,312	$	51,500,658	$	19,897,658	$	59,179,618	$	68,900,970

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$10,650,278	$	—	$	141,990,069	$	(20,450,467	)	$	132,189,880

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had short-term accumulated capital losses of $12,961,149 and long-term accumulated capital losses of $7,489,318.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-18

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
55,281,956		1,419,974		3,885,893

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		56,856,695		3,731,129
Robert Boulware		56,838,751		3,749,072
Susan C. Gause		57,041,602		3,546,222
Nancy Hawthorne		56,984,665		3,603,158
Barbara A. Nugent		57,071,293		3,516,531
John Rosenthal		56,906,377		3,681,446
Linda B. Strumpf		56,970,004		3,617,819
Dawn M. Vroegop		56,960,739		3,627,084

BHFTI-19

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Invesco Small Cap Growth Portfolio returned 10.79%, 10.63%, and 10.72%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 9.97%.

MARKET ENVIRONMENT / CONDITIONS

Despite volatility due to geopolitical events and uncertainty surrounding health care and tax reform in the U.S., the U.S. stock market remained resilient and the S&P 500 Index posted a gain of 9.34% during the period. Crude oil prices and energy stocks began a decline at the first of the period that continued through the second quarter amid supply concerns, despite confirmation of production cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Growth stocks outperformed meaningfully, particularly due to strong returns from technology companies and the “FANG” (Facebook, Amazon, Netflix and Google/Alphabet) stocks. First quarter Gross Domestic Product (GDP) was revised upward to 1.4% from 1.2%, and the U.S. Federal Reserve raised interest rates by another 25 basis points in June, following a similar rate increase in March.

In general, international and global indices outperformed the U.S. broad market. Within the U.S., growth outperformed value within small, mid and large caps.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted a positive double-digit return outperforming the benchmark Russell 2000 Growth Index. The Portfolio particularly outperformed in the Industrials, Information Technology (“IT”) and Consumer Discretionary sectors. These sectors more than offset relative underperformance in the Energy and Consumer Staples sectors.

The Portfolio outperformed by the widest margin in the industrials sector due primarily to stock selection. A contributor within the sector included CEB, an advisory services company. It was announced in January that Gartner (not a Portfolio holding) would acquire CEB in a cash and stock deal worth about U.S. $2.6 billion. The position was sold during the period. Another key to the Portfolio’s outperformance was stock selection in the IT sector. Take-Two Interactive Software, a multinational publisher and distributor of video games, was the key contributor in this sector during the period. The company’s stock price rose in May after the company reported better-than-expected quarterly results, continuing a trend of recent strong performance. The Portfolio also outperformed in the Consumer Discretionary sector due to stock selection and underweight exposure. Panera Bread, a bakery-café company based in Missouri, was a solid contributor in this sector. JAB Holding (not a Portfolio holding) announced in April that it will acquire Panera Bread at a premium. The position was sold during the period.

Although the Portfolio’s holdings in the Energy sector outperformed those of the benchmark, the Portfolio’s overweight exposure in the sector was the leading detractor from relative performance. The sector was the worst performing in the benchmark index with a double-digit negative return. The Portfolio underperformed the benchmark in the Consumer Staples sector due to stock selection. The key detractor within the sector during the period was specialty food maker Lancaster Colony. The stock pulled back after a strong gain in the second half of 2016 driven by EPS growth and multiple expansion. The Portfolio’s modest cash position, in a market environment that rose during period, was another detractor from relative performance.

Stock selection is based primarily on our bottom-up fundamental research process, and our long term investment horizon leads to relatively low turnover. Portfolio positioning overall did not change dramatically during the period, and we continued to maintain our exposure to industry group weights within a close margin of the benchmark index in order to control non stock-specific risks and maintain the characteristics of the asset class.

Juan Hartsfield

Clay Manley

Portfolio Managers

Invesco Advisers, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-1

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Invesco Small Cap Growth Portfolio
Class A		10.79		21.68		15.07		8.44
Class B		10.63		21.26		14.77		8.16
Class E		10.72		21.46		14.89		8.27
Russell 2000 Growth Index		9.97		24.40		13.98		7.82

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Take-Two Interactive Software, Inc.		1.5
HealthEquity, Inc.		1.3
Fair Isaac Corp.		1.2
Martin Marietta Materials, Inc.		1.2
CoStar Group, Inc.		1.2
Exelixis, Inc.		1.2
Berry Global Group, Inc.		1.1
Knight Transportation, Inc.		1.1
Pool Corp.		1.1
Old Dominion Freight Line, Inc.		1.1

Top Sectors

	% of Net Assets
Information Technology		28.1
Health Care		22.7
Industrials		15.6
Consumer Discretionary		11.0
Financials		8.9
Materials		4.0
Energy		3.6
Real Estate		1.8
Consumer Staples		1.6

BHFTI-2

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.84	%	$	1,000.00	$	1,107.90	$	4.39
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21
Class B(a)	Actual		1.09	%	$	1,000.00	$	1,106.30	$	5.69
	Hypothetical*		1.09	%	$	1,000.00	$	1,019.39	$	5.46
Class E(a)	Actual		0.99	%	$	1,000.00	$	1,107.20	$	5.17
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-3

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—97.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
BWX Technologies, Inc.		212,500	$	10,359,375
Orbital ATK, Inc.		99,913		9,827,443
TransDigm Group, Inc.		37,449		10,068,912
				30,255,730
Air Freight & Logistics—0.8%
Forward Air Corp.		184,852		9,848,915
Auto Components—0.7%
Visteon Corp. (a)		84,545		8,628,663
Banks—3.9%
BankUnited, Inc.		224,517		7,568,468
Cathay General Bancorp (b)		288,141		10,934,951
Cullen/Frost Bankers, Inc. (b)		119,541		11,226,095
MB Financial, Inc.		234,515		10,328,041
Sterling Bancorp		293,614		6,826,525
				46,884,080
Beverages—0.4%
Boston Beer Co., Inc. (The) - Class A (a) (b)		37,142		4,908,315
Biotechnology—5.8%
ACADIA Pharmaceuticals, Inc. (a)		309,629		8,635,553
Agios Pharmaceuticals, Inc. (a)		176,636		9,087,922
Exelixis, Inc. (a)		559,228		13,773,786
Halozyme Therapeutics, Inc. (a) (b)		800,394		10,261,051
Momenta Pharmaceuticals, Inc. (a)		531,365		8,980,068
Neurocrine Biosciences, Inc. (a) (b)		189,861		8,733,606
Repligen Corp. (a)		223,389		9,257,240
				68,729,226
Building Products—1.9%
A.O. Smith Corp.		211,029		11,887,264
Masonite International Corp. (a)		139,833		10,557,391
				22,444,655
Capital Markets—2.7%
Evercore Partners, Inc. - Class A		113,025		7,968,262
Financial Engines, Inc.		217,363		7,955,486
MarketAxess Holdings, Inc. (b)		58,091		11,682,100
WisdomTree Investments, Inc.		489,733		4,980,585
				32,586,433
Chemicals—1.6%
Ingevity Corp. (a)		160,481		9,211,610
PolyOne Corp.		263,541		10,209,578
				19,421,188
Commercial Services & Supplies—2.1%
Brink’s Co. (The)		175,438		11,754,346
Pitney Bowes, Inc.		415,620		6,275,862
Steelcase, Inc. - Class A		504,599		7,064,386
				25,094,594
Construction Materials—1.2%
Martin Marietta Materials, Inc.		64,189		14,287,188
Containers & Packaging—1.2%
Berry Global Group, Inc. (a)		239,115		13,631,946
Distributors—1.1%
Pool Corp.		111,817		13,146,325
Electrical Equipment—1.0%
Acuity Brands, Inc. (b)		55,648		11,312,125
Electronic Equipment, Instruments & Components—5.2%
Cognex Corp.		139,124		11,811,627
Littelfuse, Inc.		65,920		10,876,800
National Instruments Corp.		212,230		8,535,891
SYNNEX Corp.		66,721		8,003,851
Trimble, Inc. (a) (b)		288,497		10,290,688
Zebra Technologies Corp. - Class A (a)		123,057		12,369,690
				61,888,547
Energy Equipment & Services—0.7%
Patterson-UTI Energy, Inc.		425,577		8,592,400
Equity Real Estate Investment Trusts—1.8%
CubeSmart		271,709		6,531,884
Highwoods Properties, Inc.		142,812		7,241,997
Physicians Realty Trust		393,163		7,918,303
				21,692,184
Food Products—1.2%
B&G Foods, Inc. (b)		157,587		5,610,097
Lancaster Colony Corp.		69,511		8,523,439
				14,133,536
Health Care Equipment & Supplies—8.1%
Align Technology, Inc. (a)		74,538		11,189,645
Cantel Medical Corp. (b)		116,523		9,078,307
DexCom, Inc. (a) (b)		120,154		8,789,265
Halyard Health, Inc. (a) (b)		244,428		9,601,132
Hill-Rom Holdings, Inc.		125,041		9,954,514
ICU Medical, Inc. (a) (b)		50,744		8,753,340
Integra LifeSciences Holdings Corp. (a)		197,035		10,740,378
Nevro Corp. (a)		100,674		7,493,166
NuVasive, Inc. (a) (b)		128,325		9,870,759
NxStage Medical, Inc. (a)		441,221		11,061,410
				96,531,916
Health Care Providers & Services—3.7%
Chemed Corp. (b)		47,597		9,735,014
HealthEquity, Inc. (a) (b)		311,328		15,513,474
HealthSouth Corp.		199,864		9,673,418
Select Medical Holdings Corp. (a) (b)		559,092		8,582,062
				43,503,968

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—0.8%
Evolent Health, Inc. - Class A (a) (b)		359,846	$	9,122,096
Hotels, Restaurants & Leisure—4.2%
Dunkin’ Brands Group, Inc.		175,589		9,678,466
Jack in the Box, Inc.		85,306		8,402,641
Penn National Gaming, Inc. (a)		521,575		11,161,705
Texas Roadhouse, Inc.		213,236		10,864,374
Wendy’s Co. (The)		626,920		9,723,529
				49,830,715
Household Durables—0.6%
CalAtlantic Group, Inc. (b)		191,396		6,765,849
Insurance—2.2%
American Equity Investment Life Holding Co.		343,424		9,025,183
American Financial Group, Inc.		105,398		10,473,399
RLI Corp. (b)		116,469		6,361,537
				25,860,119
Internet Software & Services—2.4%
CoStar Group, Inc. (a)		53,712		14,158,483
LogMeIn, Inc.		5,754		601,293
Pandora Media, Inc. (a) (b)		398,120		3,551,230
Q2 Holdings, Inc. (a) (b)		287,569		10,625,675
				28,936,681
IT Services—3.6%
Booz Allen Hamilton Holding Corp.		354,188		11,525,278
EPAM Systems, Inc. (a)		117,389		9,871,241
Euronet Worldwide, Inc. (a)		139,104		12,153,516
ExlService Holdings, Inc. (a)		164,213		9,126,959
				42,676,994
Leisure Products—0.9%
Brunswick Corp.		168,266		10,555,326
Life Sciences Tools & Services—2.2%
Bio-Techne Corp. (b)		88,594		10,409,795
Pacific Biosciences of California, Inc. (a) (b)		943,670		3,359,465
PerkinElmer, Inc.		172,655		11,764,712
				25,533,972
Machinery—4.3%
ITT, Inc.		230,007		9,241,681
John Bean Technologies Corp.		118,470		11,610,060
Lincoln Electric Holdings, Inc.		106,844		9,839,264
Timken Co. (The)		22,594		1,044,973
WABCO Holdings, Inc. (a)		72,473		9,241,032
Wabtec Corp. (b)		116,347		10,645,750
				51,622,760
Media—0.5%
IMAX Corp. (a)		242,227		5,328,994
Oil, Gas & Consumable Fuels—2.9%
Centennial Resource Development, Inc. - Class A (a) (b)		570,359		9,023,079
Energen Corp. (a)		194,578		9,606,316
Laredo Petroleum, Inc. (a)		587,080		6,176,082
Parsley Energy, Inc. - Class A (a)		346,621		9,618,733
				34,424,210
Pharmaceuticals—2.2%
Catalent, Inc. (a)		243,835		8,558,608
Nektar Therapeutics (a)		498,243		9,740,651
Prestige Brands Holdings, Inc. (a) (b)		154,738		8,171,714
				26,470,973
Road & Rail—2.2%
Knight Transportation, Inc. (b)		364,296		13,497,167
Old Dominion Freight Line, Inc.		133,744		12,737,778
				26,234,945
Semiconductors & Semiconductor Equipment—5.1%
Cavium, Inc. (a)		142,634		8,861,850
Integrated Device Technology, Inc. (a)		353,749		9,123,187
MKS Instruments, Inc.		129,213		8,696,035
Monolithic Power Systems, Inc.		121,902		11,751,353
Power Integrations, Inc.		144,477		10,532,373
Silicon Laboratories, Inc. (a) (b)		164,314		11,230,862
				60,195,660
Software—11.5%
Aspen Technology, Inc. (a)		223,750		12,364,425
CommVault Systems, Inc. (a)		204,773		11,559,436
Fair Isaac Corp.		103,990		14,497,246
Guidewire Software, Inc. (a)		179,814		12,355,020
Manhattan Associates, Inc. (a) (b)		188,715		9,069,643
MicroStrategy, Inc. - Class A (a)		52,918		10,142,793
Pegasystems, Inc. (b)		21,155		1,234,394
Proofpoint, Inc. (a) (b)		110,299		9,577,262
Qualys, Inc. (a) (b)		242,526		9,895,061
RealPage, Inc. (a)		281,880		10,133,586
Take-Two Interactive Software, Inc. (a)		245,966		18,048,985
Ultimate Software Group, Inc. (The) (a) (b)		59,905		12,583,644
Verint Systems, Inc. (a)		141,786		5,770,690
				137,232,185
Specialty Retail—1.1%
Five Below, Inc. (a) (b)		180,181		8,895,536
Urban Outfitters, Inc. (a) (b)		230,632		4,275,917
				13,171,453
Technology Hardware, Storage & Peripherals—0.3%
Cray, Inc. (a) (b)		188,137		3,461,721
Textiles, Apparel & Luxury Goods—2.0%
Carter’s, Inc.		90,136		8,017,597
G-III Apparel Group, Ltd. (a)		224,033		5,589,623

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—(Continued)
Steven Madden, Ltd. (a)		246,525	$	9,848,674
				23,455,894
Trading Companies & Distributors—0.7%
Watsco, Inc.		56,238		8,671,900
Total Common Stocks (Cost $842,757,451)				1,157,074,381
Short-Term Investment—3.0%
Repurchase Agreement—3.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $35,535,581 on 07/03/17, collateralized by $36,270,000 U.S. Treasury Note at 0.875% due 03/31/18 with a value of $36,249,217.		35,535,226		35,535,226
Total Short-Term Investments (Cost $35,535,226)				35,535,226
Securities Lending Reinvestments (c)—10.0%
Certificates of Deposit—6.5%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of America N.A. 1.507%, 07/11/17 (d)		8,000,000		8,001,409
Bank of Nova Scotia 1.492%, 11/03/17 (d)		3,000,000		3,002,962
Canadian Imperial Bank 1.630%, 10/27/17 (d)		2,000,000		2,002,250
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		1,500,000		1,501,730
1.558%, 10/13/17 (d)		2,000,000		2,002,713
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.432%, 10/16/17 (d)		1,000,000		1,000,214
DG Bank New York 1.140%, 07/03/17		5,000,000		4,999,950
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		2,700,000		2,700,337
KBC Bank NV 1.200%, 07/18/17		1,500,000		1,500,000
1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		5,000,000		4,999,950
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (d)		1,500,000		1,500,035
Certificates of Deposit—(Continued)
Mizuho Bank, Ltd., New York 1.469%, 10/18/17 (d)		3,000,000		2,999,796
1.610%, 08/02/17 (d)		1,000,000		1,000,305
National Australia Bank London 1.480%, 11/09/17 (d)		4,500,000		4,503,645
Natixis New York 1.506%, 08/03/17 (d)		5,800,000		5,801,752
Norinchukin Bank New York 1.377%, 10/13/17 (d)		3,500,000		3,502,406
1.687%, 07/12/17 (d)		6,000,000		6,000,726
Royal Bank of Canada New York 1.555%, 10/13/17 (d)		1,500,000		1,501,517
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (d)		200,000		200,078
Sumitomo Mitsui Trust Bank, Ltd., New York
1.170%, 07/03/17		3,000,000		2,999,991
1.466%, 10/26/17 (d)		2,250,000		2,250,576
Toronto Dominion Bank New York 1.475%, 01/10/18 (d)		4,500,000		4,507,481
UBS, Stamford 1.722%, 07/31/17 (d)		1,901,942		1,901,085
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		2,600,000		2,602,324
				76,981,206
Commercial Paper—1.1%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		2,492,606		2,499,095
Commonwealth Bank Australia 1.522%, 10/23/17 (d)		3,500,000		3,503,690
ING Funding LLC 1.234%, 12/07/17 (d)		500,000		500,172
LMA S.A. & LMA Americas 1.150%, 07/07/17		999,776		999,872
1.180%, 07/11/17		997,050		999,668
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (d)		4,000,000		4,003,988
				13,505,545
Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $259,453 on 07/03/17, collateralized by $270,062 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $264,618.		259,429		259,429

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $202,375 on 10/02/17, collateralized by various Common Stock with a value of $220,000.		200,000	$	200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $2,500,229 on 07/03/17, collateralized by $2,490,392 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $2,550,000.		2,500,000		2,500,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $4,500,450 on 07/03/17, collateralized by $4,575,300 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $4,590,014.		4,500,000		4,500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $2,001,550 on 07/03/17, collateralized by $435 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $2,223,647.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,507,268 on 09/29/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,369,649 on 10/02/17, collateralized by various Common Stock with a value of $4,730,000.		4,300,000		4,300,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $2,519,119 on 10/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $7,000,782 on 07/03/17, collateralized by $13,958,433 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $7,140,831.		7,000,000		7,000,000
				24,759,429
Time Deposits—0.3%
Australia New Zealand Bank 1.150%, 07/03/17		200,000		200,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		500,000		500,000
Shinkin Central Bank 1.330%, 07/25/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 07/03/17		1,300,000		1,300,000
				4,000,000
Total Securities Lending Reinvestments (Cost $119,205,829)				119,246,180
Total Investments—110.3% (Cost $997,498,506) (e)				1,311,855,787
Other assets and liabilities (net)—(10.3)%				(122,444,631	)
Net Assets—100.0%			$	1,189,411,156

*	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 June 30, 2017, the market value of securities loaned was $116,633,121 and the collateral received consisted of cash in the amount of $119,193,514. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $997,498,506. The aggregate unrealized appreciation and depreciation of investments were $357,279,750 and $(42,922,469), respectively, resulting in net unrealized appreciation of $314,357,281.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,157,074,381	$	—		$	—	$	1,157,074,381
Total Short-Term Investment*		—		35,535,226			—		35,535,226
Total Securities Lending Reinvestments*		—		119,246,180			—		119,246,180
Total Investments	$	1,157,074,381	$	154,781,406		$	—	$	1,311,855,787
Collateral for Securities Loaned (Liability)	$	—	$	(119,193,514	)	$	—	$	(119,193,514	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,311,855,787
Receivable for:
Investments sold		4,289,384
Fund shares sold		63,409
Dividends and interest		481,747
Total Assets		1,316,690,327
Liabilities
Collateral for securities loaned		119,193,514
Payables for:
Investments purchased		5,857,841
Fund shares redeemed		1,054,608
Accrued Expenses:
Management fees		798,018
Distribution and service fees		86,974
Deferred trustees’ fees		115,181
Other expenses		173,035
Total Liabilities		127,279,171
Net Assets	$	1,189,411,156
Net Assets Consist of:
Paid in surplus	$	800,135,527
Accumulated net investment loss		(734,671	)
Accumulated net realized gain		75,653,019
Unrealized appreciation on investments		314,357,281
Net Assets	$	1,189,411,156
Net Assets
Class A	$	760,053,959
Class B		414,230,605
Class E		15,126,592
Capital Shares Outstanding*
Class A		55,574,468
Class B		32,557,542
Class E		1,142,748
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.68
Class B		12.72
Class E		13.24

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $116,633,121.
(b)	Identified cost of investments was $997,498,506.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	4,097,936
Interest		10,387
Securities lending income		601,591
Total investment income		4,709,914
Expenses
Management fees		5,054,876
Administration fees		18,898
Custodian and accounting fees		31,585
Distribution and service fees—Class B		505,156
Distribution and service fees—Class E		11,014
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		36,346
Insurance		3,990
Miscellaneous		9,383
Total expenses		5,736,607
Less management fee waiver		(217,889	)
Less broker commission recapture		(13,900	)
Net expenses		5,504,818
Net Investment Loss		(794,904	)
Net Realized and Unrealized Gain
Net realized gain on investments		76,077,215
Net change in unrealized appreciation on investments		46,893,141
Net realized and unrealized gain		122,970,356
Net Increase in Net Assets From Operations	$	122,175,452

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(794,904	)	$	379,514
Net realized gain		76,077,215			122,157,876
Net change in unrealized appreciation		46,893,141			6,581,501
Increase in net assets from operations		122,175,452			129,118,891
From Distributions to Shareholders
Net realized capital gains
Class A		(77,108,557	)		(135,106,459	)
Class B		(44,692,768	)		(71,218,353	)
Class E		(1,564,406	)		(2,714,547	)
Total distributions		(123,365,731	)		(209,039,359	)
Increase in net assets from capital share transactions		13,932,971			2,599,255
Total increase (decrease) in net assets		12,742,692			(77,321,213	)
Net Assets
Beginning of period		1,176,668,464			1,253,989,677
End of period	$	1,189,411,156		$	1,176,668,464
Accumulated undistributed net investment income (loss)
End of period	$	(734,671	)	$	60,233

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		543,058		$	7,903,820			1,209,986		$	16,250,577
Reinvestments		5,673,919			77,108,557			10,765,455			135,106,459
Redemptions		(6,445,069	)		(94,382,777	)		(12,899,043	)		(183,218,907	)
Net decrease		(228,092	)	$	(9,370,400	)		(923,602	)	$	(31,861,871	)
Class B
Sales		955,121		$	12,951,701			2,327,862		$	29,873,186
Reinvestments		3,533,025			44,692,768			6,035,454			71,218,353
Redemptions		(2,569,697	)		(34,744,647	)		(5,220,759	)		(67,749,426	)
Net increase		1,918,449		$	22,899,822			3,142,557		$	33,342,113
Class E
Sales		53,606		$	749,318			293,425		$	3,959,042
Reinvestments		118,876			1,564,406			222,321			2,714,547
Redemptions		(137,093	)		(1,910,175	)		(420,822	)		(5,554,576	)
Net increase		35,389		$	403,549			94,924		$	1,119,013
Increase derived from capital shares transactions				$	13,932,971					$	2,599,255

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.74		$	14.95		$	19.62		$	20.53		$	15.67		$	14.07
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(b)		0.06			(0.01	)		0.05			(0.00	)(b)		0.07
Net realized and unrealized gain on investments		1.47			1.44			0.26			1.38			6.00			2.48
Total from investment operations		1.47			1.50			0.25			1.43			6.00			2.55
Less Distributions
Distributions from net investment income		0.00			0.00			(0.03	)		0.00			(0.08	)		0.00
Distributions from net realized capital gains		(1.53	)		(2.71	)		(4.89	)		(2.34	)		(1.06	)		(0.95	)
Total distributions		(1.53	)		(2.71	)		(4.92	)		(2.34	)		(1.14	)		(0.95	)
Net Asset Value, End of Period	$	13.68		$	13.74		$	14.95		$	19.62		$	20.53		$	15.67
Total Return (%) (c)		10.79	(d)		11.72			(1.42	)		8.18			40.54			18.51
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(e)		0.88			0.87			0.87			0.87			0.87
Net ratio of expenses to average net assets (%) (f)(g)		0.84	(e)		0.86			0.85			0.86			0.85			0.86
Ratio of net investment income (loss) to average net assets (%)		(0.05	)(e)		0.43			(0.05	)		0.26			(0.02	)		0.48
Portfolio turnover rate (%)		9	(d)		28			29			28			18			28
Net assets, end of period (in millions)	$	760.1		$	766.8		$	848.1		$	1,075.7		$	1,335.2		$	1,263.5
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	12.90		$	14.22		$	18.90		$	19.91		$	15.23		$	13.73
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		0.02			(0.05	)		(0.00	)(b)		(0.05	)		0.03
Net realized and unrealized gain on investments		1.37			1.37			0.26			1.33			5.83			2.42
Total from investment operations		1.35			1.39			0.21			1.33			5.78			2.45
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.04	)		0.00
Distributions from net realized capital gains		(1.53	)		(2.71	)		(4.89	)		(2.34	)		(1.06	)		(0.95	)
Total distributions		(1.53	)		(2.71	)		(4.89	)		(2.34	)		(1.10	)		(0.95	)
Net Asset Value, End of Period	$	12.72		$	12.90		$	14.22		$	18.90		$	19.91		$	15.23
Total Return (%) (c)		10.63	(d)		11.43			(1.71	)		7.91			40.17			18.23
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.13	(e)		1.13			1.12			1.12			1.12			1.12
Net ratio of expenses to average net assets (%) (f)(g)		1.09	(e)		1.11			1.10			1.11			1.10			1.11
Ratio of net investment income (loss) to average net assets (%)		(0.30	)(e)		0.16			(0.29	)		(0.00	)(h)		(0.27	)		0.22
Portfolio turnover rate (%)		9	(d)		28			29			28			18			28
Net assets, end of period (in millions)	$	414.2		$	395.1		$	391.1		$	417.0		$	433.7		$	330.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.35		$	14.62		$	19.29		$	20.25		$	15.47		$	13.92
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		0.03			(0.03	)		0.02			(0.03	)		0.04
Net realized and unrealized gain on investments		1.43			1.41			0.25			1.36			5.93			2.46
Total from investment operations		1.42			1.44			0.22			1.38			5.90			2.50
Less Distributions
Distributions from net investment income		0.00			0.00			(0.00	)(i)		0.00			(0.06	)		0.00
Distributions from net realized capital gains		(1.53	)		(2.71	)		(4.89	)		(2.34	)		(1.06	)		(0.95	)
Total distributions		(1.53	)		(2.71	)		(4.89	)		(2.34	)		(1.12	)		(0.95	)
Net Asset Value, End of Period	$	13.24		$	13.35		$	14.62		$	19.29		$	20.25		$	15.47
Total Return (%) (c)		10.72	(d)		11.55			(1.60	)		8.04			40.34			18.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03	(e)		1.03			1.02			1.02			1.02			1.02
Net ratio of expenses to average net assets (%) (f)(g)		0.99	(e)		1.01			1.00			1.01			1.00			1.01
Ratio of net investment income (loss) to average net assets (%)		(0.20	)(e)		0.25			(0.19	)		0.10			(0.16	)		0.30
Portfolio turnover rate (%)		9	(d)		28			29			28			18			28
Net assets, end of period (in millions)	$	15.1		$	14.8		$	14.8		$	16.5		$	16.6		$	11.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment loss was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.02% for the six months ended June 30, 2017. (see Note 6 of the Notes to Financial Statements).
(h)	Ratio of net investment loss to average net assets was less than 0.01%.
(i)	Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-13

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture and real estate investment trusts (“REITs”). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-14

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $35,535,226. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $24,759,429. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

BHFTI-15

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	101,533,118	$	0	$	201,461,341

The Portfolio engaged in security transactions with other accounts managed by Invesco Advisers, Inc., the subadviser to the Portfolio, that amounted to $6,134,253 in sales of investments, which are included above, and resulted in realized gains of $1,644,785.

During the six months ended June 30, 2017, the Portfolio engaged in security transactions with other affiliated Portfolios. These amounted to $9,992,612 in sales of investments, which are included above, and resulted in realized gains of $4,023,822.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$5,054,876		0.880	%	First $500 million
		0.830	%	Over $500 million

BHFTI-16

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	First $500 million

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 amounted to $123,975 and are included in the total amount shown as a management fee waiver in the Statement of Operations.

Effective January 1, 2017, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $93,914 was waived in the aggregate for the six months ended June 30, 2017 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

Affiliated Broker - During the six months ended June 30, 2017 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Invesco Capital Markets, Inc.	$	8,235

BHFTI-17

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$5,782,263	$	41,524,934	$	203,257,096	$	287,646,132	$	209,039,359	$	329,171,066

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$161,450	$	123,020,846	$	267,384,825	$	—	$	390,567,121

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-18

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
80,553,341		2,575,430		5,433,963

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		83,018,091		5,544,642
Robert Boulware		83,004,961		5,557,772
Susan C. Gause		83,144,043		5,418,690
Nancy Hawthorne		83,138,095		5,424,639
Barbara A. Nugent		83,247,148		5,315,585
John Rosenthal		83,077,662		5,485,072
Linda B. Strumpf		83,064,050		5,498,683
Dawn M. Vroegop		83,087,814		5,474,919

BHFTI-19

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the JPMorgan Core Bond Portfolio returned 2.36% and 2.21%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 2.27%.

MARKET ENVIRONMENT / CONDITIONS

Risk assets continued their upward trajectory as the reflation trade persisted into the New Year. Consumer sentiment and business confidence levels soared, driving equity markets higher, as the Trump administration’s proposed initiatives of tax reform, infrastructure spending and deregulation were expected to spur growth. As the period progressed, skepticism on the timing and magnitude of the Trump agenda, along with political uncertainty in Europe, led the markets to pause. Despite political uncertainty, the global macroeconomic picture was solid as growth and inflation figures continued to improve. The Federal Reserve (the “Fed”) decided to raise rates another 25 basis points (“bps”) during the March Federal Open Market Committee (“FOMC”) meeting, noting strength in employment, stability in financial markets and a recent uptick in inflation.

Global growth continued its positive trajectory in the second quarter, which was rife with domestic and international political headline risks. Even as investors’ expectations for pro-growth policies in the second half of this year fizzled, risk assets continued to perform well. By the end of the quarter, markets were largely unaffected as investors shifted their focus away from Washington given few prospects that reform was going to be passed in the near term. Equity markets continued to reach record highs, and spread sectors tightened, even as the U.S. dollar continued to weaken. Weakening inflation expectations contributed to a flattening U.S. Treasury yield curve over the period. The Fed was more hawkish than markets expected, announcing details of a proposed winding down of its balance sheet that could begin this year; however, interest rate volatility remained very low.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s duration and yield curve positioning detracted from performance, as the Portfolio remained overweight in the belly of the curve (5-10 year maturities), underweight in the 20-plus year bucket, and held a shorter-duration posture versus the Index. Within Treasuries, the 30-year bellwether was the best performer, posting a return of 5.61% during the period. Investment-grade credit spreads tightened 14 bps over the period to finish at 109, according to the Bloomberg Barclays U.S. Corporate Index, which resulted in excess returns of 1.51% for the asset class. Financials across the capital structure remained the top outperformer in the U.S. Corporate Bond Index, outpacing duration-neutral Treasuries by 1.63%. The Portfolio’s underweight to credit was negative for performance, as the Portfolio remained roughly equal weight corporate credit, underweight non-corporate credit, and held a shorter yield curve posture within the sector.

The Portfolio’s mortgage-backed securities (“MBS”) allocation outperformed the MBS segment held in the Index. The Portfolio’s allocation to agency commercial mortgage-back securities (“CMBS”) was the main driver of returns during the period, particularly given the tight spread levels across “traditional” agency MBS sectors (pass-throughs and collateralized mortgage obligations). Overall, the MBS Index underperformed duration-neutral Treasuries by 21 bps, making MBS the worst-performing sector in the Bloomberg Barclays U.S. Aggregate Bond Index. Lower-coupon mortgages tended to outperform higher coupon mortgages as the yield curve flattened. For much of the period, the sector performed in line with changing market expectations around the Fed’s balance sheet reinvestment policy. The Fed has communicated its intention to start reducing its balance sheet holdings later this year, and the market currently expects this to begin in September. While the size of the overall tapering was in line with market expectations, market participants did not expect this level of clarity until the third quarter. Overall spread widening has not been significant; as markets viewed the Fed’s announced policy to be gradual and predictable. Furthermore, agency mortgages have been supported by relatively range-bound interest rates, low implied volatility, and spread tightening for competing asset classes, especially corporate bonds.

Within structured credit, the Portfolio’s overweight to asset-backed securities (“ABS”) and CMBS added to performance, as these sectors generated positive excess returns for the period. Investor demand remains strong with many new ABS issues being oversubscribed and spreads coming tighter than initial guidance. As of the end of June, we continued to see value in certain areas of the auto ABS market despite the continued negative headlines in the media. Additionally, we believed value remained in select consumer unsecured ABS and areas of the non-agency MBS market such as re-performing loan securities and non-performing loan securities.

Purchases during the period were made across most broad market sectors, with particular focus in corporates and ABS. The largest allocation of new purchases was within new issue and secondary market corporates (53.3% of new purchases). Significant amount of

BHFTI-1

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

investment was also made in ABS (16.3%). Final allocations for the

Portfolio at the end of the period were in line with current strategy: Treasury 24.1%, Agency 2.9%, MBS 36.2%, ABS 5.7%, CMBS 2.9%, and Credit 28.4%.

Barb Miller

Peter Simons

Richard Figuly

Portfolio Managers

J.P. Morgan Investment Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
JPMorgan Core Bond Portfolio
Class A		2.36		-0.28		—		1.86
Class B		2.21		-0.52		1.77		2.70
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		2.21		4.10

¹ The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

² Inception dates of the Class A and Class B shares are 2/28/2013 and 4/28/2008, respectively. Class C shares were converted to Class B shares effective 1/7/2013. Index since inception return is based on the Class B inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class B shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		58.2
Corporate Bonds & Notes		27.7
Asset-Backed Securities		8.8
Mortgage-Backed Securities		3.6
Foreign Government		1.0

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Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Core Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.44	%	$	1,000.00	$	1,023.60	$	2.21
	Hypothetical*		0.44	%	$	1,000.00	$	1,022.61	$	2.21
Class B(a)	Actual		0.69	%	$	1,000.00	$	1,022.10	$	3.46
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—58.2% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—32.1%
Fannie Mae 10 Yr. Pool
4.500%, 07/01/21		474,054	$	485,659
Fannie Mae 20 Yr. Pool
4.000%, 02/01/31		1,687,752		1,789,732
6.000%, 07/01/28		357,443		401,881
Fannie Mae 30 Yr. Pool
3.500%, 07/01/42		1,261,064		1,297,550
3.500%, 08/01/42		768,038		789,312
4.000%, 06/01/47		2,000,000		2,150,461
4.500%, 02/01/40		562,572		610,712
5.000%, 09/01/35		1,295,511		1,421,841
6.000%, 12/01/39		434,309		492,527
Fannie Mae ARM Pool
1.490%, 07/01/24 (a)		5,000,000		4,978,754
1.500%, 09/01/24 (a)		3,000,000		2,985,725
1.520%, 11/01/23 (a)		4,669,572		4,679,367
1.540%, 09/01/24 (a)		3,783,208		3,789,032
1.695%, 01/01/21 (a)		921,155		925,615
Fannie Mae Benchmark REMIC (CMO)
5.500%, 06/25/37		1,187,564		1,324,538
Fannie Mae Grantor Trust
2.898%, 06/25/27		3,940,000		3,912,528
Fannie Mae Interest Strip (CMO)
4.500%, 11/25/20 (b)		217,870		6,740
Fannie Mae Pool
2.330%, 11/01/22		17,810,000		17,796,463
2.360%, 05/01/23		8,985,247		8,984,191
2.420%, 05/01/23		5,597,080		5,645,341
2.450%, 11/01/22		3,000,000		3,032,159
2.450%, 09/01/28		5,150,505		4,964,656
2.480%, 10/01/28		9,036,855		8,637,819
2.520%, 05/01/23		25,000,000		25,258,851
2.530%, 05/01/23		4,055,351		4,113,441
2.540%, 05/01/23		5,000,000		5,073,075
2.600%, 09/01/28		1,010,000		978,100
2.640%, 04/01/23		1,874,942		1,912,575
2.640%, 05/01/23		2,243,986		2,288,894
2.690%, 10/01/23		2,000,000		2,032,887
2.700%, 05/01/23		5,000,000		5,101,450
2.720%, 03/01/23		3,069,310		3,143,336
2.730%, 07/01/28		3,000,000		2,923,667
2.740%, 06/01/23		2,852,432		2,924,462
2.810%, 09/01/31		1,580,301		1,540,777
2.890%, 05/01/27		1,965,322		1,943,008
2.920%, 12/01/24		1,000,000		1,019,308
2.970%, 06/01/30		2,750,000		2,718,871
2.980%, 09/01/36		1,609,703		1,588,166
2.990%, 01/01/25		1,241,138		1,274,210
3.000%, 01/01/43		4,695,165		4,701,966
3.050%, 04/01/22		3,300,495		3,415,089
3.110%, 12/01/24		1,500,000		1,547,837
3.200%, 11/01/20		10,162,071		10,517,989
3.235%, 10/01/26		1,432,983		1,477,174
3.240%, 12/01/26		1,500,000		1,544,522
3.260%, 12/01/26		991,913		1,024,234
3.290%, 08/01/26		2,000,000		2,068,314
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool
3.340%, 02/01/27		1,500,000		1,573,032
3.380%, 12/01/23		2,000,000		2,103,112
3.430%, 10/01/23		11,670,655		12,293,767
3.440%, 11/01/21		3,871,068		4,063,513
3.450%, 01/01/24		993,791		1,049,126
3.490%, 09/01/23		3,901,676		4,122,146
3.500%, 08/01/26		423,928		433,682
3.500%, 02/01/33		4,965,525		5,166,054
3.500%, 05/01/33		5,233,285		5,445,497
3.500%, 12/01/42		6,115,738		6,305,002
3.500%, 03/01/43		7,452,250		7,692,836
3.500%, 05/01/43		24,516,303		25,305,152
3.500%, 06/01/43		6,003,540		6,196,792
3.500%, 07/01/43		3,546,974		3,661,419
3.500%, 08/01/43		8,157,418		8,420,613
3.550%, 02/01/30		1,500,000		1,572,918
3.560%, 03/01/24		7,162,814		7,602,145
3.563%, 01/01/21		10,903,272		11,432,426
3.630%, 10/01/29		1,447,059		1,526,659
3.670%, 07/01/23		2,500,000		2,674,659
3.729%, 06/01/18		1,535,671		1,550,972
3.730%, 07/01/22		5,672,651		6,005,745
3.760%, 10/01/23		1,446,419		1,543,631
3.760%, 11/01/23		1,100,000		1,175,183
3.770%, 12/01/20		2,234,554		2,354,970
3.817%, 05/01/22		7,802,102		8,266,695
3.970%, 07/01/21		4,591,823		4,900,132
4.000%, 10/01/32		1,658,465		1,760,733
4.000%, 12/01/40		508,066		539,055
4.000%, 07/01/42		3,031,748		3,214,103
4.260%, 12/01/19		2,654,986		2,787,270
4.330%, 04/01/20		3,733,282		3,946,806
4.770%, 06/01/19		3,306,281		3,474,277
5.855%, 10/01/17		873,244		880,650
Fannie Mae REMICS (CMO)
Zero Coupon, 09/25/43 (c)		2,244,237		1,817,944
Zero Coupon, 10/25/43 (c)		1,111,629		894,925
Zero Coupon, 12/25/43 (c)		2,475,745		2,028,241
1.226%, 03/25/27 (a)		331,620		331,804
1.716%, 05/25/35 (a)		2,261,115		2,261,103
1.716%, 10/25/42 (a)		1,154,369		1,161,213
1.816%, 10/25/43 (a)		2,583,300		2,604,326
1.816%, 12/25/43 (a)		2,952,910		2,976,507
2.116%, 03/25/38 (a)		374,092		381,657
2.216%, 08/25/32 (a)		883,005		909,217
3.500%, 02/25/43		6,451,493		6,672,718
5.000%, 03/25/40		7,782,546		8,492,534
5.314%, 01/25/41 (a) (b)		5,457,984		1,034,264
5.500%, 12/25/35		1,318,854		1,346,223
6.000%, 01/25/36		1,024,810		1,024,136
6.500%, 07/18/28		197,900		222,554
Fannie Mae-ACES (CMO)
2.207%, 01/25/22		10,000,000		9,970,255
2.280%, 12/27/22		9,391,000		9,353,435
2.488%, 05/25/26		1,600,000		1,555,297

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae-ACES (CMO)
2.569%, 12/25/26 (a)		4,800,000	$	4,665,595
2.614%, 10/25/21 (a)		2,000,000		2,040,697
2.723%, 10/25/24		2,000,000		2,006,814
3.103%, 07/25/24 (a)		1,394,000		1,440,443
3.303%, 04/25/29		2,736,000		2,777,755
3.346%, 03/25/24 (a)		2,500,000		2,620,538
3.501%, 01/25/24 (a)		2,500,000		2,653,197
Freddie Mac 20 Yr. Gold Pool
3.500%, 03/01/32		1,451,153		1,515,170
Freddie Mac 30 Yr. Gold Pool 4.000%, 08/01/42		4,584,256		4,840,374
4.000%, 05/01/43		847,105		899,189
4.000%, 06/01/43		582,987		617,048
4.000%, 08/01/43		7,200,943		7,645,772
5.000%, 08/01/39		1,044,587		1,144,789
Freddie Mac ARM Non-Gold Pool 3.450%, 07/01/40 (a)		2,111,894		2,189,705
Freddie Mac Gold Pool 3.500%, 12/01/32		4,660,528		4,857,452
3.500%, 01/01/33		7,014,431		7,309,450
3.500%, 02/01/33		10,021,782		10,444,422
3.500%, 03/01/33		6,723,699		7,009,022
3.500%, 04/01/33		9,113,039		9,492,724
3.500%, 05/01/33		3,849,640		4,012,010
3.500%, 06/01/43		3,743,031		3,859,214
4.000%, 09/01/32		1,389,862		1,483,389
4.000%, 11/01/32		3,722,313		4,011,424
4.000%, 12/01/32		1,778,139		1,916,649
4.000%, 01/01/33		906,910		977,889
4.000%, 02/01/33		889,257		958,844
4.000%, 01/01/46		3,120,105		3,323,863
5.000%, 02/01/34		409,979		437,981
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 2.522%, 01/25/23		2,085,000		2,107,253
2.615%, 01/25/23		7,275,000		7,370,584
2.838%, 09/25/22		1,849,000		1,895,856
3.389%, 03/25/24		5,714,000		6,017,898
3.490%, 01/25/24		4,000,000		4,235,738
Freddie Mac REMICS (CMO) 1.609%, 08/15/42 (a)		5,693,545		5,765,185
1.839%, 11/15/37 (a)		1,050,339		1,063,988
1.859%, 03/15/24 (a)		554,767		557,635
2.509%, 03/15/38 (a)		600,000		643,907
3.000%, 02/15/26		1,915,000		1,979,633
3.500%, 08/15/39		3,021,860		3,136,338
3.500%, 06/15/48		6,353,718		6,571,933
5.000%, 08/15/35		1,650,000		1,821,794
5.211%, 10/15/37 (a) (b)		4,591,990		809,047
5.241%, 11/15/36 (a) (b)		2,667,441		286,288
5.750%, 06/15/35		6,969,478		7,884,150
6.000%, 07/15/35		5,514,025		6,060,707
6.000%, 03/15/36		2,941,099		3,418,709
6.500%, 05/15/28		441,032		493,548
6.500%, 03/15/37		903,142		1,023,863
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Strips (CMO)
Zero Coupon, 09/15/43 (c)		1,176,388		950,009
3.000%, 01/15/43		6,264,685		6,219,730
3.000%, 01/15/44		8,680,229		8,628,894
FREMF Mortgage Trust (CMO) 3.695%, 11/25/49 (144A) (a)		1,700,000		1,658,672
3.810%, 01/25/48 (144A) (a)		2,430,000		2,452,355
3.966%, 07/25/49 (144A) (a)		1,635,000		1,667,638
4.209%, 11/25/47 (144A) (a)		2,060,000		2,053,227
Ginnie Mae II ARM Pool 2.500%, 04/20/41 (a)		599,662		616,828
Ginnie Mae II Pool 4.376%, 06/20/63 (a)		8,781,107		9,244,570
4.455%, 05/20/63 (a)		13,972,569		14,683,144
4.462%, 05/20/63 (a)		10,127,360		10,630,315
4.494%, 04/20/63 (a)		4,777,069		5,026,888
Government National Mortgage Association (CMO)
1.293%, 08/20/60 (a)		116,849		116,834
1.293%, 11/20/62 (a)		155,237		155,218
1.333%, 12/20/62 (a)		2,218,426		2,203,359
1.393%, 02/20/62 (a)		5,149,891		5,151,872
1.403%, 03/20/63 (a)		737,044		733,570
1.413%, 02/20/63 (a)		1,661,025		1,652,076
1.443%, 02/20/63 (a)		7,032,538		7,010,063
1.463%, 03/20/63 (a)		3,593,102		3,584,163
1.463%, 07/20/64 (a)		4,037,579		4,026,909
1.463%, 09/20/64 (a)		1,674,084		1,668,705
1.473%, 04/20/63 (a)		8,167,777		8,149,358
1.493%, 01/20/63 (a)		2,397,720		2,402,291
1.493%, 04/20/63 (a)		6,378,700		6,367,241
1.493%, 06/20/64 (a)		5,207,423		5,197,244
1.493%, 07/20/64 (a)		2,440,271		2,435,551
1.543%, 04/20/62 (a)		656,108		657,724
1.593%, 04/20/64 (a)		13,263,689		13,295,759
1.593%, 05/20/64 (a)		9,351,543		9,377,529
1.643%, 07/20/63 (a)		5,868,796		5,890,703
1.643%, 01/20/64 (a)		1,404,746		1,410,069
1.643%, 02/20/64 (a)		4,873,340		4,891,468
1.643%, 03/20/64 (a)		1,722,706		1,731,120
1.650%, 02/20/63		14,663,911		14,601,202
1.650%, 04/20/63		8,697,056		8,588,022
1.683%, 02/20/64 (a)		2,041,529		2,055,446
1.693%, 09/20/63 (a)		4,068,231		4,089,057
1.712%, 09/20/37 (a)		294,562		295,888
1.743%, 09/20/63 (a)		4,103,230		4,131,266
1.993%, 12/20/66 (a)		1,647,540		1,679,475
4.488%, 04/20/43 (a)		2,174,808		2,294,046
4.500%, 01/16/25		1,068,733		1,179,063
4.725%, 11/20/42 (a)		8,763,820		9,476,811
5.000%, 12/20/33		1,675,540		1,846,673
5.000%, 09/20/38		3,939,448		4,051,914
5.000%, 06/16/39		634,474		678,614
5.000%, 07/20/39		3,332,286		3,690,571
5.000%, 10/20/39		3,598,649		4,057,160
5.219%, 06/20/40 (a)		4,028,576		4,396,710

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO)
5.500%, 02/20/33		87,254	$	89,476
5.500%, 07/16/33 (b)		1,165,389		236,240
				768,988,134
Federal Agencies—2.1%
Residual Funding Corp. Principal Strip
Zero Coupon, 07/15/20		43,119,000		40,873,190
Tennessee Valley Authority 1.750%, 10/15/18		850,000		854,336
5.250%, 09/15/39		600,000		786,050
5.880%, 04/01/36		1,000,000		1,370,592
6.235%, 07/15/45		4,250,000		4,761,368
Tennessee Valley Authority Generic Strip
Zero Coupon, 03/15/32		1,000,000		600,901
Tennessee Valley Authority Principal Strip
Zero Coupon, 11/01/25		1,000,000		789,215
Zero Coupon, 06/15/35		750,000		397,380
				50,433,032
U.S. Treasury—24.0%
U.S. Treasury Bonds 2.750%, 08/15/42		3,300,000		3,263,905
2.750%, 11/15/42		1,250,000		1,235,156
2.875%, 05/15/43		4,000,000		4,038,752
3.125%, 11/15/41 (d)		3,480,000		3,684,993
3.125%, 02/15/43		2,500,000		2,641,210
3.500%, 02/15/39		1,450,000		1,638,217
3.625%, 08/15/43		2,400,000		2,760,938
3.875%, 08/15/40		4,230,000		5,033,535
4.250%, 05/15/39		200,000		250,539
4.250%, 11/15/40		2,000,000		2,513,282
4.375%, 02/15/38		18,100,000		23,061,246
4.375%, 11/15/39		25,650,000		32,692,720
4.375%, 05/15/40		4,200,000		5,360,250
4.375%, 05/15/41		1,200,000		1,538,203
4.500%, 05/15/38		1,000,000		1,294,805
4.500%, 08/15/39		6,000,000		7,772,814
5.250%, 11/15/28		7,000,000		9,011,408
5.250%, 02/15/29 (d)		500,000		645,684
5.500%, 08/15/28		15,000,000		19,613,085
6.000%, 02/15/26		12,525,000		16,237,974
6.125%, 08/15/29		5,000,000		6,966,210
U.S. Treasury Coupon Strips
Zero Coupon, 02/15/20		4,875,000		4,687,844
Zero Coupon, 05/15/20 (d)		2,475,000		2,367,632
Zero Coupon, 08/15/20		2,360,000		2,244,440
Zero Coupon, 02/15/21 (d)		25,050,000		23,518,819
Zero Coupon, 05/15/21		16,285,000		15,194,638
Zero Coupon, 08/15/21 (d)		3,095,000		2,872,175
Zero Coupon, 11/15/21 (d)		14,940,000		13,772,065
Zero Coupon, 02/15/22		3,975,000		3,639,232
Zero Coupon, 05/15/22 (d)		14,560,000		13,238,957
Zero Coupon, 08/15/22		6,000,000		5,418,096
U.S. Treasury—(Continued)
U.S. Treasury Coupon Strips
Zero Coupon, 11/15/22 (d)		6,250,000		5,609,369
Zero Coupon, 02/15/23		18,035,000		16,064,983
Zero Coupon, 05/15/23 (d)		57,400,000		50,816,105
Zero Coupon, 08/15/23 (d)		2,765,000		2,430,288
Zero Coupon, 11/15/23 (d)		2,300,000		2,007,286
Zero Coupon, 02/15/24		4,900,000		4,242,763
Zero Coupon, 08/15/24		2,500,000		2,133,850
Zero Coupon, 11/15/24		1,500,000		1,272,608
Zero Coupon, 02/15/25		2,000,000		1,683,618
Zero Coupon, 05/15/25 (d)		5,500,000		4,596,119
Zero Coupon, 08/15/25		648,000		538,150
Zero Coupon, 11/15/26		366,129		292,290
Zero Coupon, 08/15/27		400,000		312,078
Zero Coupon, 11/15/27		570,000		441,756
Zero Coupon, 05/15/28		3,030,000		2,311,687
Zero Coupon, 08/15/28		1,750,000		1,326,449
Zero Coupon, 05/15/29		1,000,000		740,236
Zero Coupon, 08/15/29		800,000		587,754
Zero Coupon, 11/15/29		1,000,000		729,058
Zero Coupon, 02/15/30		8,300,000		5,994,501
Zero Coupon, 05/15/30		700,000		502,685
Zero Coupon, 08/15/30		3,925,000		2,793,077
Zero Coupon, 11/15/30		4,400,000		3,107,500
Zero Coupon, 02/15/31 (d)		2,800,000		1,965,057
Zero Coupon, 05/15/31		10,500,000		7,290,139
Zero Coupon, 08/15/31		2,800,000		1,934,080
Zero Coupon, 11/15/31		3,000,000		2,053,884
Zero Coupon, 02/15/32		12,900,000		8,756,636
Zero Coupon, 05/15/32		12,800,000		8,627,034
Zero Coupon, 08/15/32 (d)		6,900,000		4,613,071
Zero Coupon, 08/15/33		400,000		259,226
Zero Coupon, 11/15/33		13,000,000		8,358,493
Zero Coupon, 02/15/34		4,400,000		2,804,402
Zero Coupon, 05/15/34		14,000,000		8,859,984
Zero Coupon, 08/15/34		5,000,000		3,136,835
Zero Coupon, 05/15/35		4,000,000		2,452,596
U.S. Treasury Inflation Indexed Bonds
2.375%, 01/15/25 (e)		648,550		738,849
U.S. Treasury Inflation Indexed Notes 0.125%, 01/15/22 (e)		1,620,390		1,617,966
U.S. Treasury Notes
1.750%, 01/31/23		7,100,000		7,012,081
1.750%, 05/15/23		2,500,000		2,462,890
2.000%, 11/30/20		7,000,000		7,082,306
2.000%, 10/31/21		3,000,000		3,024,024
2.000%, 08/15/25		4,000,000		3,932,032
2.125%, 08/31/20		6,000,000		6,096,564
2.125%, 01/31/21		2,000,000		2,030,782
2.125%, 08/15/21		21,000,000		21,295,302
2.125%, 05/15/25		12,000,000		11,924,532
2.500%, 08/15/23		2,300,000		2,360,465
2.625%, 08/15/20		7,000,000		7,219,569
2.625%, 11/15/20		22,500,000		23,222,452
2.750%, 02/15/24		2,300,000		2,393,079
3.125%, 05/15/21		27,000,000		28,406,943

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
3.625%, 02/15/21		32,000,000	$	34,178,752
				574,853,059
Total U.S. Treasury & Government Agencies (Cost $1,384,031,758)				1,394,274,225
Corporate Bonds & Notes—27.7%
Aerospace/Defense—0.4%
Airbus Group Finance B.V.
2.700%, 04/17/23 (144A)		249,000		250,388
Airbus SE 3.150%, 04/10/27 (144A)		409,000		412,454
3.950%, 04/10/47 (144A)		150,000		154,003
BAE Systems Holdings, Inc. 4.750%, 10/07/44 (144A)		338,000		366,161
BAE Systems plc 4.750%, 10/11/21 (144A)		1,000,000		1,079,185
Carlyle Global Market Strategies CLO, Ltd. 1.000%, 07/15/19 (g)		178,168		176,387
Harris Corp. 3.832%, 04/27/25		600,000		619,225
4.854%, 04/27/35		500,000		547,479
L3 Technologies, Inc. 3.850%, 12/15/26		187,000		192,770
Lockheed Martin Corp. 3.100%, 01/15/23		193,000		197,457
4.500%, 05/15/36		450,000		490,763
6.150%, 09/01/36		236,000		306,727
Northrop Grumman Corp. 1.750%, 06/01/18 (d)		418,000		418,440
3.200%, 02/01/27		179,000		180,230
3.850%, 04/15/45		182,000		180,484
Northrop Grumman Systems Corp. 7.750%, 02/15/31		350,000		500,047
Rockwell Collins, Inc. 3.200%, 03/15/24		251,000		254,427
4.350%, 04/15/47		133,000		139,094
United Technologies Corp. 7.500%, 09/15/29		1,568,000		2,205,996
				8,671,717
Agriculture—0.1%
Bunge, Ltd. Finance Corp. 8.500%, 06/15/19		1,084,000		1,212,372
Airlines—0.2%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		323,231		335,352
American Airlines Pass-Through Trust 3.000%, 10/15/28		1,403,000		1,374,940
3.650%, 06/15/28		152,918		155,212
3.650%, 02/15/29		444,000		457,320
4.950%, 01/15/23		982,679		1,046,553
Airlines—(Continued)
United Airlines Pass-Through Trust 3.450%, 07/07/28 (d)		464,000		467,480
4.300%, 08/15/25		468,446		497,724
				4,334,581
Auto Manufacturers—0.9%
American Honda Finance Corp. 1.600%, 02/16/18 (144A)		700,000		700,638
2.300%, 09/09/26		236,000		222,881
2.900%, 02/16/24 (d)		450,000		455,824
BMW U.S. Capital LLC 2.250%, 09/15/23 (144A)		540,000		524,326
Daimler Finance North America LLC 1.875%, 01/11/18 (144A)		328,000		328,385
2.000%, 08/03/18 (144A)		300,000		300,765
2.250%, 07/31/19 (144A)		1,600,000		1,607,245
2.375%, 08/01/18 (144A)		378,000		380,420
2.875%, 03/10/21 (144A)		500,000		507,149
Ford Motor Co. 7.450%, 07/16/31		900,000		1,137,906
Ford Motor Credit Co. LLC 1.684%, 09/08/17		630,000		630,157
1.724%, 12/06/17		678,000		678,047
2.145%, 01/09/18		309,000		310,049
3.336%, 03/18/21		950,000		968,343
3.339%, 03/28/22		1,753,000		1,778,827
3.810%, 01/09/24		655,000		663,203
4.134%, 08/04/25		200,000		203,451
4.375%, 08/06/23		900,000		946,890
General Motors Co. 6.600%, 04/01/36		1,104,000		1,279,118
General Motors Financial Co., Inc. 3.450%, 01/14/22 (d)		700,000		711,135
3.450%, 04/10/22		682,000		693,183
3.700%, 05/09/23		683,000		693,558
3.950%, 04/13/24		1,200,000		1,217,042
4.000%, 01/15/25		200,000		200,851
4.000%, 10/06/26		910,000		904,733
4.300%, 07/13/25		1,360,000		1,387,133
4.350%, 01/17/27		437,000		442,379
Hyundai Capital America 2.400%, 10/30/18 (144A)		239,000		239,500
Nissan Motor Acceptance Corp. 1.800%, 03/15/18 (144A)		789,000		789,130
1.900%, 09/14/21 (144A)		98,000		95,675
2.650%, 09/26/18 (144A)		300,000		303,040
Toyota Motor Credit Corp. 1.375%, 01/10/18		700,000		700,373
1.450%, 01/12/18		206,000		206,121
				22,207,477
Banks—7.1%
ABN AMRO Bank NV 2.500%, 10/30/18 (144A)		1,160,000		1,169,058
4.750%, 07/28/25 (144A)		500,000		527,121

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
American Express Bank FSB 6.000%, 09/13/17		1,800,000	$	1,814,702
ANZ New Zealand International, Ltd. 2.600%, 09/23/19 (144A)		1,300,000		1,309,880
2.850%, 08/06/20 (144A) (d)		250,000		253,716
Australia & New Zealand Banking Group, Ltd. 4.400%, 05/19/26 (144A)		200,000		206,361
Bank of America Corp. 2.000%, 01/11/18		2,740,000		2,744,192
2.250%, 04/21/20 (d)		312,000		312,127
2.600%, 01/15/19		1,225,000		1,236,536
2.625%, 10/19/20 (d)		485,000		489,890
2.650%, 04/01/19		660,000		667,948
3.300%, 01/11/23		5,118,000		5,218,814
3.705%, 04/24/28 (a)		2,500,000		2,518,312
4.000%, 01/22/25		1,071,000		1,089,651
4.125%, 01/22/24		1,780,000		1,878,357
4.250%, 10/22/26		520,000		535,484
5.000%, 05/13/21		330,000		360,072
5.625%, 07/01/20		1,000,000		1,095,106
6.000%, 09/01/17		360,000		362,476
6.400%, 08/28/17		1,276,000		1,285,061
6.500%, 07/15/18		997,000		1,042,564
Bank of Montreal 2.375%, 01/25/19		575,000		580,169
2.550%, 11/06/22		500,000		499,185
Bank of New York Mellon Corp. (The) 2.200%, 05/15/19		354,000		356,941
3.250%, 09/11/24		1,200,000		1,224,798
4.150%, 02/01/21		670,000		712,151
5.450%, 05/15/19		278,000		296,183
Bank of Nova Scotia (The) 1.450%, 04/25/18 (d)		300,000		299,692
1.850%, 04/14/20		700,000		695,906
1.875%, 09/20/21 (144A)		300,000		293,542
2.800%, 07/21/21		500,000		506,955
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 2.700%, 09/09/18 (144A)		1,000,000		1,008,903
4.100%, 09/09/23 (144A)		1,114,000		1,190,649
Barclays Bank plc 4.375%, 01/12/26		599,000		622,430
Barclays plc 3.650%, 03/16/25		254,000		252,737
3.684%, 01/10/23		386,000		396,058
4.836%, 05/09/28		275,000		281,130
BB&T Corp. 2.450%, 01/15/20		833,000		842,305
6.850%, 04/30/19		525,000		569,606
BNZ International Funding, Ltd. 2.350%, 03/04/19 (144A)		842,000		845,908
2.900%, 02/21/22 (144A)		300,000		303,001
BPCE S.A. 1.625%, 01/26/18		1,200,000		1,198,010
3.375%, 12/02/26		700,000		708,632
5.700%, 10/22/23 (144A)		400,000		445,080
Banks—(Continued)
Canadian Imperial Bank of Commerce 1.600%, 09/06/19		850,000		841,958
Capital One Financial Corp. 2.450%, 04/24/19		176,000		176,941
3.200%, 02/05/25		236,000		231,011
3.750%, 04/24/24		671,000		685,649
3.750%, 07/28/26		860,000		839,211
4.200%, 10/29/25		650,000		655,422
Capital One N.A. 1.500%, 03/22/18		500,000		499,081
2.400%, 09/05/19		300,000		301,069
Citigroup, Inc. 1.750%, 05/01/18		776,000		775,657
2.350%, 08/02/21		192,000		190,256
2.400%, 02/18/20 (d)		450,000		452,420
2.500%, 09/26/18		441,000		443,989
2.750%, 04/25/22		1,900,000		1,896,992
2.900%, 12/08/21		600,000		606,080
3.200%, 10/21/26		485,000		471,673
3.400%, 05/01/26 (d)		825,000		816,116
3.700%, 01/12/26		250,000		252,847
3.875%, 03/26/25		1,300,000		1,308,034
4.125%, 07/25/28		117,000		118,770
4.300%, 11/20/26		1,500,000		1,540,711
4.400%, 06/10/25		566,000		589,716
4.750%, 05/18/46		800,000		839,757
5.500%, 09/13/25		692,000		769,520
Citizens Financial Group, Inc. 2.375%, 07/28/21		110,000		109,049
4.300%, 12/03/25		193,000		201,223
Comerica, Inc. 3.800%, 07/22/26		1,116,000		1,128,542
Commonwealth Bank of Australia 2.000%, 09/06/21 (144A)		500,000		490,788
4.500%, 12/09/25 (144A) (d)		352,000		368,566
Cooperatieve Rabobank UA 3.875%, 02/08/22		700,000		742,621
4.375%, 08/04/25		250,000		262,166
4.625%, 12/01/23		872,000		939,698
Credit Agricole S.A. 4.125%, 01/10/27 (144A) (d)		677,000		707,787
4.375%, 03/17/25 (144A)		295,000		305,768
Credit Suisse AG 1.700%, 04/27/18		279,000		278,981
2.300%, 05/28/19		250,000		251,645
3.000%, 10/29/21		1,379,000		1,405,259
3.625%, 09/09/24		250,000		258,251
5.300%, 08/13/19		300,000		320,433
Credit Suisse Group AG 3.574%, 01/09/23 (144A)		250,000		256,184
Credit Suisse Group Funding Guernsey, Ltd. 3.750%, 03/26/25		970,000		980,042
4.550%, 04/17/26		433,000		459,974
Danske Bank A/S 2.000%, 09/08/21 (144A)		366,000		359,790
2.700%, 03/02/22 (144A)		372,000		374,388

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Deutsche Bank AG
3.125%, 01/13/21		77,000	$	77,384
3.700%, 05/30/24		667,000		666,870
4.250%, 10/14/21 (d)		900,000		943,815
4.296%, 05/24/28 (a)		400,000		394,584
6.000%, 09/01/17		200,000		201,320
Discover Bank 4.200%, 08/08/23		2,143,000		2,253,913
Fifth Third Bancorp 8.250%, 03/01/38		500,000		745,635
Fifth Third Bank 2.375%, 04/25/19		650,000		654,329
Goldman Sachs Group, Inc. (The) 2.600%, 04/23/20		714,000		720,630
3.500%, 01/23/25		392,000		396,259
3.500%, 11/16/26		600,000		596,818
3.625%, 01/22/23		1,300,000		1,341,753
3.691%, 06/05/28 (a)		1,674,000		1,680,646
3.750%, 05/22/25		1,447,000		1,481,715
3.850%, 01/26/27		1,480,000		1,505,616
4.000%, 03/03/24		412,000		431,290
5.375%, 03/15/20		3,126,000		3,374,648
5.750%, 01/24/22		1,000,000		1,125,874
5.950%, 01/18/18		1,600,000		1,635,757
5.950%, 01/15/27 (d)		530,000		618,626
7.500%, 02/15/19		3,000,000		3,254,109
HSBC Bank plc 1.500%, 05/15/18 (144A)		821,000		820,082
4.750%, 01/19/21 (144A)		1,600,000		1,724,603
HSBC Holdings plc 2.650%, 01/05/22		2,940,000		2,933,220
3.600%, 05/25/23		550,000		568,376
3.900%, 05/25/26		200,000		206,440
4.041%, 03/13/28 (a)		240,000		248,587
4.250%, 08/18/25		300,000		308,192
4.375%, 11/23/26		1,006,000		1,043,847
HSBC USA, Inc. 1.625%, 01/16/18		500,000		500,168
Huntington Bancshares, Inc. 2.300%, 01/14/22		813,000		800,790
Industrial & Commercial Bank of China, Ltd. 2.351%, 11/13/17		626,000		627,833
2.452%, 10/20/21 (d)		750,000		737,440
ING Bank NV 1.650%, 08/15/19 (144A)		300,000		297,047
2.000%, 11/26/18 (144A)		284,000		284,236
5.800%, 09/25/23 (144A)		716,000		808,501
ING Groep NV 3.950%, 03/29/27		217,000		225,646
KeyCorp 5.100%, 03/24/21 (d)		896,000		980,348
Lloyds Banking Group plc 3.000%, 01/11/22		300,000		302,963
3.750%, 01/11/27 (d)		973,000		976,857
4.582%, 12/10/25		400,000		414,711
Banks—(Continued)
Macquarie Bank, Ltd. 1.600%, 10/27/17 (144A)		1,220,000		1,220,102
2.600%, 06/24/19 (144A)		979,000		987,278
2.850%, 07/29/20 (144A)		250,000		253,893
4.000%, 07/29/25 (144A)		250,000		261,521
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A) (d)		1,572,000		1,707,725
Manufacturers & Traders Trust Co. 6.625%, 12/04/17		970,000		989,736
Mitsubishi UFJ Financial Group, Inc. 2.527%, 09/13/23		250,000		244,902
Mizuho Bank, Ltd. 1.800%, 03/26/18 (144A)		484,000		484,315
3.600%, 09/25/24 (144A)		950,000		983,673
Morgan Stanley 1.875%, 01/05/18		517,000		517,617
2.750%, 05/19/22		250,000		249,946
3.625%, 01/20/27		700,000		705,033
3.700%, 10/23/24		500,000		513,129
3.875%, 04/29/24		700,000		727,502
5.000%, 11/24/25		1,269,000		1,379,984
5.500%, 01/26/20		1,430,000		1,542,521
5.500%, 07/28/21		807,000		894,846
5.625%, 09/23/19		3,030,000		3,255,177
5.750%, 01/25/21		2,500,000		2,766,085
6.625%, 04/01/18		1,757,000		1,819,391
National Australia Bank, Ltd. 2.400%, 12/09/19 (144A)		400,000		402,544
Nordea Bank AB 1.625%, 05/15/18 (144A)		1,400,000		1,400,319
4.875%, 01/27/20 (144A)		500,000		534,426
Northern Trust Corp. 3.375%, 08/23/21		300,000		312,727
3.375%, 05/08/32 (a)		251,000		250,892
PNC Financial Services Group, Inc. (The) 4.375%, 08/11/20		650,000		691,844
5.125%, 02/08/20		800,000		860,569
6.700%, 06/10/19		650,000		706,725
Regions Financial Corp. 3.200%, 02/08/21		268,000		274,006
Royal Bank of Canada 1.200%, 09/19/17		1,000,000		999,600
1.875%, 02/05/20		2,000,000		1,989,384
2.000%, 10/01/18		1,819,000		1,826,238
2.000%, 12/10/18		69,000		69,240
2.200%, 07/27/18		153,000		153,957
4.650%, 01/27/26		495,000		530,536
Santander Issuances S.A.U. 5.179%, 11/19/25		1,200,000		1,286,254
Skandinaviska Enskilda Banken AB 1.750%, 03/19/18 (144A)		402,000		402,145
Societe Generale S.A. 4.250%, 04/14/25 (144A)		500,000		507,013
Stadshypotek AB 1.875%, 10/02/19 (144A)		1,500,000		1,497,850

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Standard Chartered plc 5.200%, 01/26/24 (144A)		1,000,000	$	1,067,221
State Street Corp. 3.100%, 05/15/23		407,000		414,229
3.700%, 11/20/23		1,608,000		1,701,486
Sumitomo Mitsui Financial Group, Inc. 2.442%, 10/19/21 (d)		318,000		316,666
2.846%, 01/11/22 (d)		900,000		909,942
3.010%, 10/19/26		212,000		207,440
Sumitomo Mitsui Trust Bank, Ltd. 2.050%, 10/18/19 (144A)		1,000,000		997,134
SunTrust Banks, Inc. 2.750%, 05/01/23		2,000,000		1,993,744
Toronto-Dominion Bank (The)
1.750%, 07/23/18		300,000		300,494
2.250%, 11/05/19		255,000		256,891
2.500%, 12/14/20		500,000		505,769
3.625%, 09/15/31 (a)		433,000		429,614
U.S. Bancorp 2.375%, 07/22/26		1,570,000		1,479,609
3.150%, 04/27/27		500,000		500,834
U.S. Bank N.A. 2.125%, 10/28/19		350,000		352,603
UBS Group Funding Switzerland AG 3.491%, 05/23/23 (144A)		762,000		779,604
4.125%, 09/24/25 (144A)		300,000		314,471
Wachovia Corp. 5.750%, 02/01/18		500,000		511,712
Wells Fargo & Co. 2.500%, 03/04/21 (d)		179,000		179,619
3.300%, 09/09/24 (d)		770,000		781,023
3.500%, 03/08/22 (d)		1,900,000		1,973,834
4.100%, 06/03/26		1,291,000		1,336,792
4.600%, 04/01/21		3,470,000		3,740,490
4.650%, 11/04/44		595,000		624,928
4.750%, 12/07/46		383,000		408,919
5.375%, 11/02/43		1,005,000		1,162,644
Wells Fargo Bank N.A. 6.000%, 11/15/17		2,491,000		2,530,413
Westpac Banking Corp. 1.375%, 05/30/18 (144A)		2,000,000		1,994,722
3.350%, 03/08/27		600,000		603,504
4.322%, 11/23/31 (a)		450,000		461,218
				169,701,126
Beverages—0.4%
Anheuser-Busch InBev Finance, Inc. 1.900%, 02/01/19		310,000		310,693
3.300%, 02/01/23		3,722,000		3,832,659
3.700%, 02/01/24		1,000,000		1,046,269
Beam Suntory, Inc. 3.250%, 05/15/22		760,000		778,321
Coca-Cola Femsa S.A.B. de C.V. 3.875%, 11/26/23		350,000		366,527
Beverages—(Continued)
Constellation Brands, Inc. 4.250%, 05/01/23		100,000		106,460
Dr Pepper Snapple Group, Inc. 3.430%, 06/15/27 (144A)		175,000		176,436
Heineken NV 3.400%, 04/01/22 (144A)		1,339,000		1,391,055
Molson Coors Brewing Co. 3.000%, 07/15/26		375,000		360,692
PepsiCo, Inc. 3.450%, 10/06/46		800,000		751,643
				9,120,755
Biotechnology—0.3%
Amgen, Inc. 3.625%, 05/15/22 (d)		100,000		104,448
3.625%, 05/22/24		873,000		910,673
4.563%, 06/15/48		2,696,000		2,836,621
5.700%, 02/01/19		100,000		106,005
Baxalta, Inc. 5.250%, 06/23/45		89,000		104,456
Biogen, Inc. 5.200%, 09/15/45		133,000		151,726
Celgene Corp. 3.250%, 08/15/22		490,000		503,728
3.625%, 05/15/24		591,000		612,187
3.950%, 10/15/20 (d)		500,000		525,772
5.700%, 10/15/40		165,000		190,167
Gilead Sciences, Inc. 2.500%, 09/01/23		79,000		77,830
3.250%, 09/01/22		630,000		651,459
3.500%, 02/01/25		115,000		118,018
3.650%, 03/01/26		115,000		118,258
3.700%, 04/01/24		704,000		731,869
4.000%, 09/01/36		201,000		199,872
				7,943,089
Building Materials—0.1%
CRH America Finance, Inc. 3.400%, 05/09/27 (144A)		214,000		214,012
Johnson Controls International plc 3.625%, 07/02/24		277,000		286,727
4.950%, 07/02/64		737,000		789,288
5.000%, 03/30/20		635,000		678,250
Martin Marietta Materials, Inc. 3.450%, 06/01/27		499,000		496,399
				2,464,676
Chemicals—0.5%
Agrium, Inc. 3.375%, 03/15/25		87,000		87,009
4.125%, 03/15/35		620,000		616,989
5.250%, 01/15/45 (d)		712,000		808,301
Air Liquide Finance S.A. 2.250%, 09/27/23 (144A) (d)		350,000		338,360

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
CF Industries, Inc. 4.500%, 12/01/26 (144A)		617,000	$	634,372
7.125%, 05/01/20 (d)		1,000,000		1,105,000
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P. 3.400%, 12/01/26 (144A)		339,000		344,654
Dow Chemical Co. (The) 3.000%, 11/15/22		106,000		108,042
4.125%, 11/15/21		106,000		112,610
7.375%, 11/01/29		1,000,000		1,342,768
8.850%, 09/15/21		640,000		779,482
E.I. du Pont de Nemours & Co. 4.150%, 02/15/43		107,000		109,117
Monsanto Co. 4.700%, 07/15/64		100,000		100,717
Mosaic Co. (The) 4.250%, 11/15/23 (d)		1,980,000		2,083,427
5.450%, 11/15/33 (d)		1,163,000		1,226,996
Potash Corp. of Saskatchewan, Inc. 3.000%, 04/01/25 (d)		440,000		425,107
3.250%, 12/01/17		100,000		100,616
Praxair, Inc. 1.250%, 11/07/18 (d)		900,000		897,570
2.650%, 02/05/25		261,000		258,354
Rohm & Haas Co. 6.000%, 09/15/17		68,000		68,590
7.850%, 07/15/29		418,000		576,145
Sherwin-Williams Co. (The) 3.125%, 06/01/24		247,000		248,251
3.450%, 06/01/27		204,000		205,347
				12,577,824
Commercial Services—0.3%
Ecolab, Inc. 2.250%, 01/12/20		297,000		298,925
3.250%, 01/14/23		700,000		722,112
Equifax, Inc. 2.300%, 06/01/21		211,000		209,552
ERAC USA Finance LLC 3.850%, 11/15/24 (144A)		925,000		952,102
4.500%, 08/16/21 (144A)		1,740,000		1,863,296
7.000%, 10/15/37 (144A)		500,000		649,053
President & Fellows of Harvard College 3.300%, 07/15/56		714,000		682,919
Western Union Co. (The) 3.600%, 03/15/22		995,000		1,014,105
6.200%, 06/21/40		200,000		210,190
				6,602,254
Computers—0.4%
Apple, Inc. 2.150%, 02/09/22 (d)		540,000		536,471
2.400%, 05/03/23		1,679,000		1,665,786
2.450%, 08/04/26		519,000		496,275
2.850%, 05/11/24		409,000		410,982
Computers—(Continued)
Apple, Inc. 3.000%, 02/09/24		1,347,000		1,367,430
3.000%, 06/20/27		675,000		671,610
3.200%, 05/11/27		514,000		520,004
3.350%, 02/09/27		363,000		371,107
3.450%, 02/09/45		625,000		587,287
3.850%, 08/04/46		362,000		361,752
Dell International LLC / EMC Corp. 5.450%, 06/15/23 (144A)		1,001,000		1,086,255
6.020%, 06/15/26 (144A)		476,000		524,318
DXC Technology Co. 4.250%, 04/15/24 (144A)		310,000		320,735
HP Enterprise Services LLC 7.450%, 10/15/29		700,000		852,750
International Business Machines Corp. 6.500%, 01/15/28		300,000		380,704
				10,153,466
Distribution/Wholesale—0.0%
WW Grainger, Inc. 4.600%, 06/15/45		190,000		206,431
Diversified Financial Services—1.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22		468,000		480,281
AIG Global Funding 1.650%, 12/15/17 (144A)		314,000		314,199
Air Lease Corp. 2.125%, 01/15/20		798,000		794,184
3.000%, 09/15/23		484,000		481,216
3.625%, 04/01/27		100,000		100,009
3.875%, 04/01/21 (d)		300,000		312,937
American Express Credit Corp.
2.125%, 03/18/19		116,000		116,556
2.250%, 08/15/19		500,000		504,307
2.375%, 05/26/20		500,000		504,579
2.600%, 09/14/20		115,000		116,679
Ameriprise Financial, Inc. 2.875%, 09/15/26 (d)		635,000		616,548
Blackstone Holdings Finance Co. LLC 6.625%, 08/15/19 (144A)		1,200,000		1,309,843
Capital One Bank USA N.A. 3.375%, 02/15/23		600,000		605,123
8.800%, 07/15/19		300,000		336,840
CDP Financial, Inc. 4.400%, 11/25/19 (144A)		600,000		634,058
CME Group, Inc. 3.000%, 03/15/25		440,000		443,931
Daiwa Securities Group, Inc. 3.129%, 04/19/22 (144A)		439,000		442,049
GE Capital International Funding Co. 2.342%, 11/15/20		6,696,000		6,749,535
3.373%, 11/15/25		174,000		179,909
4.418%, 11/15/35		2,785,000		3,031,161

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
International Lease Finance Corp. 5.875%, 08/15/22		298,000	$	336,430
8.625%, 01/15/22		850,000		1,046,666
Invesco Finance plc 4.000%, 01/30/24		500,000		530,365
Jefferies Group LLC 4.850%, 01/15/27		130,000		135,885
5.125%, 01/20/23		300,000		326,687
6.875%, 04/15/21		475,000		540,651
Legg Mason, Inc. 3.950%, 07/15/24 (d)		700,000		710,180
National Rural Utilities Cooperative Finance Corp. 2.950%, 02/07/24		210,000		211,986
Private Export Funding Corp. 2.800%, 05/15/22		1,000,000		1,032,051
3.550%, 01/15/24		7,383,000		7,898,481
Protective Life Global Funding 1.999%, 09/14/21 (144A)		750,000		730,013
Synchrony Financial 3.700%, 08/04/26		981,000		946,713
TD Ameritrade Holding Corp. 2.950%, 04/01/22		295,000		301,872
				32,821,924
Electric—1.9%
Alabama Power Co. 3.550%, 12/01/23		461,000		482,020
4.150%, 08/15/44		218,000		227,354
Arizona Public Service Co. 2.200%, 01/15/20		142,000		142,358
3.350%, 06/15/24		696,000		710,171
4.500%, 04/01/42		200,000		218,446
Baltimore Gas & Electric Co. 5.200%, 06/15/33		1,510,000		1,716,112
Berkshire Hathaway Energy Co. 2.400%, 02/01/20		364,000		367,166
3.750%, 11/15/23		1,736,000		1,826,095
6.125%, 04/01/36		333,000		427,809
CenterPoint Energy Houston Electric LLC 2.250%, 08/01/22		950,000		938,511
China Southern Power Grid International Finance BVI Co., Ltd. 3.500%, 05/08/27 (144A)		960,000		952,242
Cleveland Electric Illuminating Co. (The) 7.880%, 11/01/17		1,118,000		1,139,634
CMS Energy Corp. 3.875%, 03/01/24		170,000		177,821
8.750%, 06/15/19		885,000		994,092
Commonwealth Edison Co. 3.650%, 06/15/46		162,000		157,446
Consolidated Edison Co. of New York, Inc. 3.875%, 06/15/47		700,000		709,422
Consumers Energy Co. 4.350%, 08/31/64		191,000		197,168
5.650%, 04/15/20		200,000		220,176
Electric—(Continued)
Delmarva Power & Light Co. 4.150%, 05/15/45		500,000		528,790
Dominion Energy, Inc. 2.750%, 01/15/22		232,000		233,262
2.850%, 08/15/26 (d)		183,000		174,441
DTE Electric Co. 3.900%, 06/01/21		1,000,000		1,054,426
5.700%, 10/01/37		300,000		376,451
DTE Energy Co. 3.500%, 06/01/24		449,000		456,005
3.850%, 12/01/23		225,000		234,227
Duke Energy Carolinas LLC 4.300%, 06/15/20		619,000		660,154
6.000%, 01/15/38		600,000		792,937
Duke Energy Indiana LLC 3.750%, 05/15/46		350,000		344,988
Duke Energy Ohio, Inc. 3.800%, 09/01/23 (d)		815,000		865,949
Duke Energy Progress LLC 3.700%, 10/15/46		377,000		370,528
4.100%, 03/15/43		200,000		207,660
4.375%, 03/30/44		247,000		268,237
5.300%, 01/15/19		200,000		211,068
5.700%, 04/01/35		360,000		445,547
Enel Finance International NV 3.625%, 05/25/27 (144A)		480,000		475,365
Entergy Arkansas, Inc. 3.050%, 06/01/23		765,000		780,116
Entergy Corp. 2.950%, 09/01/26		194,000		185,767
Entergy Louisiana LLC 2.400%, 10/01/26		414,000		390,228
3.050%, 06/01/31		195,000		188,288
Entergy Mississippi, Inc. 2.850%, 06/01/28		170,000		164,770
Exelon Corp. 3.497%, 06/01/22		600,000		612,985
Exelon Generation Co. LLC 2.950%, 01/15/20		300,000		304,627
3.400%, 03/15/22 (d)		243,000		247,344
4.000%, 10/01/20		100,000		104,336
6.250%, 10/01/39		160,000		174,584
FirstEnergy Corp. 4.850%, 07/15/47		289,000		293,193
Florida Power & Light Co. 5.625%, 04/01/34		1,250,000		1,547,879
Fortis, Inc. 3.055%, 10/04/26		1,500,000		1,447,488
Indiana Michigan Power Co. 3.200%, 03/15/23		330,000		334,481
Jersey Central Power & Light Co. 6.150%, 06/01/37		200,000		240,076
Kansas City Power & Light Co. 3.150%, 03/15/23		604,000		609,262
5.300%, 10/01/41		315,000		368,202

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Massachusetts Electric Co. 4.004%, 08/15/46 (144A)		402,000	$	405,675
MidAmerican Energy Co. 3.700%, 09/15/23		1,100,000		1,160,686
Nevada Power Co. 5.375%, 09/15/40		223,000		263,493
6.650%, 04/01/36		360,000		485,479
7.125%, 03/15/19 (d)		200,000		217,579
New York State Electric & Gas Corp. 3.250%, 12/01/26 (144A)		434,000		434,601
NextEra Energy Capital Holdings, Inc. 3.625%, 06/15/23		410,000		420,612
Niagara Mohawk Power Corp. 3.508%, 10/01/24 (144A)		305,000		315,497
Northern States Power Co. 6.250%, 06/01/36		200,000		264,057
6.500%, 03/01/28		628,000		774,725
Ohio Power Co. 5.375%, 10/01/21		305,000		339,567
6.600%, 02/15/33		258,000		327,755
Pacific Gas & Electric Co. 4.000%, 12/01/46		204,000		209,949
4.250%, 05/15/21		782,000		831,049
6.050%, 03/01/34		1,200,000		1,548,466
PacifiCorp 3.600%, 04/01/24		315,000		330,223
5.500%, 01/15/19		500,000		527,483
PPL Electric Utilities Corp. 2.500%, 09/01/22		300,000		298,945
4.125%, 06/15/44		208,000		216,828
Progress Energy, Inc. 7.000%, 10/30/31		200,000		264,796
PSEG Power LLC 2.450%, 11/15/18		568,000		570,006
4.300%, 11/15/23 (d)		201,000		211,858
Public Service Co. of Colorado 2.500%, 03/15/23		400,000		396,327
Public Service Co. of New Hampshire 3.500%, 11/01/23		272,000		284,029
Public Service Co. of Oklahoma 5.150%, 12/01/19		1,010,000		1,076,566
6.625%, 11/15/37		600,000		791,447
Public Service Electric & Gas Co. 3.800%, 01/01/43		700,000		704,956
Sierra Pacific Power Co. 3.375%, 08/15/23		556,000		571,137
Southern Co. (The) 2.150%, 09/01/19		855,000		855,383
Southern Power Co. 4.950%, 12/15/46		468,000		483,277
5.150%, 09/15/41		400,000		421,150
Southwestern Public Service Co. 4.500%, 08/15/41		250,000		275,560
State Grid Overseas Investment, Ltd. 1.750%, 05/22/18 (144A)		499,000		497,539
Electric—(Continued)
Toledo Edison Co. (The) 6.150%, 05/15/37		400,000		496,683
Tri-State Generation & Transmission Association, Inc. 4.250%, 06/01/46		206,000		202,990
Virginia Electric & Power Co. 2.750%, 03/15/23		400,000		401,272
2.950%, 01/15/22		489,000		499,178
3.450%, 02/15/24		102,000		105,285
4.450%, 02/15/44		126,000		137,656
6.000%, 05/15/37		685,000		878,840
				46,796,308
Electronics—0.1%
Arrow Electronics, Inc. 3.000%, 03/01/18		49,000		49,350
3.875%, 01/12/28		376,000		372,869
Koninklijke Philips NV 3.750%, 03/15/22		1,680,000		1,771,009
				2,193,228
Engineering & Construction—0.0%
Fluor Corp. 3.375%, 09/15/21 (d)		550,000		571,073
Environmental Control—0.0%
Republic Services, Inc. 5.500%, 09/15/19		650,000		697,842
Waste Management, Inc. 3.125%, 03/01/25		257,000		260,882
				958,724
Food—0.4%
Danone S.A. 2.589%, 11/02/23 (144A)		1,000,000		975,677
Kraft Heinz Foods Co. 3.950%, 07/15/25		260,000		267,350
5.000%, 07/15/35		1,400,000		1,513,929
6.125%, 08/23/18		700,000		733,293
6.500%, 02/09/40		400,000		500,398
6.875%, 01/26/39		731,000		940,193
Kroger Co. (The) 4.000%, 02/01/24		229,000		237,248
7.500%, 04/01/31		1,140,000		1,511,686
8.000%, 09/15/29		610,000		822,105
Smithfield Foods, Inc. 4.250%, 02/01/27 (144A)		169,000		172,894
Tyson Foods, Inc. 3.950%, 08/15/24		1,456,000		1,523,585
				9,198,358
Forest Products & Paper—0.1%
International Paper Co. 3.000%, 02/15/27 (d)		429,000		412,871

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Forest Products & Paper—(Continued)
International Paper Co. 7.300%, 11/15/39		350,000	$	473,317
8.700%, 06/15/38		250,000		367,451
				1,253,639
Gas—0.4%
Atmos Energy Corp. 4.125%, 10/15/44		450,000		473,584
4.150%, 01/15/43		460,000		476,235
8.500%, 03/15/19		200,000		221,442
CenterPoint Energy Resources Corp. 4.500%, 01/15/21		429,000		450,511
KeySpan Gas East Corp. 2.742%, 08/15/26 (144A)		345,000		332,978
Korea Gas Corp. 1.875%, 07/18/21 (144A)		400,000		388,063
Nisource Finance Corp. 4.800%, 02/15/44		162,000		175,490
6.250%, 12/15/40		200,000		250,314
Sempra Energy 2.875%, 10/01/22		1,625,000		1,628,996
3.550%, 06/15/24		709,000		726,381
4.050%, 12/01/23		1,054,000		1,111,741
Southern Co. Gas Capital Corp. 2.450%, 10/01/23		172,000		166,861
3.500%, 09/15/21		1,000,000		1,032,548
3.950%, 10/01/46		212,000		202,361
4.400%, 06/01/43		375,000		381,239
6.000%, 10/01/34		1,000,000		1,199,713
Southwest Gas Corp. 3.800%, 09/29/46		332,000		320,275
				9,538,732
Healthcare-Products—0.2%
Abbott Laboratories 3.875%, 09/15/25		464,000		477,237
Becton Dickinson & Co. 2.675%, 12/15/19		127,000		128,555
3.734%, 12/15/24		85,000		86,393
Covidien International Finance S.A. 2.950%, 06/15/23		377,000		380,281
Medtronic, Inc. 3.125%, 03/15/22		398,000		410,368
4.375%, 03/15/35		895,000		977,578
Stryker Corp. 4.100%, 04/01/43		600,000		597,619
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		286,000		278,103
3.150%, 01/15/23		1,066,000		1,084,514
4.150%, 02/01/24		515,000		549,230
				4,969,878
Healthcare-Services—0.3%
Aetna, Inc. 2.800%, 06/15/23		269,000		268,533
6.625%, 06/15/36		297,000		400,703
Anthem, Inc. 2.300%, 07/15/18		751,000		755,227
3.500%, 08/15/24		1,035,000		1,063,894
4.650%, 08/15/44		324,000		350,939
5.950%, 12/15/34		272,000		329,088
Laboratory Corp. of America Holdings 3.200%, 02/01/22		682,000		696,025
Providence St. Joseph Health Obligated Group 2.746%, 10/01/26		210,000		201,132
Quest Diagnostics, Inc. 3.450%, 06/01/26		140,000		140,267
4.750%, 01/30/20		400,000		425,879
Roche Holdings, Inc. 3.350%, 09/30/24 (144A)		660,000		681,135
Texas Health Resources 4.330%, 11/15/55		250,000		261,555
UnitedHealth Group, Inc. 2.875%, 03/15/23		250,000		253,839
4.625%, 07/15/35		320,000		359,656
5.800%, 03/15/36		675,000		854,534
				7,042,406
Holding Companies - Diversified—0.0%
Hutchison Whampoa International 11, Ltd. 4.625%, 01/13/22 (144A)		1,100,000		1,186,859
Household Products/Wares—0.0%
Kimberly-Clark Corp. 2.400%, 06/01/23 (d)		600,000		592,644
Insurance—1.3%
AIG SunAmerica Global Financing X 6.900%, 03/15/32 (144A)		1,000,000		1,322,040
Allstate Corp. (The) 3.150%, 06/15/23		407,000		417,074
American International Group, Inc. 3.875%, 01/15/35		259,000		251,091
4.125%, 02/15/24		868,000		916,435
Aon plc 3.500%, 06/14/24		935,000		953,343
Arch Capital Finance LLC 5.031%, 12/15/46		306,000		340,194
Athene Global Funding 2.750%, 04/20/20 (144A)		844,000		845,845
4.000%, 01/25/22 (144A)		368,000		382,257
Berkshire Hathaway Finance Corp. 4.300%, 05/15/43		831,000		884,555
Berkshire Hathaway, Inc. 3.000%, 02/11/23		1,000,000		1,024,622
Chubb INA Holdings, Inc. 2.700%, 03/13/23		400,000		400,330
2.875%, 11/03/22		260,000		264,492

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Chubb INA Holdings, Inc. 3.150%, 03/15/25		131,000	$	132,820
3.350%, 05/15/24		435,000		450,441
CNA Financial Corp. 6.950%, 01/15/18		550,000		564,372
7.350%, 11/15/19		500,000		558,743
Dai-ichi Life Insurance Co., Ltd. (The) 4.000%, 07/24/26 (144A) (a)		759,000		752,169
Great-West Lifeco Finance Delaware L.P. 4.150%, 06/03/47 (144A)		720,000		721,073
Guardian Life Insurance Co. of America (The) 4.850%, 01/24/77 (144A)		156,000		165,188
Jackson National Life Global Funding 3.050%, 04/29/26 (144A)		300,000		294,458
3.250%, 01/30/24 (144A)		460,000		466,096
Liberty Mutual Group, Inc. 4.950%, 05/01/22 (144A)		700,000		767,735
Liberty Mutual Insurance Co. 7.875%, 10/15/26 (144A)		500,000		653,324
8.500%, 05/15/25 (144A)		300,000		386,658
Lincoln National Corp. 4.200%, 03/15/22		350,000		372,464
6.250%, 02/15/20		800,000		877,518
Manulife Financial Corp. 4.061%, 02/24/32 (a) (d)		950,000		958,470
Marsh & McLennan Cos., Inc. 2.350%, 03/06/20		453,000		455,321
2.750%, 01/30/22		58,000		58,567
3.500%, 03/10/25		621,000		637,365
Massachusetts Mutual Life Insurance Co. 5.625%, 05/15/33 (144A)		720,000		857,167
7.625%, 11/15/23 (144A)		550,000		670,124
MassMutual Global Funding II 5.250%, 07/31/18 (144A)		880,000		912,971
Nationwide Mutual Insurance Co. 8.250%, 12/01/31 (144A)		1,000,000		1,430,582
9.375%, 08/15/39 (144A)		200,000		333,970
New York Life Global Funding 1.550%, 11/02/18 (144A)		317,000		316,452
Pacific Life Insurance Co. 9.250%, 06/15/39 (144A)		850,000		1,385,524
Pricoa Global Funding I 1.600%, 05/29/18 (144A)		1,678,000		1,677,544
Principal Financial Group, Inc. 3.125%, 05/15/23		250,000		251,992
Progressive Corp. (The) 2.450%, 01/15/27		600,000		568,966
Prudential Insurance Co. of America (The) 8.300%, 07/01/25 (144A)		2,150,000		2,840,574
Reliance Standard Life Global Funding II 2.500%, 01/15/20 (144A)		240,000		240,395
3.050%, 01/20/21 (144A)		149,000		150,675
Teachers Insurance & Annuity Association of America 4.270%, 05/15/47 (144A)		480,000		491,380
Voya Financial, Inc. 3.125%, 07/15/24		500,000		493,751
3.650%, 06/15/26 (d)		150,000		150,285
Insurance—(Continued)
XLIT, Ltd. 6.375%, 11/15/24		921,000		1,081,444
				31,128,856
Internet—0.2%
Amazon.com, Inc. 3.800%, 12/05/24 (d)		1,020,000		1,086,697
4.800%, 12/05/34		815,000		938,228
eBay, Inc. 2.600%, 07/15/22		1,990,000		1,972,492
4.000%, 07/15/42		700,000		616,135
				4,613,552
Iron/Steel—0.1%
Nucor Corp. 4.000%, 08/01/23		1,049,000		1,108,753
6.400%, 12/01/37		250,000		323,175
Vale Overseas, Ltd. 6.250%, 08/10/26		382,000		412,082
6.875%, 11/21/36		750,000		804,375
				2,648,385
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp. 2.750%, 08/20/21		360,000		364,553
3.250%, 12/01/24		393,000		402,900
3.750%, 11/24/23		769,000		815,862
7.150%, 02/15/19		1,000,000		1,084,176
				2,667,491
Machinery-Diversified—0.1%
Deere & Co. 8.100%, 05/15/30		600,000		869,344
Roper Technologies, Inc. 3.000%, 12/15/20		125,000		127,937
3.800%, 12/15/26 (d)		188,000		193,161
Xylem, Inc. 3.250%, 11/01/26		118,000		117,503
4.375%, 11/01/46		160,000		165,598
				1,473,543
Media—1.2%
21st Century Fox America, Inc. 3.700%, 10/15/25 (d)		700,000		717,467
6.150%, 02/15/41		500,000		631,082
6.550%, 03/15/33		370,000		466,327
6.900%, 03/01/19		900,000		970,563
CBS Corp. 3.700%, 08/15/24		874,000		896,845
4.850%, 07/01/42		255,000		266,222
4.900%, 08/15/44		135,000		141,779
5.900%, 10/15/40		125,000		148,428

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 07/23/25		2,174,000	$	2,348,614
5.375%, 05/01/47 (144A)		1,000,000		1,057,944
6.384%, 10/23/35		275,000		325,972
6.834%, 10/23/55		400,000		487,535
Comcast Corp. 4.200%, 08/15/34		556,000		588,777
4.250%, 01/15/33		1,880,000		2,003,648
6.500%, 11/15/35		308,000		408,325
COX Communications, Inc. 3.250%, 12/15/22 (144A)		1,010,000		1,007,886
4.800%, 02/01/35 (144A) (d)		1,100,000		1,075,691
Discovery Communications LLC 3.300%, 05/15/22		625,000		627,345
4.375%, 06/15/21		1,240,000		1,308,811
Grupo Televisa S.A.B. 6.125%, 01/31/46		200,000		222,242
Historic TW, Inc. 6.625%, 05/15/29		113,000		141,898
9.150%, 02/01/23		450,000		577,223
NBCUniversal Enterprise, Inc. 1.974%, 04/15/19 (144A)		1,000,000		1,003,488
NBCUniversal Media LLC 2.875%, 01/15/23 (d)		1,000,000		1,015,557
Sky plc 3.750%, 09/16/24 (144A)		431,000		442,719
TCI Communications, Inc. 7.125%, 02/15/28		801,000		1,058,617
Thomson Reuters Corp. 3.950%, 09/30/21		2,252,000		2,347,642
5.850%, 04/15/40		100,000		116,412
Time Warner Cable LLC 4.125%, 02/15/21		1,300,000		1,359,417
Time Warner, Inc. 3.550%, 06/01/24		2,970,000		3,009,563
Viacom, Inc. 3.250%, 03/15/23		222,000		220,037
3.875%, 04/01/24 (d)		380,000		387,082
4.850%, 12/15/34		410,000		407,480
6.875%, 04/30/36		798,000		932,434
Walt Disney Co. (The) 1.850%, 07/30/26 (d)		156,000		141,996
2.950%, 06/15/27		400,000		396,542
3.000%, 07/30/46		60,000		52,455
				29,312,065
Mining—0.1%
Barrick Gold Corp. 6.450%, 10/15/35		700,000		833,199
BHP Billiton Finance USA, Ltd. 2.875%, 02/24/22		157,000		160,192
3.850%, 09/30/23		1,000,000		1,064,250
5.000%, 09/30/43		414,000		479,076
Vale Canada, Ltd. 7.200%, 09/15/32		500,000		536,250
				3,072,967
Miscellaneous Manufacturing—0.3%
Eaton Corp. 6.950%, 03/20/19		282,000		304,811
General Electric Co. 3.100%, 01/09/23		287,000		297,628
3.450%, 05/15/24		393,000		412,967
4.375%, 09/16/20		1,060,000		1,137,782
5.500%, 01/08/20		616,000		670,975
6.000%, 08/07/19		673,000		731,419
6.750%, 03/15/32		254,000		348,149
Illinois Tool Works, Inc. 1.950%, 03/01/19		252,000		253,848
Ingersoll-Rand Global Holding Co., Ltd. 2.875%, 01/15/19		400,000		405,833
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, 05/01/20		320,000		323,165
Parker-Hannifin Corp. 3.300%, 11/21/24		143,000		147,346
4.100%, 03/01/47 (144A)		250,000		261,234
4.450%, 11/21/44		333,000		364,312
Siemens Financieringsmaatschappij NV 3.125%, 03/16/24 (144A) (d)		500,000		507,928
3.300%, 09/15/46 (144A)		350,000		315,754
6.125%, 08/17/26 (144A)		800,000		984,380
Textron, Inc. 3.650%, 03/15/27		342,000		343,335
				7,810,866
Multi-National—0.1%
African Development Bank 8.800%, 09/01/19		1,275,000		1,450,922
Oil & Gas—2.1%
Anadarko Finance Co. 7.500%, 05/01/31		805,000		1,005,948
Anadarko Holding Co. 7.150%, 05/15/28		949,000		1,140,176
Anadarko Petroleum Corp. 8.700%, 03/15/19 (d)		1,600,000		1,764,658
Apache Corp. 3.250%, 04/15/22		870,000		882,683
5.100%, 09/01/40		650,000		664,066
BP Capital Markets plc 1.375%, 11/06/17		500,000		499,887
1.375%, 05/10/18		518,000		516,934
3.017%, 01/16/27 (d)		105,000		102,155
3.224%, 04/14/24		1,000,000		1,009,877
3.245%, 05/06/22		1,475,000		1,517,309
3.535%, 11/04/24 (d)		300,000		307,971
3.588%, 04/14/27		550,000		558,056
3.814%, 02/10/24		650,000		677,868
Canadian Natural Resources, Ltd. 1.750%, 01/15/18		500,000		499,959
3.900%, 02/01/25 (d)		512,000		515,161
5.850%, 02/01/35		150,000		166,361
6.450%, 06/30/33		200,000		231,139

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Cenovus Energy, Inc. 3.000%, 08/15/22 (d)		660,000	$	631,057
6.750%, 11/15/39		1,100,000		1,155,551
Chevron Corp. 2.355%, 12/05/22		690,000		686,812
2.411%, 03/03/22		500,000		501,909
2.895%, 03/03/24		537,000		541,353
3.191%, 06/24/23		425,000		439,868
CNOOC Finance 2013, Ltd. 3.000%, 05/09/23		848,000		838,810
CNOOC Finance 2015 Australia Pty, Ltd. 2.625%, 05/05/20		393,000		394,023
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		897,795
Devon Energy Corp. 4.000%, 07/15/21 (d)		300,000		309,172
Ecopetrol S.A. 4.125%, 01/16/25 (d)		433,000		424,340
5.875%, 09/18/23		282,000		308,367
Encana Corp. 6.500%, 08/15/34		150,000		171,149
7.200%, 11/01/31		400,000		476,211
8.125%, 09/15/30		450,000		571,373
Eni USA, Inc. 7.300%, 11/15/27		480,000		599,027
EOG Resources, Inc. 4.100%, 02/01/21		880,000		923,008
5.100%, 01/15/36		314,000		344,468
Exxon Mobil Corp. 2.726%, 03/01/23		945,000		956,172
4.114%, 03/01/46		440,000		464,156
Hess Corp. 6.000%, 01/15/40		600,000		610,277
7.125%, 03/15/33		400,000		451,864
Marathon Oil Corp. 2.800%, 11/01/22 (d)		900,000		862,874
6.600%, 10/01/37 (d)		200,000		220,703
Marathon Petroleum Corp. 3.625%, 09/15/24		371,000		374,874
Nabors Industries, Inc. 4.625%, 09/15/21		1,975,000		1,875,855
5.000%, 09/15/20 (d)		300,000		299,250
Noble Energy, Inc. 3.900%, 11/15/24		500,000		513,782
5.625%, 05/01/21		218,000		224,248
6.000%, 03/01/41		360,000		402,836
Noble Holding International, Ltd. 5.750%, 03/16/18 (d)		48,000		48,291
Occidental Petroleum Corp. 3.000%, 02/15/27		350,000		340,816
Petro-Canada 5.950%, 05/15/35		210,000		251,615
9.250%, 10/15/21		243,000		306,554
Petroleos Mexicanos 4.625%, 09/21/23 (d)		800,000		809,600
4.875%, 01/18/24		317,000		321,089
Oil & Gas—(Continued)
Petroleos Mexicanos 5.625%, 01/23/46		738,000		654,237
6.375%, 01/23/45		918,000		895,050
6.500%, 03/13/27 (144A)		742,000		797,093
6.750%, 09/21/47		716,000		723,074
6.875%, 08/04/26		1,305,000		1,445,940
Shell International Finance B.V. 2.875%, 05/10/26 (d)		1,509,000		1,489,022
3.400%, 08/12/23		420,000		436,100
3.750%, 09/12/46		806,000		762,726
4.000%, 05/10/46		1,585,000		1,565,053
4.300%, 09/22/19		800,000		842,216
6.375%, 12/15/38		600,000		798,353
Sinopec Group Overseas Development 2013, Ltd. 4.375%, 10/17/23 (144A)		1,246,000		1,326,959
Statoil ASA 1.150%, 05/15/18		389,000		387,717
2.650%, 01/15/24 (d)		393,000		387,925
3.250%, 11/10/24		399,000		407,694
6.700%, 01/15/18		180,000		184,762
7.250%, 09/23/27		1,040,000		1,372,131
Suncor Energy, Inc. 3.600%, 12/01/24		678,000		693,728
5.950%, 12/01/34		668,000		804,745
Tosco Corp. 7.800%, 01/01/27		900,000		1,164,262
Total Capital International S.A. 2.700%, 01/25/23		815,000		819,163
3.700%, 01/15/24		654,000		688,055
Valero Energy Corp. 7.500%, 04/15/32		180,000		230,949
				50,486,311
Oil & Gas Services—0.2%
Baker Hughes, Inc. 5.125%, 09/15/40		360,000		411,312
Halliburton Co. 4.850%, 11/15/35		270,000		288,661
6.750%, 02/01/27		650,000		755,181
7.450%, 09/15/39		200,000		271,872
8.750%, 02/15/21		350,000		418,993
Schlumberger Investment S.A. 2.400%, 08/01/22 (144A)		600,000		593,707
3.300%, 09/14/21 (144A)		650,000		671,680
3.650%, 12/01/23		614,000		645,394
				4,056,800
Pharmaceuticals—0.7%
AbbVie, Inc. 2.850%, 05/14/23 (d)		200,000		199,554
3.200%, 11/06/22		556,000		570,266
3.600%, 05/14/25		1,787,000		1,822,854
4.300%, 05/14/36		27,000		27,478
4.500%, 05/14/35		2,340,000		2,467,846

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
Allergan Funding SCS 3.850%, 06/15/24		1,038,000	$	1,082,830
4.550%, 03/15/35		652,000		695,898
Allergan, Inc. 2.800%, 03/15/23		172,000		170,310
3.375%, 09/15/20		474,000		488,211
Bayer U.S. Finance LLC 2.375%, 10/08/19 (144A)		423,000		426,368
3.375%, 10/08/24 (144A)		472,000		483,283
Cardinal Health, Inc. 3.410%, 06/15/27		400,000		400,924
3.750%, 09/15/25		150,000		155,874
Express Scripts Holding Co. 3.000%, 07/15/23		900,000		893,812
3.500%, 06/15/24 (d)		300,000		302,620
4.800%, 07/15/46		156,000		158,679
Forest Laboratories LLC 5.000%, 12/15/21 (144A)		1,504,000		1,642,073
Mead Johnson Nutrition Co. 4.125%, 11/15/25		89,000		95,963
Medco Health Solutions, Inc. 4.125%, 09/15/20		800,000		837,787
Merck & Co., Inc. 2.400%, 09/15/22		343,000		345,783
2.800%, 05/18/23		625,000		636,847
3.700%, 02/10/45		60,000		59,835
Mylan NV 5.250%, 06/15/46		223,000		243,940
Mylan, Inc. 3.125%, 01/15/23 (144A)		300,000		298,474
Novartis Capital Corp. 3.400%, 05/06/24		863,000		900,559
Pfizer, Inc. 3.000%, 12/15/26 (d)		450,000		451,256
Sanofi 1.250%, 04/10/18		157,000		156,820
Shire Acquisitions Investments Ireland DAC 2.875%, 09/23/23		445,000		441,072
Teva Pharmaceutical Finance Netherlands B.V. 2.800%, 07/21/23 (d)		1,137,000		1,105,897
4.100%, 10/01/46 (d)		60,000		55,265
Zoetis, Inc. 1.875%, 02/01/18		93,000		93,056
4.700%, 02/01/43		26,000		28,244
				17,739,678
Pipelines—1.3%
ANR Pipeline Co. 7.375%, 02/15/24		226,000		270,748
APT Pipelines, Ltd. 4.250%, 07/15/27 (144A)		687,000		703,300
Boardwalk Pipelines L.P. 4.450%, 07/15/27		132,000		135,144
4.950%, 12/15/24 (d)		833,000		882,464
5.950%, 06/01/26		191,000		212,681
Pipelines—(Continued)
Buckeye Partners L.P. 2.650%, 11/15/18		400,000		402,134
3.950%, 12/01/26 (d)		111,000		109,871
4.875%, 02/01/21		600,000		635,185
5.850%, 11/15/43		575,000		616,815
Enbridge, Inc. 3.700%, 07/15/27		538,000		537,602
5.500%, 12/01/46		350,000		391,479
Energy Transfer L.P. 3.600%, 02/01/23		114,000		114,528
4.050%, 03/15/25		273,000		274,096
4.200%, 04/15/27 (d)		308,000		307,905
4.900%, 02/01/24		244,000		257,476
6.050%, 06/01/41		1,167,000		1,241,365
6.500%, 02/01/42		134,000		149,683
EnLink Midstream Partners L.P. 4.150%, 06/01/25		261,000		257,741
5.600%, 04/01/44		201,000		202,891
Enterprise Products Operating LLC 3.350%, 03/15/23		417,000		428,186
3.750%, 02/15/25		515,000		530,348
3.900%, 02/15/24		662,000		688,565
4.950%, 10/15/54		179,000		185,771
5.100%, 02/15/45		379,000		416,184
6.875%, 03/01/33		150,000		190,100
Gulf South Pipeline Co. L.P. 4.000%, 06/15/22		200,000		205,942
Magellan Midstream Partners L.P. 4.200%, 12/01/42		269,000		254,061
4.250%, 02/01/21		659,000		694,092
5.150%, 10/15/43		201,000		218,198
6.400%, 07/15/18		1,420,000		1,483,510
MPLX L.P. 4.875%, 12/01/24		529,000		564,002
5.200%, 03/01/47		215,000		221,423
ONEOK Partners L.P. 3.200%, 09/15/18		145,000		146,697
3.375%, 10/01/22		44,000		44,403
4.900%, 03/15/25 (d)		1,000,000		1,070,685
5.000%, 09/15/23		96,000		103,732
6.650%, 10/01/36		950,000		1,143,311
Phillips 66 Partners L.P. 3.550%, 10/01/26		117,000		113,643
4.900%, 10/01/46		255,000		251,024
Plains All American Pipeline L.P. / PAA Finance Corp. 3.600%, 11/01/24		1,875,000		1,822,339
3.650%, 06/01/22		176,000		179,548
4.900%, 02/15/45		814,000		756,647
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.000%, 10/01/22		270,000		289,577
Southern Natural Gas Co. LLC 4.800%, 03/15/47 (144A)		244,000		258,208
8.000%, 03/01/32		210,000		284,053

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Spectra Energy Capital LLC 3.300%, 03/15/23		308,000	$	309,153
5.650%, 03/01/20		2,200,000		2,363,880
6.750%, 07/15/18 (d)		218,000		227,606
8.000%, 10/01/19		1,000,000		1,114,186
Sunoco Logistics Partners Operations L.P. 3.900%, 07/15/26		117,000		114,799
4.250%, 04/01/24		233,000		235,666
4.950%, 01/15/43		394,000		367,442
5.300%, 04/01/44		200,000		194,977
5.350%, 05/15/45		633,000		620,442
6.100%, 02/15/42		500,000		525,364
TC PipeLines L.P. 3.900%, 05/25/27		254,000		253,442
TransCanada PipeLines, Ltd. 2.500%, 08/01/22		350,000		349,568
3.750%, 10/16/23		910,000		954,740
7.125%, 01/15/19		490,000		527,424
7.250%, 08/15/38		200,000		278,332
Western Gas Partners L.P. 4.650%, 07/01/26		280,000		286,618
5.450%, 04/01/44		178,000		180,691
Williams Partners L.P. 3.900%, 01/15/25		262,000		264,878
Williams Partners L.P. / ACMP Finance Corp. 4.875%, 05/15/23		700,000		726,334
				30,142,899
Real Estate—0.1%
Goodman Australia Industrial Fund Bond Issuer Pty, Ltd. 3.400%, 09/30/26 (144A)		632,000		620,822
Ontario Teachers’ Cadillac Fairview Properties Trust 3.125%, 03/20/22 (144A)		579,000		587,285
3.875%, 03/20/27 (144A)		603,000		617,995
ProLogis L.P. 3.750%, 11/01/25		89,000		92,654
4.250%, 08/15/23		114,000		123,066
				2,041,822
Real Estate Investment Trusts—0.9%
American Tower Corp. 2.250%, 01/15/22		500,000		487,536
3.375%, 10/15/26 (d)		287,000		280,798
3.500%, 01/31/23		790,000		810,211
AvalonBay Communities, Inc. 2.850%, 03/15/23		400,000		398,005
2.900%, 10/15/26 (d)		165,000		159,593
3.900%, 10/15/46		150,000		144,603
Boston Properties L.P. 2.750%, 10/01/26 (d)		300,000		283,251
3.800%, 02/01/24		500,000		518,708
3.850%, 02/01/23		800,000		841,658
Real Estate Investment Trusts—(Continued)
Brixmor Operating Partnership L.P. 3.850%, 02/01/25		500,000		493,436
Crown Castle International Corp. 4.000%, 03/01/27		166,000		170,861
4.875%, 04/15/22		835,000		912,176
DDR Corp. 4.700%, 06/01/27 (d)		226,000		226,133
Duke Realty L.P. 3.625%, 04/15/23		1,128,000		1,155,037
EPR Properties 4.500%, 06/01/27		497,000		499,981
Equity Commonwealth 5.875%, 09/15/20		800,000		855,546
ERP Operating L.P. 2.375%, 07/01/19 (d)		538,000		541,162
2.850%, 11/01/26 (d)		230,000		221,158
4.625%, 12/15/21		150,000		162,083
4.750%, 07/15/20		578,000		616,206
HCP, Inc. 3.400%, 02/01/25		303,000		298,363
3.875%, 08/15/24		1,986,000		2,024,683
Hospitality Properties Trust 4.650%, 03/15/24		225,000		234,157
4.950%, 02/15/27		353,000		368,616
Kimco Realty Corp. 3.800%, 04/01/27 (d)		600,000		600,110
Liberty Property L.P. 3.250%, 10/01/26		199,000		192,757
National Retail Properties, Inc. 3.600%, 12/15/26		453,000		449,311
Realty Income Corp. 3.000%, 01/15/27		410,000		388,312
4.650%, 03/15/47		225,000		234,137
Scentre Group Trust 1 / Scentre Group Trust 2 3.500%, 02/12/25 (144A)		720,000		722,659
Simon Property Group L.P. 2.750%, 02/01/23		200,000		199,226
4.375%, 03/01/21		1,185,000		1,261,982
UDR, Inc. 2.950%, 09/01/26		233,000		220,154
Ventas Realty L.P. 3.500%, 02/01/25		197,000		195,723
3.750%, 05/01/24		147,000		149,518
3.850%, 04/01/27		369,000		370,923
Ventas Realty L.P. / Ventas Capital Corp. 4.250%, 03/01/22		500,000		528,205
VEREIT Operating Partnership L.P. 4.600%, 02/06/24		960,000		1,002,663
Welltower, Inc. 4.000%, 06/01/25		300,000		310,188
4.500%, 01/15/24		1,024,000		1,092,825
5.250%, 01/15/22		600,000		658,724
				21,281,378

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—0.4%
Advance Auto Parts, Inc. 4.500%, 01/15/22		1,001,000	$	1,064,480
AutoZone, Inc. 3.750%, 06/01/27 (d)		344,000		344,097
CVS Health Corp. 2.125%, 06/01/21 (d)		509,000		502,794
5.300%, 12/05/43		303,000		349,185
CVS Pass-Through Trust 5.773%, 01/10/33 (144A)		811,063		921,610
6.204%, 10/10/25 (144A)		676,513		756,442
8.353%, 07/10/31 (144A)		162,810		210,051
Darden Restaurants, Inc. 3.850%, 05/01/27		296,000		300,748
Home Depot, Inc. (The) 2.125%, 09/15/26		193,000		180,427
2.625%, 06/01/22		700,000		710,583
3.500%, 09/15/56		134,000		121,410
3.750%, 02/15/24		586,000		622,887
4.200%, 04/01/43 (d)		207,000		219,499
4.400%, 03/15/45		143,000		156,616
Lowe’s Cos., Inc. 3.120%, 04/15/22		900,000		930,668
3.125%, 09/15/24		276,000		282,272
Macy’s Retail Holdings, Inc. 3.625%, 06/01/24 (d)		559,000		513,565
4.375%, 09/01/23 (d)		154,000		151,331
6.375%, 03/15/37 (d)		357,000		363,821
McDonald’s Corp. 4.700%, 12/09/35		84,000		92,710
6.300%, 10/15/37		152,000		197,814
Target Corp. 3.500%, 07/01/24		484,000		501,314
Wal-Mart Stores, Inc. 3.300%, 04/22/24 (d)		575,000		600,389
Walgreen Co. 4.400%, 09/15/42		200,000		200,253
Walgreens Boots Alliance, Inc. 4.500%, 11/18/34		349,000		366,232
				10,661,198
Savings & Loans—0.0%
Nationwide Building Society 2.450%, 07/27/21 (144A)		200,000		199,867
4.000%, 09/14/26 (144A)		449,000		444,120
				643,987
Semiconductors—0.2%
Analog Devices, Inc. 3.125%, 12/05/23		293,000		296,126
4.500%, 12/05/36		336,000		348,153
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.625%, 01/15/24 (144A)		1,205,000		1,232,712
3.875%, 01/15/27 (144A)		1,121,000		1,151,155
Semiconductors—(Continued)
Intel Corp. 3.150%, 05/11/27		200,000		200,684
3.700%, 07/29/25		260,000		272,958
4.000%, 12/15/32		1,000,000		1,055,059
QUALCOMM, Inc. 2.600%, 01/30/23		69,000		68,748
3.250%, 05/20/27		627,000		628,433
				5,254,028
Software—0.5%
Microsoft Corp. 2.400%, 08/08/26		400,000		384,951
2.875%, 02/06/24		1,252,000		1,272,366
3.300%, 02/06/27		502,000		517,096
3.500%, 02/12/35		296,000		298,442
3.950%, 08/08/56		180,000		180,026
4.000%, 02/12/55		310,000		313,917
4.100%, 02/06/37		924,000		995,261
4.500%, 02/06/57		810,000		891,808
Oracle Corp. 2.500%, 10/15/22		3,410,000		3,428,393
3.850%, 07/15/36		800,000		827,008
3.900%, 05/15/35		230,000		237,010
4.300%, 07/08/34		1,676,000		1,818,478
				11,164,756
Telecommunications—1.7%
America Movil S.A.B. de C.V. 3.125%, 07/16/22 (d)		1,600,000		1,630,734
AT&T, Inc. 3.000%, 06/30/22		841,000		841,435
3.400%, 05/15/25		891,000		875,933
3.600%, 02/17/23		5,315,000		5,439,690
3.950%, 01/15/25		587,000		598,259
4.450%, 04/01/24		532,000		560,035
4.500%, 05/15/35		1,000,000		983,792
4.550%, 03/09/49		149,000		140,801
4.750%, 05/15/46		296,000		290,259
5.350%, 09/01/40		726,000		768,742
6.150%, 09/15/34 (d)		415,000		474,126
6.300%, 01/15/38		200,000		235,125
6.350%, 03/15/40 (d)		530,000		622,661
6.375%, 03/01/41		300,000		350,335
6.500%, 09/01/37		650,000		779,223
Cisco Systems, Inc. 3.000%, 06/15/22		278,000		285,787
3.625%, 03/04/24		700,000		740,398
5.900%, 02/15/39		900,000		1,170,264
Crown Castle Towers LLC 6.113%, 01/15/20 (144A)		1,000,000		1,075,092
Deutsche Telekom International Finance B.V. 3.600%, 01/19/27 (144A) (d)		480,000		488,365
8.750%, 06/15/30		500,000		741,540
Orange S.A. 9.000%, 03/01/31		400,000		605,025

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Qwest Corp. 6.875%, 09/15/33 (d)		587,000	$	577,604
Rogers Communications, Inc. 4.100%, 10/01/23		736,000		780,675
8.750%, 05/01/32		940,000		1,349,689
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		1,869,000		1,885,354
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		210,000		212,220
4.103%, 03/08/27		588,000		607,490
5.134%, 04/27/20		551,000		594,253
5.213%, 03/08/47		547,000		590,613
Verizon Communications, Inc. 2.946%, 03/15/22 (144A)		1,712,000		1,723,895
3.000%, 11/01/21		1,500,000		1,519,865
3.450%, 03/15/21		534,000		552,486
4.125%, 03/16/27 (d)		400,000		413,112
4.400%, 11/01/34		1,263,000		1,251,451
4.522%, 09/15/48		369,000		349,108
4.672%, 03/15/55		339,000		317,368
4.812%, 03/15/39 (144A)		4,185,000		4,230,273
4.862%, 08/21/46		1,516,000		1,516,258
5.012%, 08/21/54		204,000		200,760
5.050%, 03/15/34		1,124,000		1,189,939
5.250%, 03/16/37		548,000		589,095
Vodafone Group plc 1.500%, 02/19/18		300,000		299,930
6.150%, 02/27/37		500,000		606,072
				41,055,131
Transportation—0.4%
Burlington Northern Santa Fe LLC 3.050%, 09/01/22		300,000		309,603
7.950%, 08/15/30		1,185,000		1,705,416
Burlington Northern, Inc. 8.750%, 02/25/22		812,000		1,022,079
Canadian Pacific Railway Co. 4.500%, 01/15/22		300,000		321,632
6.125%, 09/15/15		100,000		125,436
6.500%, 05/15/18		680,000		707,373
7.125%, 10/15/31		872,000		1,189,664
CSX Corp. 3.250%, 06/01/27		324,000		326,065
6.000%, 10/01/36		300,000		378,346
FedEx Corp. 3.900%, 02/01/35		382,000		379,165
4.100%, 04/15/43		100,000		98,884
Norfolk Southern Corp. 3.850%, 01/15/24		679,000		718,113
7.050%, 05/01/37		150,000		204,597
Ryder System, Inc. 2.450%, 09/03/19		555,000		560,049
Union Pacific Corp. 3.750%, 03/15/24		650,000		687,158
				8,733,580
Trucking & Leasing—0.1%
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.500%, 06/15/19 (144A)		175,000		175,890
2.875%, 07/17/18 (144A)		80,000		80,802
3.375%, 02/01/22 (144A)		848,000		868,678
4.250%, 01/17/23 (144A) (d)		948,000		1,005,242
				2,130,612
Water—0.1%
American Water Capital Corp. 3.400%, 03/01/25		319,000		329,875
3.850%, 03/01/24		1,130,000		1,198,918
				1,528,793
Total Corporate Bonds & Notes (Cost $665,471,496)				663,419,161
Asset-Backed Securities—8.8%
Asset-Backed - Automobile—2.3%
Ally Auto Receivables Trust 1.240%, 11/15/18		115,446		115,442
American Credit Acceptance Receivables Trust 1.500%, 06/12/20 (144A)		1,332,923		1,331,352
1.700%, 11/12/20 (144A)		425,584		424,985
1.720%, 06/15/20 (144A)		906,365		905,902
2.910%, 02/13/23 (144A)		977,000		980,956
4.260%, 08/12/22 (144A)		867,000		881,735
AmeriCredit Automobile Receivables Trust 1.420%, 10/08/19		1,008,196		1,007,900
1.600%, 11/09/20		274,000		273,960
1.830%, 12/08/21		750,000		743,664
2.300%, 02/18/22		785,000		785,964
2.710%, 08/18/22		421,000		423,225
3.130%, 01/18/23		945,000		948,727
Carfinance Capital Auto Trust 1.440%, 11/16/20 (144A)		479,591		479,104
1.750%, 06/15/21 (144A)		285,321		285,290
2.720%, 04/15/20 (144A)		182,667		183,286
CarMax Auto Owner Trust 0.980%, 01/15/19		755,409		754,801
1.280%, 05/15/19		186,690		186,561
Carnow Auto Receivables Trust 2.260%, 05/15/19 (144A)		1,577,591		1,578,503
3.490%, 02/15/21 (144A)		1,550,000		1,556,629
CPS Auto Receivables Trust 1.310%, 02/15/19 (144A)		110,893		110,875
1.310%, 06/15/20 (144A)		191,775		191,316
1.490%, 04/15/19 (144A)		105,119		105,093
1.530%, 07/15/19 (144A)		178,461		178,371
1.820%, 09/15/20 (144A)		318,502		318,323
3.270%, 06/15/22 (144A)		1,050,000		1,058,806
3.770%, 08/17/20 (144A)		558,000		567,514
4.000%, 02/16/21 (144A)		223,000		227,514
4.350%, 11/16/20 (144A)		450,000		460,105

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
Credit Acceptance Auto Loan Trust 2.560%, 10/15/25 (144A)		1,197,000	$	1,200,632
3.040%, 12/15/25 (144A)		524,000		525,116
3.350%, 06/15/26 (144A)		489,000		488,992
3.480%, 02/17/26 (144A)		440,000		443,519
Drive Auto Receivables Trust 2.510%, 01/15/21 (144A)		563,000		565,114
2.560%, 06/15/20 (144A)		795,000		797,608
2.840%, 04/15/22		2,135,000		2,140,491
2.980%, 01/18/22 (144A)		898,000		904,523
3.840%, 03/15/23		2,425,000		2,434,975
4.120%, 07/15/22 (144A)		1,177,000		1,192,088
4.160%, 05/15/24 (144A)		1,195,000		1,215,044
4.180%, 03/15/24 (144A)		2,076,000		2,119,841
DT Auto Owner Trust 1.560%, 06/15/20 (144A)		314,682		314,355
2.020%, 08/17/20 (144A)		618,000		617,067
3.030%, 01/17/23 (144A)		1,823,000		1,824,152
3.550%, 11/15/22 (144A)		1,089,000		1,091,334
3.770%, 10/17/22 (144A)		1,068,400		1,075,894
Exeter Automobile Receivables Trust 2.210%, 07/15/20 (144A)		773,469		773,898
2.770%, 11/15/19 (144A)		295,577		296,226
2.840%, 08/16/21 (144A)		785,000		788,053
3.260%, 12/16/19 (144A)		335,000		337,085
3.950%, 12/15/22 (144A)		580,000		586,876
First Investors Auto Owner Trust 1.530%, 11/16/20 (144A)		818,190		816,817
1.670%, 11/16/20 (144A)		123,133		123,149
Flagship Credit Auto Trust 1.430%, 12/16/19 (144A)		133,349		133,355
1.630%, 06/15/20 (144A)		258,278		258,193
2.550%, 02/18/20 (144A)		162,280		162,489
2.710%, 11/15/22 (144A)		1,195,000		1,187,220
2.840%, 11/16/20 (144A)		892,000		897,772
3.950%, 12/15/20 (144A)		440,000		444,828
Ford Credit Auto Owner Trust 0.900%, 10/15/18		54,416		54,400
GLS Auto Receivables Trust 2.730%, 10/15/20 (144A)		900,760		900,764
4.390%, 01/15/21 (144A)		540,000		541,557
GM Financial Automobile Leasing Trust 1.530%, 09/20/18		362,550		362,651
1.730%, 06/20/19		503,000		503,509
Honda Auto Receivables Owner Trust 0.770%, 03/19/18		32,979		32,970
Hyundai Auto Receivables Trust 0.900%, 12/17/18		551,380		551,173
Nissan Auto Receivables Owner Trust 1.110%, 05/15/19		147,308		147,166
OneMain Direct Auto Receivables Trust 2.040%, 01/15/21 (144A)		348,147		348,535
4.580%, 09/15/21 (144A)		533,000		541,287
Prestige Auto Receivables Trust 3.910%, 11/15/22 (144A)		1,979,000		2,001,444
Asset-Backed - Automobile—(Continued)
Sierra Auto Receivables Securitization Trust 2.850%, 01/18/22 (144A)		350,495		350,663
Skopos Auto Receivables Trust 3.550%, 02/15/20 (144A)		76,248		76,290
Tricolor Auto Securitization Trust 5.090%, 05/15/20 (144A) (f)		2,040,912		2,039,677
Westlake Automobile Receivables Trust 1.570%, 06/17/19 (144A)		896,506		896,442
2.460%, 01/18/22 (144A)		1,036,000		1,033,333
2.700%, 10/17/22 (144A)		720,000		722,232
4.100%, 06/15/21 (144A)		500,000		508,037
World Omni Auto Receivables Trust 1.320%, 01/15/20		353,240		353,168
				54,787,907
Asset-Backed - Credit Card—0.1%
Continental Credit Card 4.560%, 01/15/23 (144A)		1,887,307		1,887,119
Asset-Backed - Home Equity—0.0%
Asset-Backed Securities Corp. Home Equity Loan Trust 1.966%, 02/25/35 (a)		254,870		253,929
Asset-Backed - Other—6.3%
AJAX Mortgage Loan Trust 4.125%, 10/25/56 (144A)		1,584,309		1,583,542
American Homes 4 Rent Trust 3.467%, 04/17/52 (144A)		1,200,922		1,238,828
3.678%, 12/17/36 (144A)		95,518		99,482
4.201%, 12/17/36 (144A)		400,000		417,312
4.290%, 10/17/36 (144A)		300,000		314,628
4.596%, 12/17/36 (144A)		250,000		263,919
5.036%, 10/17/45 (144A)		1,900,000		2,027,012
5.639%, 04/17/52 (144A)		500,000		537,254
6.231%, 10/17/36 (144A)		650,000		720,794
6.418%, 12/17/36 (144A)		300,000		336,645
American Tower Trust I 1.551%, 03/15/43 (144A)		1,145,000		1,142,671
3.070%, 03/15/48 (144A)		1,920,000		1,934,646
AXIS Equipment Finance Receivables LLC 2.210%, 11/20/21 (144A)		1,667,622		1,660,710
B2R Mortgage Trust 2.524%, 05/15/48 (144A)		901,526		895,200
BCC Funding XIII LLC 2.200%, 12/20/21 (144A)		1,636,374		1,635,946
CAM Mortgage Trust 3.220%, 08/01/57 (144A)		1,336,058		1,336,963
Camillo 5.000%, 12/05/23 (144A) (f)		3,574,776		3,566,956
CLUB Credit Trust 2.390%, 04/17/23 (144A)		933,000		933,712
Colony American Finance, Ltd. 2.554%, 11/15/48 (144A)		1,019,572		999,064
Conix Mortgage Asset Trust 4.704%, 12/25/47 (144A) (a) (f) (g)		1,078,519		115,725

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
COOF Securitization Trust, Ltd. 3.031%, 06/25/40 (144A) (a) (b)		2,056,760	$	190,528
Engs Commercial Finance Trust 2.630%, 02/22/22 (144A)		887,041		885,723
FirstKey Lending Trust 2.553%, 03/09/47 (144A)		1,981,375		1,980,851
3.417%, 03/09/47 (144A)		1,442,000		1,447,296
GLC Trust 3.000%, 07/15/21 (144A)		170,203		168,075
GMAT Trust 6.967%, 11/25/43 (144A)		433,400		434,045
Gold Key Resorts LLC 3.220%, 03/17/31 (144A)		647,386		649,337
Goodgreen Trust 3.740%, 10/15/52 (144A)		717,832		726,230
Green Tree Agency Advance Funding Trust I 2.380%, 10/15/48 (144A)		733,000		729,965
3.122%, 10/15/48 (144A)		1,067,000		1,060,417
HERO Funding Trust 3.080%, 09/20/42 (144A)		1,088,206		1,103,510
4.460%, 09/20/47 (144A)		2,636,154		2,718,405
Hilton Grand Vacations Trust 2.660%, 12/26/28 (144A)		1,308,383		1,308,953
Kabbage Asset Securitization LLC 4.571%, 03/15/22 (144A)		6,515,000		6,664,802
KGS-Alpha SBA COOF Trust 0.602%, 05/25/39 (144A) (a) (b)		6,515,770		104,357
0.802%, 08/25/38 (144A) (a) (b)		6,681,744		146,591
1.668%, 03/25/39 (144A) (a) (b)		5,869,019		250,560
3.386%, 04/25/40 (144A) (a) (b)		1,700,064		140,332
LendingClub Issuance Trust 3.000%, 01/17/23 (144A)		552,369		554,093
3.750%, 06/15/22 (144A)		473,946		476,784
Lendmark Funding Trust 2.830%, 01/22/24 (144A)		1,512,000		1,511,690
LV Tower 52 Issuer LLC 5.750%, 02/15/23 (144A) (f)		2,609,347		2,622,394
7.750%, 02/15/23 (144A) (f)		1,346,089		1,352,820
Mariner Finance Issuance Trust 3.620%, 02/20/29 (144A)		1,631,000		1,643,640
Marlette Funding Trust 2.827%, 03/15/24 (144A)		3,087,757		3,098,848
3.060%, 01/17/23 (144A)		1,123,970		1,129,017
Murray Hill Marketplace Trust 4.190%, 11/25/22 (144A)		1,379,733		1,392,111
Nationstar HECM Loan Trust 2.013%, 08/25/26 (144A)		738,723		746,417
2.239%, 06/25/26 (144A) (a)		378,259		382,525
2.883%, 11/25/25 (144A)		165,803		165,856
2.942%, 05/25/27 (144A)		305,000		304,538
4.115%, 11/25/25 (144A)		786,000		786,252
New Residential Advance Receivables Trust 2.575%, 10/15/49 (144A)		1,720,000		1,708,840
New Residential Advance Receivables Trust Advance Receivables Backed Notes 3.020%, 10/15/49 (144A)		268,000		268,204
3.513%, 10/15/49 (144A)		625,000		625,999
Asset-Backed - Other—(Continued)
NRPL Trust 3.875%, 11/01/54 (144A)		918,201		914,603
NRZ Advance Receivables Trust Advance Receivables Backed 2.751%, 06/15/49 (144A)		882,000		875,082
Ocwen Master Advance Receivables Trust 2.521%, 08/17/48 (144A)		3,612,000		3,595,335
3.064%, 08/17/48 (144A)		1,374,073		1,373,992
3.211%, 11/15/47 (144A)		2,934,000		2,927,082
3.607%, 08/17/48 (144A)		980,777		963,829
4.196%, 11/15/47 (144A)		487,000		487,000
4.246%, 08/17/48 (144A)		1,776,686		1,751,878
4.687%, 11/15/47 (144A)		1,000,000		1,000,591
OnDeck Asset Securitization Trust II LLC 4.210%, 05/17/20 (144A)		632,000		633,102
7.630%, 05/17/20 (144A)		285,000		287,494
OneMain Financial Issuance Trust 2.430%, 06/18/24 (144A)		306,907		307,024
2.470%, 09/18/24 (144A)		1,340,813		1,342,557
3.020%, 09/18/24 (144A)		1,864,000		1,871,423
3.190%, 03/18/26 (144A)		2,877,000		2,905,677
3.240%, 06/18/24 (144A)		321,000		321,322
3.660%, 02/20/29 (144A)		1,785,000		1,826,761
3.850%, 03/18/26 (144A)		450,000		456,367
5.670%, 03/20/28 (144A)		2,505,000		2,567,625
6.000%, 02/20/29 (144A)		1,000,000		1,023,982
Oportun Funding II LLC 3.690%, 07/08/21 (144A)		3,332,000		3,363,869
Oportun Funding IV LLC 3.230%, 06/08/23 (144A)		1,187,000		1,193,283
4.850%, 11/08/21 (144A)		1,085,492		1,107,299
Oportun Funding LLC 3.280%, 11/08/21 (144A)		2,250,000		2,262,009
PFS Tax Lien Trust 1.440%, 05/15/29 (144A)		172,156		170,838
Prosper Marketplace Issuance Trust 2.560%, 06/15/23 (144A)		1,775,000		1,778,904
Purchasing Power Funding LLC 1.000%, 02/27/19 (144A) (f)		1,331,843		1,331,843
4.750%, 12/15/19 (144A)		2,000,000		2,006,876
RBSHD Trust 7.685%, 10/25/47 (144A) (f)		794,314		794,399
Renew Financial 3.670%, 09/20/52 (144A)		1,030,863		1,027,655
Rice Park Financing Trust 4.625%, 10/31/41 (144A) (f)		4,652,351		4,652,351
SoFi Consumer Loan Program LLC 3.090%, 10/27/25 (144A)		1,023,746		1,032,266
SpringCastle America Funding LLC 3.050%, 04/25/29 (144A)		3,059,571		3,077,592
Springleaf Funding Trust 3.160%, 11/15/24 (144A)		2,305,000		2,325,848
3.620%, 11/15/24 (144A)		725,000		731,060
SPS Servicer Advance Receivables Trust 2.530%, 11/16/48 (144A)		2,525,000		2,502,992

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Trafigura Securitisation Finance plc 2.109%, 10/15/18 (144A) (a) (f)		3,188,000	$	3,185,186
Tricon American Homes Trust 2.589%, 11/17/33 (144A)		1,221,000		1,207,596
U.S. Residential Opportunity Fund Trust 3.475%, 07/27/36 (144A)		1,204,086		1,212,327
Upstart Securitization Trust 2.639%, 06/20/24 (144A)		1,555,000		1,554,600
Vericrest Opportunity Loan Trust LLC 3.250%, 05/25/47 (144A)		1,201,962		1,203,438
3.250%, 04/25/59 (144A)		1,959,000		1,957,251
3.500%, 03/25/47 (144A)		2,377,157		2,384,677
Vericrest Opportunity Loan Trust LLC 3.125%, 06/25/47 (144A)		2,288,000		2,288,000
3.375%, 04/25/47 (144A)		2,281,909		2,280,201
3.375%, 10/26/54 (144A)		254,685		255,252
3.500%, 10/25/46 (144A)		1,867,701		1,869,270
3.500%, 03/25/47 (144A)		1,135,294		1,137,169
3.500%, 02/25/55 (144A)		1,491,559		1,495,369
3.500%, 03/25/55 (144A)		1,164,085		1,168,347
3.625%, 02/25/47 (144A)		1,484,379		1,485,354
3.875%, 12/26/46 (144A)		2,078,326		2,091,310
3.875%, 04/25/55 (144A)		255,430		255,541
4.250%, 02/25/55 (144A)		498,459		498,588
Verizon Owner Trust 1.420%, 01/20/21 (144A)		250,000		248,763
1.920%, 12/20/21 (144A)		3,648,000		3,647,441
VM DEBT LLC 6.500%, 10/02/24 (144A) (f)		2,795,000		2,795,000
VML LLC 3.875%, 04/27/54 (144A)		126,670		126,531
				152,380,035
Asset-Backed - Student Loan—0.1%
Academic Loan Funding Trust 2.016%, 12/27/22 (144A) (a)		230,402		230,811
2.016%, 12/26/44 (144A) (a)		1,091,494		1,086,268
				1,317,079
Total Asset-Backed Securities (Cost $211,323,019)				210,626,069
Mortgage-Backed Securities—3.6%
Collateralized Mortgage Obligations—1.7%
Banc of America Funding Trust 3.175%, 05/20/34 (a)		1,065,018		1,076,949
Bear Stearns ALT-A Trust 1.856%, 07/25/34 (a)		1,719,251		1,699,502
Countrywide Alternative Loan Trust 1.896%, 08/25/34 (a)		169,736		169,473
Global Mortgage Securitization, Ltd. 1.536%, 11/25/32 (144A) (a)		584,495		546,511
HarborView Mortgage Loan Trust 3.083%, 05/19/34 (a)		1,313,761		1,328,420
Collateralized Mortgage Obligations—(Continued)
Homeowner Assistance Program Reverse Mortgage Loan Trust 4.000%, 05/26/53 (144A) (f)		1,366,369		1,359,537
Impac CMB Trust 1.956%, 11/25/34 (a)		3,193,546		3,097,698
JPMorgan Mortgage Trust 3.556%, 08/25/34 (a)		229,175		230,781
MASTR Asset Securitization Trust 5.500%, 12/25/33		613,775		623,820
Merrill Lynch Mortgage Investors Trust 1.676%, 04/25/29 (a)		620,291		597,446
1.716%, 05/25/29 (a)		1,438,722		1,407,274
1.836%, 10/25/28 (a)		686,240		667,490
1.856%, 10/25/28 (a)		1,298,516		1,273,466
2.094%, 01/25/29 (a)		799,508		755,171
Sequoia Mortgage Trust 1.812%, 12/20/34 (a)		1,671,845		1,644,853
1.852%, 01/20/34 (a)		877,245		853,122
1.872%, 07/20/33 (a)		1,068,113		1,000,349
1.892%, 10/20/34 (a)		1,709,886		1,629,774
1.972%, 04/20/33 (a)		909,309		863,097
Springleaf Mortgage Loan Trust 1.780%, 12/25/65 (144A) (a)		1,349,436		1,346,715
1.870%, 09/25/57 (144A) (a)		620,858		620,217
3.520%, 12/25/65 (144A) (a)		2,177,000		2,173,475
3.790%, 09/25/57 (144A) (a)		1,274,000		1,271,534
4.480%, 12/25/65 (144A) (a)		3,000,000		2,993,391
Structured Adjustable Rate Mortgage Loan Trust 3.438%, 06/25/34 (a)		584,547		583,917
Structured Asset Mortgage Investments Trust 2.109%, 05/19/33 (a)		1,539,288		1,515,376
Structured Asset Mortgage Investments Trust II 1.909%, 01/19/34 (a)		1,450,491		1,404,882
1.909%, 03/19/34 (a)		1,656,993		1,607,004
Structured Asset Securities Corp. Mortgage Loan Trust 1.816%, 10/25/27 (a)		347,482		341,162
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 3.348%, 11/25/33 (a)		958,690		958,080
Thornburg Mortgage Securities Trust 1.856%, 09/25/43 (a)		827,195		798,808
2.738%, 12/25/44 (a)		1,118,828		1,113,133
3.111%, 04/25/45 (a)		2,631,502		2,638,300
Wells Fargo Mortgage-Backed Securities Trust 3.312%, 03/25/35 (a)		1,553,765		1,588,692
				41,779,419
Commercial Mortgage-Backed Securities—1.9%
A10 Term Asset Financing LLC 2.620%, 11/15/27 (144A)		246,398		246,261
3.020%, 04/15/33 (144A)		147,549		147,438
4.380%, 11/15/27 (144A)		425,000		424,016
BAMLL Commercial Mortgage Securities Trust 4.354%, 08/15/46 (144A) (a)		1,200,000		1,129,672
BAMLL Re-REMIC Trust 1.844%, 09/27/44 (144A) (a)		2,704,000		2,629,024

See accompanying notes to financial statements.

BHFTI-25

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Banc of America Commercial Mortgage Trust 5.492%, 02/10/51		524,267	$	524,969
BB-UBS Trust 2.892%, 06/05/30 (144A)		240,000		238,068
3.430%, 11/05/36 (144A)		2,950,000		3,020,388
Bear Stearns Commercial Mortgage Securities Trust 1.679%, 06/11/50 (144A) (a)		1,500,000		1,500,102
Citigroup Commercial Mortgage Trust 2.110%, 01/12/30 (144A)		511,944		512,626
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.249%, 07/10/45 (144A) (a) (b)		120,000,000		1,514,724
1.789%, 08/13/27 (144A) (a)		990,000		990,311
1.978%, 02/13/32 (144A) (a)		2,605,000		2,609,870
2.820%, 02/13/32 (144A) (a)		1,000,000		1,003,427
Commercial Mortgage Trust 3.086%, 04/12/35 (144A) (a)		1,871,000		1,893,988
4.353%, 08/10/30 (144A)		3,000,000		3,261,921
Credit Suisse Mortgage Capital Certificates 4.373%, 09/15/37 (144A)		1,000,000		943,989
GS Mortgage Securities Corp. II 2.706%, 12/10/27 (144A)		259,020		262,204
GS Mortgage Securities Corp. Trust 2.318%, 01/10/30 (144A)		733,000		734,824
3.551%, 04/10/34 (144A)		3,500,000		3,670,429
GS Mortgage Securities Trust 5.566%, 08/10/44 (144A) (a)		500,000		490,926
Hilton USA Trust 2.059%, 07/15/29 (144A) (a)		570,000		569,173
JPMorgan Chase Commercial Mortgage Securities Trust 5.716%, 02/15/51		2,109,015		2,120,790
Ladder Capital Commercial Mortgage Trust 3.985%, 02/15/36 (144A)		768,000		801,462
Morgan Stanley Bank of America Merrill Lynch Trust 3.669%, 02/15/47		3,000,000		3,127,272
Morgan Stanley Re-REMIC Trust 0.250%, 07/27/49 (144A)		1,500,000		1,405,800
2.000%, 07/27/49 (144A)		64,971		64,989
RBS Commercial Funding, Inc. Trust 3.260%, 03/11/31 (144A)		531,000		529,913
UBS-Barclays Commercial Mortgage Trust 3.244%, 04/10/46		2,228,000		2,284,693
VNDO Mortgage Trust 2.996%, 11/15/30 (144A)		1,400,000		1,428,861
3.808%, 12/13/29 (144A)		2,500,000		2,618,719
Wells Fargo Commercial Mortgage Trust 2.800%, 03/18/28 (144A) (a)		1,000,000		1,011,817
2.819%, 08/15/50		1,200,000		1,218,425
WF-RBS Commercial Mortgage Trust 4.346%, 03/15/45 (144A) (a)		300,000		275,968
				45,207,059
Total Mortgage-Backed Securities (Cost $86,106,141)				86,986,478
Foreign Government—1.0%
Security Description	Principal Amount*		Value
Electric—0.1%
Hydro-Quebec 8.050%, 07/07/24		1,100,000		1,443,408
9.400%, 02/01/21		845,000		1,034,565
				2,477,973
Provincial—0.0%
Province of Quebec Canada 7.125%, 02/09/24		200,000		249,738
Sovereign—0.9%
Colombia Government International Bonds 4.000%, 02/26/24 (d)		923,000		958,074
5.000%, 06/15/45		749,000		753,494
5.625%, 02/26/44		200,000		218,600
7.375%, 09/18/37		200,000		257,200
Israel Government AID Bonds Zero Coupon, 11/01/24		6,960,000		5,757,890
Zero Coupon, 02/15/25		2,000,000		1,639,286
Zero Coupon, 08/15/25		2,500,000		2,018,370
Mexico Government International Bonds 3.600%, 01/30/25		537,000		543,632
3.625%, 03/15/22 (d)		2,948,000		3,057,076
4.000%, 10/02/23		1,374,000		1,437,066
4.125%, 01/21/26 (d)		389,000		404,365
4.350%, 01/15/47		228,000		214,138
4.600%, 01/23/46		222,000		216,694
5.550%, 01/21/45		737,000		825,440
5.750%, 10/12/10		500,000		518,750
Panama Government International Bonds 4.000%, 09/22/24		323,000		339,150
Peruvian Government International Bonds 5.625%, 11/18/50 (d)		73,000		88,439
Poland Government International Bonds 4.000%, 01/22/24 (d)		930,000		994,639
Republic of South Africa Government Bond 5.875%, 09/16/25		384,000		412,891
				20,655,194
Total Foreign Government (Cost $23,484,268)				23,382,905
Short-Term Investment—0.3%
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $7,897,528 on 07/03/17, collateralized by $8,065,000 U.S. Treasury Note at 1.125% due 06/15/18 with a value of $8,058,322.		7,897,449		7,897,449
Total Short-Term Investments (Cost $7,897,449)				7,897,449

See accompanying notes to financial statements.

BHFTI-26

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (h)—4.6%

Security Description	Principal Amount*		Value
Certificates of Deposit—2.2%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		995,818	$	997,900
Bank of America N.A. 1.507%, 07/11/17 (a)		8,000,000		8,001,409
Bank of Nova Scotia Houston 1.492%, 11/03/17 (a)		4,000,000		4,003,949
Canadian Imperial Bank 1.630%, 10/27/17 (a)		1,500,000		1,501,687
Cooperative Rabobank UA New York 1.555%, 10/13/17 (a)		500,000		500,577
1.558%, 10/13/17 (a)		500,000		500,678
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.432%, 10/16/17 (a)		500,000		500,107
DG Bank New York 1.140%, 07/03/17		4,000,000		3,999,960
DNB NOR Bank ASA 1.412%, 07/28/17 (a)		1,800,000		1,800,225
KBC Bank NV 1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,000,000		1,999,980
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (a)		1,500,000		1,500,035
Mizuho Bank, Ltd., New York
1.469%, 10/18/17 (a)		2,000,000		1,999,864
1.610%, 08/02/17 (a)		1,000,000		1,000,305
National Australia Bank London 1.480%, 11/09/17 (a)		1,500,000		1,501,215
Natixis New York 1.506%, 08/03/17 (a)		5,100,000		5,101,540
Norinchukin Bank New York 1.377%, 10/13/17 (a)		1,000,000		1,000,688
Royal Bank of Canada New York 1.555%, 10/13/17 (a)		1,000,000		1,001,011
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (a)		2,600,000		2,601,011
Sumitomo Mitsui Trust Bank, Ltd., New York 1.170%, 07/03/17		3,000,000		2,999,991
1.466%, 10/26/17 (a)		1,500,000		1,500,384
UBS, Stamford 1.722%, 07/31/17 (a)		2,402,453		2,401,371
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (a)		1,700,000		1,701,520
				51,115,481
Commercial Paper—0.5%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		997,043		999,638
Commonwealth Bank Australia 1.522%, 10/23/17 (a)		2,000,000		2,002,108
ING Funding LLC 1.234%, 12/07/17 (a)		1,000,000		1,000,345
Commercial Paper—(Continued)
LMA S.A. & LMA Americas 1.150%, 07/07/17		2,499,441		2,499,681
1.180%, 07/11/17		498,525		499,834
National Australia Bank, Ltd. 1.563%, 12/06/17 (a)		1,500,000		1,502,027
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (a)		2,500,000		2,502,492
				12,005,185
Repurchase Agreements—1.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $495,067 on 07/03/17, collateralized by $515,310 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $504,923.		495,022		495,022
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,517,813 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $6,100,559 on 07/03/17, collateralized by $6,076,556 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $6,222,001.		6,100,000		6,100,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $7,300,730 on 07/03/17, collateralized by $7,422,153 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $7,446,022.		7,300,000		7,300,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $500,388 on 07/03/17, collateralized by $109 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $555,912.		500,000		500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $5,526,648 on 09/29/17, collateralized by various Common Stock with a value of $6,050,001.		5,500,000		5,500,000

See accompanying notes to financial statements.

BHFTI-27

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,540,494 on 10/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000	$	2,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $503,824 on 10/02/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $12,001,340 on 07/03/17, collateralized by $23,928,742 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $12,241,425.		12,000,000		12,000,000
RBS Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000		5,000,000
				41,395,022
Time Deposits—0.2%
Shinkin Central Bank 1.330%, 07/25/17		1,000,000		1,000,000
Standard Chartered plc 1.200%, 07/03/17		2,800,000		2,800,000
				3,800,000
Total Securities Lending Reinvestments (Cost $108,291,954)				108,315,688
Total Investments—104.2% (Cost $2,486,606,085) (i)				2,494,901,975
Other assets and liabilities (net)—(4.2)%				(100,420,060	)
Net Assets—100.0%			$	2,394,481,915

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 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 June 30, 2017, the market value of securities loaned was $105,518,286 and the collateral received consisted of cash in the amount of $108,285,194. 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 June 30, 2017, the market value of restricted securities was $23,815,888, which is 1.0% 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 June 30, 2017, these securities represent less than 0.05% of net assets.
(h)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(i)	As of June 30, 2017, the aggregate cost of investments was $2,486,606,085. The aggregate unrealized appreciation and depreciation of investments were $52,281,213 and $(43,985,323), respectively, resulting in net unrealized appreciation of $8,295,890.
(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 June 30, 2017, the market value of 144A securities was $360,810,320, which is 15.1% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(ARM)—	Adjustable-Rate Mortgage
(CLO)—	Collateralized Loan Obligation
(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	$	3,574,776	$	3,574,776	$	3,566,956
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		1,366,369		1,346,959		1,359,537
LV Tower 52 Issuer LLC, 5.750%, 02/15/23		08/04/15		2,609,347		2,606,414		2,622,394
LV Tower 52 Issuer LLC, 7.750%, 02/15/23		08/04/15		1,346,089		1,345,190		1,352,820
Purchasing Power Funding LLC, 1.000%, 02/27/19		11/04/16		1,331,843		1,325,184		1,331,843
RBSHD Trust, 7.685%, 10/25/47		09/27/13		794,314		794,314		794,399
Rice Park Financing Trust, 4.625%, 10/31/41		11/30/16		4,652,351		4,637,731		4,652,351
Trafigura Securitisation Finance plc, 2.109%, 10/15/18		01/30/14		3,188,000		3,188,000		3,185,186
Tricolor Auto Securitization Trust, 5.090%, 05/15/20		02/21/17		2,040,912		2,040,912		2,039,677
VM DEBT LLC, 6.500%, 10/02/24		03/23/17		2,795,000		2,788,012		2,795,000
							$	23,815,888

See accompanying notes to financial statements.

BHFTI-28

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,394,274,225	$	—	$	1,394,274,225
Corporate Bonds & Notes
Aerospace/Defense		—		8,495,330		176,387		8,671,717
Agriculture		—		1,212,372		—		1,212,372
Airlines		—		4,334,581		—		4,334,581
Auto Manufacturers		—		22,207,477		—		22,207,477
Banks		—		169,701,126		—		169,701,126
Beverages		—		9,120,755		—		9,120,755
Biotechnology		—		7,943,089		—		7,943,089
Building Materials		—		2,464,676		—		2,464,676
Chemicals		—		12,577,824		—		12,577,824
Commercial Services		—		6,602,254		—		6,602,254
Computers		—		10,153,466		—		10,153,466
Distribution/Wholesale		—		206,431		—		206,431
Diversified Financial Services		—		32,821,924		—		32,821,924
Electric		—		46,796,308		—		46,796,308
Electronics		—		2,193,228		—		2,193,228
Engineering & Construction		—		571,073		—		571,073
Environmental Control		—		958,724		—		958,724
Food		—		9,198,358		—		9,198,358
Forest Products & Paper		—		1,253,639		—		1,253,639
Gas		—		9,538,732		—		9,538,732
Healthcare-Products		—		4,969,878		—		4,969,878
Healthcare-Services		—		7,042,406		—		7,042,406
Holding Companies-Diversified		—		1,186,859		—		1,186,859
Household Products/Wares		—		592,644		—		592,644
Insurance		—		31,128,856		—		31,128,856
Internet		—		4,613,552		—		4,613,552
Iron/Steel		—		2,648,385		—		2,648,385
Machinery-Construction & Mining		—		2,667,491		—		2,667,491
Machinery-Diversified		—		1,473,543		—		1,473,543
Media		—		29,312,065		—		29,312,065
Mining		—		3,072,967		—		3,072,967
Miscellaneous Manufacturing		—		7,810,866		—		7,810,866
Multi-National		—		1,450,922		—		1,450,922
Oil & Gas		—		50,486,311		—		50,486,311
Oil & Gas Services		—		4,056,800		—		4,056,800

See accompanying notes to financial statements.

BHFTI-29

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Pharmaceuticals	$	—	$	17,739,678		$	—	$	17,739,678
Pipelines		—		30,142,899			—		30,142,899
Real Estate		—		2,041,822			—		2,041,822
Real Estate Investment Trusts		—		21,281,378			—		21,281,378
Retail		—		10,661,198			—		10,661,198
Savings & Loans		—		643,987			—		643,987
Semiconductors		—		5,254,028			—		5,254,028
Software		—		11,164,756			—		11,164,756
Telecommunications		—		41,055,131			—		41,055,131
Transportation		—		8,733,580			—		8,733,580
Trucking & Leasing		—		2,130,612			—		2,130,612
Water		—		1,528,793			—		1,528,793
Total Corporate Bonds & Notes		—		663,242,774			176,387		663,419,161
Asset-Backed Securities
Asset-Backed - Automobile		—		54,787,907			—		54,787,907
Asset-Backed - Credit Card		—		1,887,119			—		1,887,119
Asset-Backed - Home Equity		—		253,929			—		253,929
Asset-Backed - Other		—		152,264,310			115,725		152,380,035
Asset-Backed - Student Loan		—		1,317,079			—		1,317,079
Total Asset-Backed Securities		—		210,510,344			115,725		210,626,069
Total Mortgage-Backed Securities*		—		86,986,478			—		86,986,478
Total Foreign Government*		—		23,382,905			—		23,382,905
Total Short-Term Investment*		—		7,897,449			—		7,897,449
Total Securities Lending Reinvestments*		—		108,315,688			—		108,315,688
Total Investments	$	—	$	2,494,609,863		$	292,112	$	2,494,901,975
Collateral for Securities Loaned (Liability)	$	—	$	(108,285,194	)	$	—	$	(108,285,194	)

* 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 year ended December 31, 2016 is not presented.

See accompanying notes to financial statements.

BHFTI-30

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,494,901,975
Cash		523,022
Receivable for:
Investments sold		2,868,744
Fund shares sold		361,525
Principal paydowns		127,817
Interest		12,798,261
Total Assets		2,511,581,344
Liabilities
Collateral for securities loaned		108,285,194
Payables for:
Investments purchased		7,301,426
Fund shares redeemed		113,403
Accrued Expenses:
Management fees		830,490
Distribution and service fees		100,699
Deferred trustees’ fees		115,782
Other expenses		352,435
Total Liabilities		117,099,429
Net Assets	$	2,394,481,915
Net Assets Consist of:
Paid in surplus	$	2,413,665,820
Undistributed net investment income		27,149,053
Accumulated net realized loss		(54,628,848	)
Unrealized appreciation on investments		8,295,890
Net Assets	$	2,394,481,915
Net Assets
Class A	$	1,906,380,972
Class B		488,100,943
Capital Shares Outstanding*
Class A		187,223,205
Class B		47,979,280
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.18
Class B		10.17

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,486,606,085.
(b)	Includes securities loaned at value of $105,518,286.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Interest (a)	$	32,978,185
Securities lending income		460,335
Total investment income		33,438,520
Expenses
Management fees		6,555,772
Administration fees		37,806
Custodian and accounting fees		111,560
Distribution and service fees—Class B		601,480
Audit and tax services		39,766
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		35,146
Insurance		8,146
Miscellaneous		13,375
Total expenses		7,447,753
Less management fee waiver		(1,549,546	)
Net expenses		5,898,207
Net Investment Income		27,540,313
Net Realized and Unrealized Gain
Net realized gain on investments		1,151,569
Net change in unrealized appreciation on investments		26,230,186
Net realized and unrealized gain		27,381,755
Net Increase in Net Assets From Operations	$	54,922,068

(a) Net of foreign withholding taxes of $314.

See accompanying notes to financial statements.

BHFTI-31

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	27,540,313		$	49,667,804
Net realized gain		1,151,569			1,086,507
Net change in unrealized appreciation		26,230,186			9,523,435
Increase in net assets from operations		54,922,068			60,277,746
From Distributions to Shareholders
Net investment income
Class A		(51,496,017	)		(59,039,421	)
Class B		(11,992,691	)		(13,478,311	)
Total distributions		(63,488,708	)		(72,517,732	)
Increase (decrease) in net assets from capital share transactions		18,985,878			(93,382,340	)
Total increase (decrease) in net assets		10,419,238			(105,622,326	)
Net Assets
Beginning of period		2,384,062,677			2,489,685,003
End of period	$	2,394,481,915		$	2,384,062,677
Undistributed net investment income
End of period	$	27,149,053		$	63,097,448

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,009,940		$	20,707,478			3,072,844		$	32,186,389
Reinvestments		5,038,749			51,496,017			5,660,539			59,039,421
Redemptions		(6,149,654	)		(63,811,448	)		(17,804,315	)		(185,705,960	)
Net increase (decrease)		899,035		$	8,392,047			(9,070,932	)	$	(94,480,150	)
Class B
Sales		2,314,065		$	23,791,088			5,283,535		$	55,365,059
Reinvestments		1,174,603			11,992,691			1,293,504			13,478,311
Redemptions		(2,445,171	)		(25,189,948	)		(6,504,240	)		(67,745,560	)
Net increase		1,043,497		$	10,593,831			72,799		$	1,097,810
Increase (decrease) derived from capital shares transactions				$	18,985,878					$	(93,382,340	)

See accompanying notes to financial statements.

BHFTI-32

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013(a)
Net Asset Value, Beginning of Period	$	10.22		$	10.28		$	10.47		$	10.17		$	10.56
Income (Loss) from Investment Operations
Net investment income (b)		0.12			0.22			0.20			0.19			0.12
Net realized and unrealized gain (loss) on investments		0.12			0.04			(0.13	)		0.35			(0.41	)
Total from investment operations		0.24			0.26			0.07			0.54			(0.29	)
Less Distributions
Distributions from net investment income		(0.28	)		(0.32	)		(0.26	)		(0.18	)		(0.06	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.06	)		(0.04	)
Total distributions		(0.28	)		(0.32	)		(0.26	)		(0.24	)		(0.10	)
Net Asset Value, End of Period	$	10.18		$	10.22		$	10.28		$	10.47		$	10.17
Total Return (%) (c)		2.36	(d)		2.49			0.71			5.36			(2.70	)(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(e)		0.57			0.57			0.57			0.57	(e)
Net ratio of expenses to average net assets (%) (f)		0.44	(e)		0.44			0.44			0.44			0.44	(e)
Ratio of net investment income to average net assets (%)		2.36	(e)		2.09			1.93			1.82			1.62	(e)
Portfolio turnover rate (%)		12	(d)		18			9			10			68
Net assets, end of period (in millions)	$	1,906.4		$	1,905.2		$	2,008.9		$	2,766.8		$	1,942.6

	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013(g)			2012
Net Asset Value, Beginning of Period	$	10.20		$	10.26		$	10.45		$	10.15		$	10.54		$	10.36
Income (Loss) from Investment Operations
Net investment income (b)		0.11			0.19			0.18			0.16			0.12			0.22
Net realized and unrealized gain (loss) on investments		0.12			0.05			(0.13	)		0.35			(0.44	)		0.28
Total from investment operations		0.23			0.24			0.05			0.51			(0.32	)		0.50
Less Distributions
Distributions from net investment income		(0.26	)		(0.30	)		(0.24	)		(0.15	)		(0.03	)		(0.27	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.06	)		(0.04	)		(0.05	)
Total distributions		(0.26	)		(0.30	)		(0.24	)		(0.21	)		(0.07	)		(0.32	)
Net Asset Value, End of Period	$	10.17		$	10.20		$	10.26		$	10.45		$	10.15		$	10.54
Total Return (%) (c)		2.21	(d)		2.23			0.48			5.09			(3.04	)		4.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(e)		0.82			0.82			0.82			0.82			0.59
Net ratio of expenses to average net assets (%) (f)		0.69	(e)		0.69			0.69			0.69			0.69			0.59
Ratio of net investment income to average net assets (%)		2.11	(e)		1.84			1.69			1.58			1.21			2.09
Portfolio turnover rate (%)		12	(d)		18			9			10			68			11
Net assets, end of period (in millions)	$	488.1		$	478.9		$	480.8		$	492.7		$	439.6		$	480.9

(a)	Commencement of operations was February 28, 2013.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	On January 7, 2013, Class C shares were converted into Class B shares. The financial information of Class B includes the financial information of Class C prior to the conversion.

See accompanying notes to financial statements.

BHFTI-33

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Core Bond Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 the authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, 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 Adviser 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 its 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 a pricing service to value securities principally traded in these foreign markets in order

BHFTI-34

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book tax differences are primarily due to paydown transactions and premium amortization adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTI-35

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s

BHFTI-36

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $7,897,449. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $41,395,022. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-37

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(34,863,764	)	$	—	$	—	$	—	$	(34,863,764	)
Foreign Government		(5,351,040	)		—		—		—		(5,351,040	)
U.S. Treasury & Government Agencies		(68,070,390	)		—		—		—		(68,070,390	)
Total	$	(108,285,194	)	$	—	$	—	$	—	$	(108,285,194	)
Total Borrowings	$	(108,285,194	)	$	—	$	—	$	—	$	(108,285,194	)
Gross amount of recognized liabilities for securities lending transactions										$	(108,285,194	)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$73,121,187	$	213,807,942	$	135,958,917	$	164,304,055

BHFTI-38

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.550% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $6,555,772.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.130%		ALL

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-39

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$72,517,732	$	70,865,745	$	—	$	—	$	72,517,732	$	70,865,745

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$63,199,270	$	—	$	(39,346,643	)	$	(34,368,070	)	$	(10,515,443	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no pre-enactment accumulted capital loss carryforwards and the post-enactment accumulated short-term capital losses were $2,362,970 and the post-enactment accumulated long-term capital losses were $32,005,100.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-40

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	210,964,051		5,730,334		16,053,062

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		218,329,531		14,417,916
Robert Boulware		217,890,713		14,856,734
Susan C. Gause		217,880,207		14,867,240
Nancy Hawthorne		218,417,318		14,330,129
Barbara A. Nugent		218,006,819		14,740,629
John Rosenthal		218,420,882		14,326,565
Linda B. Strumpf		217,858,082		14,889,365
Dawn M. Vroegop		217,634,379		15,113,068

BHFTI-41

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the JPMorgan Global Active Allocation Portfolio returned 7.86%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

Data flow over the second quarter confirmed that the global economy locked in a higher-growth rate in the first half of 2017 after accelerating in the second half of 2016. Measures of corporate sentiment moderated, but remained healthy. Consumer sentiment was robust across developed markets and global export volumes accelerated modestly. International developed markets—led by the Euro area and Japan—were points of strength; emerging markets were stable on balance; and the U.S. economy rebounded after a soft first quarter, bringing its first-half average growth rate to about 2%. U.S. equities as represented by the S&P 500 Index returned 9.3% during the six-month period but lagged developed international market equities, which advanced by 14.2% as represented by the MSCI EAFE Index. Emerging market equities were the best-performing equity region, returning 18.6% so far in 2017 as measured by the MSCI Emerging Market Index. Government bonds rallied for most of the year reflecting a mix of softening inflation, falling commodity prices and firming monetary policy expectations. The Bloomberg Barclays U.S. Aggregate Bond Index rose by 2.3%, while the Bloomberg Barclays U.S. Corporate High Yield Index rose 4.9%. Emerging market debt, as measured by the J.P. Morgan Emerging Markets Bond Index, also advanced 6.2% over the period.

The persistence of faster growth rates and positive sentiment were constructive fundamentals for equities, even as other expectations—for an imminent fiscal stimulus package and the reawakening of the economy’s “animal spirits”—abated. The supportive undertone was evident in decent upward momentum in global earnings revisions, and implied in equity’s outperformance versus other asset classes. However, this generally solid equity performance was subject to two caveats. First, global equity gains slowed relative to the first quarter. We view this as a natural extension of the fact that global economic growth, though still strong, is no longer accelerating. Second, after logging more or less flat returns in the first quarter, government bonds rallied in the second quarter, mitigating stock outperformance relative to bonds.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The foundation of the JPMorgan Global Active Allocation Portfolio is a diversified, growth-oriented asset allocation that reduces exposure to extreme market events, specifically those associated with significant sustained drawdowns. The Portfolio’s long-term Strategic Asset Allocation has exposure of 50% to global equities, 25% to investment-grade fixed income, 20% to convertible debt securities and 5% to commodities. The strategy seeks to generate consistent capital appreciation over time with better protection against volatility through asset allocation, both strategic and tactical, as well as through employing a de-risking framework, Systematic Exposure Management (SEM). SEM aims to reduce the Portfolio’s exposure to asset classes exhibiting negative returns or elevated volatility. Portfolio allocations are not only adjusted based on SEM but also on our tactical asset allocation views. These views are informed by quantitative and qualitative inputs and seek to improve upon the Strategic Asset Allocation. These tactical asset allocation views aim to add additional returns within the Portfolio. As a final element to the Portfolio’s construction, an extended-duration exposure is achieved through a 10-year interest rate swap. This extended-duration profile provides further balancing of Portfolio risk and additional diversification benefits.

The Portfolio began the year with SEM, the primary risk management model, suggesting de-risking in fixed income. In addition, portfolio managers were expressing various tactical overweights and underweights. The allocation to cash was above its Strategic Asset Allocation throughout most of the period. The overweight cash position was driven by the negative price momentum in fixed income during the period. The Portfolio also held a tactical underweight to fixed income in addition to the SEM de-risking of that asset class.

Over the second quarter, SEM maintained a de-risked position in fixed income but to a lesser extent than the first quarter as the negative momentum in the asset class had continued to dissipate. Slowing inflation was a lynchpin for the decline in government bond yields in the second quarter, which pushed prices higher, reducing the negativity of the signal. Tactically, the Portfolio ended the period broadly overweight in developed market equities through U.S., Japanese, European, Hong Kong and Australian equities. While the Portfolio had been overweight in equities throughout the period, it continued to express a moderate underweight to U.K. equities. Additionally, the Portfolio maintained an overweight to emerging market equities given the stabilization in emerging economies and our constructive view on risk assets. We also expressed an underweight to global duration through short positions in U.S., U.K., German and Canadian government debt.

The Portfolio’s outperformance relative to the Dow Jones Moderate Index was driven by its higher allocation to developed international and emerging market equities, which outperformed U.S. equities during the period. Asset allocation decisions had an overall positive impact on the Portfolio over the period, primarily due to our pro-risk positioning within equities. The Portfolio also held increased exposure to duration relative to the Index, which helped performance as rates drifted lower. The Portfolio’s higher allocation to commodities relative to the Dow Jones Global Moderate Index was a headwind to performance as commodities were negative for the period. The higher allocation to convertible bonds, which underperformed the broader equity and fixed income markets, also detracted from performance. Security selection decisions have had a minimal impact on Portfolio performance for the period.

BHFTI-1

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

Derivatives may be used in the Portfolio to implement tactical decisions. Derivative usage is also permissible for purposes, such as hedging, cash management as a substitute for purchasing or selling securities, and to manage Portfolio characteristics. During the first half of 2017, the Portfolio utilized equity futures, Treasury futures and commodity futures for hedging and investment purposes. The Portfolio also utilized interest rate swaps and currency forwards solely for hedging purposes. All derivatives acted as the Portfolio managers expected over the period.

At the end of June, the Portfolio had an overweight equity allocation with the equity risk broadly diversified across regions. The Portfolio remained largely less exposed to risk in the fixed income allocation, given negative momentum and our less constructive view of the asset class. With respect to its other allocations, the Portfolio was underweight in commodities and the cash allocation remained above historical averages.

Michael Feser

Jeffrey Geller

Grace Koo

Jonathan Cummings

Matthew Cummings

Portfolio Managers

J.P. Morgan Investment Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
JPMorgan Global Active Allocation Portfolio
Class B		7.86		7.27		7.17		6.84
Dow Jones Moderate Index		7.27		10.35		7.87		7.28

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/23/2012. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Equity Sectors

	% of Net Assets
Financials		9.1
Information Technology		6.2
Industrials		4.1
Consumer Discretionary		3.8
Health Care		3.6

Top Equity Holdings

	% of Net Assets
Wells Fargo & Co., Series L		0.8
Siemens AG		0.5
Prudential plc		0.5
AIA Group, Ltd.		0.5
Enel S.p.A.		0.5

BHFTI-3

Top Fixed Income Issuers

	% of Net Assets
Priceline Group, Inc. (The)		0.9
Novellus Systems, Inc.		0.9
America Movil S.A.B. de C.V.		0.9
Intel Corp.		0.9
Airbus SE		0.8

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		24.4
Convertible Bonds		18.7
U.S. Treasury & Government Agencies		0.2
Municipals		0.1
Foreign Government		0.1

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Global Active Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.98	%	$	1,000.00	$	1,078.60	$	5.05
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

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Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—36.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.6%
Airbus SE		38,887	$	3,204,157
BAE Systems plc		106,944		883,674
General Dynamics Corp.		6,683		1,323,902
L3 Technologies, Inc.		1,166		194,815
Northrop Grumman Corp.		3,667		941,356
Safran S.A.		11,805		1,082,824
Textron, Inc.		2,640		124,344
Thales S.A.		33,952		3,657,935
United Technologies Corp.		8,359		1,020,718
				12,433,725
Air Freight & Logistics—0.1%
FedEx Corp.		1,120		243,410
Yamato Holdings Co., Ltd.		91,500		1,858,500
				2,101,910
Airlines—0.2%
Delta Air Lines, Inc.		15,840		851,242
Japan Airlines Co., Ltd.		96,400		2,982,249
United Continental Holdings, Inc. (a)		13,934		1,048,533
				4,882,024
Auto Components—0.3%
Bridgestone Corp.		64,600		2,789,569
Continental AG		10,906		2,353,600
Delphi Automotive plc		8,426		738,539
Lear Corp.		1,611		228,891
				6,110,599
Automobiles—1.0%
Astra International Tbk PT		2,230,400		1,491,138
Daimler AG		16,721		1,213,001
Ford Motor Co.		42,123		471,356
General Motors Co.		14,208		496,286
Honda Motor Co., Ltd.		93,800		2,562,903
Hyundai Motor Co.		13,860		1,932,185
Mahindra & Mahindra, Ltd. (GDR)		107,420		2,298,788
Renault S.A. (b)		19,832		1,799,037
Suzuki Motor Corp.		129,200		6,140,325
Toyota Motor Corp.		35,100		1,841,167
				20,246,186
Banks—4.6%
Banco Santander Chile (ADR)		35,480		901,547
Banco Santander S.A.		715,097		4,760,874
Bank Central Asia Tbk PT		722,600		984,532
Bank of America Corp.		171,184		4,152,924
Bank Rakyat Indonesia Persero Tbk PT		1,358,500		1,551,326
BB&T Corp.		6,688		303,702
BNP Paribas S.A.		98,613		7,172,309
Capitec Bank Holdings, Ltd.		11,790		748,531
Citigroup, Inc.		53,914		3,605,768
Commonwealth Bank of Australia		50,116		3,189,899
Credicorp, Ltd.		7,410		1,329,280
Banks—(Continued)
Credit Agricole S.A.		160,127		2,603,547
DBS Group Holdings, Ltd.		211,000		3,178,901
Grupo Financiero Banorte S.A.B. de C.V. - Class O		129,810		823,617
HDFC Bank, Ltd. (ADR) (b)		71,816		6,245,838
HSBC Holdings plc		133,598		1,240,066
ING Groep NV		453,324		7,884,181
Itau Unibanco Holding S.A. (ADR)		178,170		1,968,779
KeyCorp		46,783		876,713
Mitsubishi UFJ Financial Group, Inc.		1,258,500		8,486,846
Oversea-Chinese Banking Corp., Ltd.		296,600		2,324,726
PNC Financial Services Group, Inc. (The)		3,174		396,337
Public Bank Bhd		162,700		770,192
Regions Financial Corp.		12,201		178,623
Sberbank of Russia PJSC (ADR)		172,620		1,793,522
Siam Commercial Bank PCL (The)		305,000		1,396,158
Societe Generale S.A.		50,298		2,734,739
Standard Chartered plc (a)		353,980		3,590,543
Sumitomo Mitsui Financial Group, Inc.		109,200		4,271,986
Sumitomo Mitsui Trust Holdings, Inc.		23,400		839,488
SVB Financial Group (a)		1,127		198,115
Svenska Handelsbanken AB - A Shares		176,321		2,531,921
UniCredit S.p.A. (a)		108,762		2,050,948
United Overseas Bank, Ltd.		147,700		2,481,507
Wells Fargo & Co.		68,039		3,770,041
Zions Bancorp		3,953		173,576
				91,511,602
Beverages—0.9%
Ambev S.A. (ADR)		279,590		1,534,949
Anheuser-Busch InBev S.A.		33,182		3,671,758
Britvic plc		80,060		722,661
Brown-Forman Corp. - Class B		4,837		235,078
Coca-Cola Co. (The)		13,752		616,777
Constellation Brands, Inc. - Class A		7,561		1,464,793
Dr Pepper Snapple Group, Inc.		1,964		178,940
Molson Coors Brewing Co. - Class B		15,675		1,353,379
PepsiCo, Inc.		29,329		3,387,206
Pernod-Ricard S.A.		16,292		2,184,063
Suntory Beverage & Food, Ltd.		33,300		1,549,151
Tsingtao Brewery Co., Ltd. - Class H		166,000		734,593
				17,633,348
Biotechnology—0.6%
AbbVie, Inc.		5,081		368,423
Alexion Pharmaceuticals, Inc. (a)		4,859		591,195
Amgen, Inc.		680		117,116
Biogen, Inc. (a)		5,144		1,395,876
BioMarin Pharmaceutical, Inc. (a)		1,057		95,997
Celgene Corp. (a)		13,460		1,748,050
Genmab A/S (a)		14,416		3,086,280
Gilead Sciences, Inc.		20,391		1,443,275
Shire plc		47,679		2,626,853
Vertex Pharmaceuticals, Inc. (a)		5,904		760,849
				12,233,914

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Building Products—0.2%
Allegion plc		7,327	$	594,366
Daikin Industries, Ltd.		27,800		2,843,173
Masco Corp.		17,555		670,777
				4,108,316
Capital Markets—0.9%
3i Group plc		158,329		1,864,125
Ameriprise Financial, Inc.		1,747		222,376
Bank of New York Mellon Corp. (The)		27,606		1,408,458
BlackRock, Inc.		373		157,559
Charles Schwab Corp. (The)		42,671		1,833,146
Deutsche Boerse AG		24,342		2,574,197
Goldman Sachs Group, Inc. (The)		982		217,906
Intercontinental Exchange, Inc.		15,893		1,047,667
Janus Henderson Group plc (a)		23,014		761,993
Morgan Stanley		45,826		2,042,007
Schroders plc		26,156		1,057,917
State Street Corp.		9,472		849,923
UBS Group AG (a)		184,179		3,126,558
				17,163,832
Chemicals—0.8%
Albemarle Corp.		1,704		179,840
Asahi Kasei Corp.		232,000		2,499,145
Celanese Corp. - Series A		2,567		243,711
Chr Hansen Holding A/S		29,105		2,116,434
Covestro AG (144A)		12,922		933,105
Dow Chemical Co. (The)		12,176		767,940
E.I. du Pont de Nemours & Co.		23,275		1,878,525
Eastman Chemical Co.		14,951		1,255,735
Mosaic Co. (The)		22,451		512,556
Sumitomo Chemical Co., Ltd.		861,000		4,966,451
				15,353,442
Commercial Services & Supplies—0.0%
Rentokil Initial plc		270,345		963,750
Communications Equipment—0.0%
Cisco Systems, Inc.		25,458		796,835
Construction & Engineering—0.1%
Kajima Corp.		160,000		1,351,072
Construction Materials—0.1%
Siam Cement PCL (The)		67,800		1,005,923
Vulcan Materials Co.		1,239		156,956
				1,162,879
Consumer Finance—0.1%
American Express Co.		4,932		415,472
Capital One Financial Corp.		10,834		895,105
Discover Financial Services		11,885		739,128
				2,049,705
Containers & Packaging—0.1%
Crown Holdings, Inc. (a)		7,900		471,314
WestRock Co.		10,272		582,012
				1,053,326
Diversified Financial Services—0.4%
Berkshire Hathaway, Inc. - Class B (a)		18,842		3,191,270
FirstRand, Ltd.		444,380		1,602,572
ORIX Corp.		86,600		1,346,112
Remgro, Ltd.		81,963		1,337,249
Voya Financial, Inc.		6,412		236,539
				7,713,742
Diversified Telecommunication Services—0.9%
AT&T, Inc.		45,143		1,703,245
Deutsche Telekom AG		65,505		1,177,237
Nippon Telegraph & Telephone Corp.		174,700		8,263,987
Orange S.A.		80,008		1,274,486
Telecom Italia S.p.A. (a)		3,872,513		3,589,039
Verizon Communications, Inc.		27,192		1,214,395
				17,222,389
Electric Utilities—0.9%
American Electric Power Co., Inc.		3,208		222,860
Duke Energy Corp.		6,113		510,986
Edison International		14,095		1,102,088
Enel S.p.A.		1,733,797		9,336,628
Iberdrola S.A.		223,502		1,774,609
NextEra Energy, Inc.		13,333		1,868,353
PG&E Corp.		18,080		1,199,970
Xcel Energy, Inc.		23,482		1,077,354
				17,092,848
Electrical Equipment—0.3%
Eaton Corp. plc		14,369		1,118,339
Mitsubishi Electric Corp.		315,700		4,553,514
				5,671,853
Electronic Equipment, Instruments & Components—0.3%
Delta Electronics, Inc.		262,867		1,438,550
Keyence Corp.		9,500		4,181,601
TE Connectivity, Ltd.		18,583		1,462,111
				7,082,262
Energy Equipment & Services—0.1%
Halliburton Co.		9,617		410,742
Schlumberger, Ltd.		10,811		711,796
TechnipFMC plc (a)		63,142		1,716,683
				2,839,221
Equity Real Estate Investment Trusts—0.7%
AvalonBay Communities, Inc.		4,911		943,747
Boston Properties, Inc.		2,558		314,685
Brixmor Property Group, Inc.		6,155		110,051
Camden Property Trust		1,351		115,524

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Digital Realty Trust, Inc. (b)		1,719	$	194,161
Equinix, Inc.		979		420,148
Extra Space Storage, Inc. (b)		4,386		342,108
Federal Realty Investment Trust		2,096		264,913
First Real Estate Investment Trust		873,100		849,823
Goodman Group		403,421		2,437,998
HCP, Inc.		10,765		344,049
Kimco Realty Corp.		8,456		155,168
Klepierre		59,270		2,429,643
Lippo Malls Indonesia Retail Trust		3,033,200		980,574
Mapletree Logistics Trust		1,266,500		1,099,323
Omega Healthcare Investors, Inc. (b)		1,991		65,743
Prologis, Inc.		11,934		699,810
Public Storage		3,824		797,419
Regency Centers Corp.		2,343		146,766
Vornado Realty Trust		4,759		446,870
				13,158,523
Food & Staples Retailing—0.7%
Bid Corp., Ltd.		75,189		1,721,408
Costco Wholesale Corp.		8,605		1,376,198
Distribuidora Internacional de Alimentacion S.A.		315,024		1,967,227
Koninklijke Ahold Delhaize NV		123,865		2,374,159
Kroger Co. (The)		9,799		228,513
Magnit PJSC (GDR)		43,410		1,475,940
President Chain Store Corp.		170,000		1,523,790
Shoprite Holdings, Ltd.		69,550		1,059,930
Wal-Mart de Mexico S.A.B. de C.V.		319,340		740,427
Wal-Mart Stores, Inc.		2,685		203,201
Walgreens Boots Alliance, Inc.		23,445		1,835,978
				14,506,771
Food Products—0.5%
Archer-Daniels-Midland Co.		3,056		126,457
Associated British Foods plc		51,041		1,952,266
J.M. Smucker Co. (The)		639		75,613
Kraft Heinz Co. (The)		5,931		507,931
Marine Harvest ASA (a)		283,207		4,847,442
Mondelez International, Inc. - Class A		38,060		1,643,811
Tiger Brands, Ltd.		29,330		825,234
WH Group, Ltd. (144A)		1,034,000		1,043,663
				11,022,417
Health Care Equipment & Supplies—0.4%
Abbott Laboratories		29,912		1,454,022
Becton Dickinson & Co.		4,817		939,845
Boston Scientific Corp. (a)		55,217		1,530,615
Cooper Cos., Inc. (The)		559		133,836
Danaher Corp.		6,630		559,506
Hoya Corp.		54,600		2,843,661
Zimmer Biomet Holdings, Inc.		3,632		466,349
				7,927,834
Health Care Providers & Services—0.5%
Aetna, Inc.		7,741		1,175,316
Cigna Corp.		2,736		457,979
Fresenius SE & Co. KGaA		27,270		2,344,901
HCA Healthcare, Inc. (a)		1,397		121,818
Humana, Inc.		3,503		842,892
Spire Healthcare Group plc (144A)		235,068		992,907
UnitedHealth Group, Inc.		20,097		3,726,386
				9,662,199
Hotels, Restaurants & Leisure—0.2%
Royal Caribbean Cruises, Ltd.		6,382		697,106
Sands China, Ltd.		287,200		1,315,159
Starbucks Corp.		27,142		1,582,650
				3,594,915
Household Durables—0.1%
D.R. Horton, Inc.		7,501		259,310
Haseko Corp.		165,500		2,012,557
Newell Brands, Inc.		2,405		128,956
PulteGroup, Inc.		16,124		395,522
Toll Brothers, Inc.		3,446		136,151
				2,932,496
Household Products—0.2%
Kimberly-Clark Corp.		9,583		1,237,261
Procter & Gamble Co. (The)		19,388		1,689,664
Unilever Indonesia Tbk PT		168,400		616,197
				3,543,122
Industrial Conglomerates—1.2%
Bidvest Group, Ltd. (The)		70,469		848,717
CK Hutchison Holdings, Ltd.		359,000		4,507,367
General Electric Co.		108,280		2,924,643
Honeywell International, Inc.		22,522		3,001,957
Jardine Matheson Holdings, Ltd.		31,300		2,010,069
KOC Holding A/S		117,430		540,232
Siemens AG		75,705		10,409,223
				24,242,208
Insurance—2.2%
AIA Group, Ltd.		1,365,800		9,982,823
Allianz SE		5,554		1,094,520
American International Group, Inc.		19,894		1,243,773
Arthur J. Gallagher & Co.		15,519		888,463
AXA S.A.		229,976		6,337,956
Chubb, Ltd.		12,627		1,835,713
Everest Re Group, Ltd.		466		118,639
Hartford Financial Services Group, Inc. (The)		8,856		465,560
Ping An Insurance Group Co. of China, Ltd. - Class H		431,500		2,844,941
Prudential Financial, Inc.		11,464		1,239,717
Prudential plc		438,927		10,083,650
Sanlam, Ltd.		145,490		720,639
Sompo Holdings, Inc.		34,400		1,334,452
Swiss Re AG		27,067		2,479,643

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Tokio Marine Holdings, Inc.		66,200	$	2,750,447
XL Group, Ltd.		4,262		186,676
				43,607,612
Internet & Direct Marketing Retail—0.3%
Amazon.com, Inc. (a)		4,645		4,496,360
JD.com, Inc. (ADR) (a)		26,050		1,021,681
				5,518,041
Internet Software & Services—1.2%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		29,674		4,181,067
Alphabet, Inc. - Class A (a)		4,271		3,970,663
Alphabet, Inc. - Class C (a)		4,338		3,942,071
Baidu, Inc. (ADR) (a)		10,250		1,833,315
Facebook, Inc. - Class A (a)		29,759		4,493,014
Tencent Holdings, Ltd.		173,900		6,205,654
				24,625,784
IT Services—1.2%
Accenture plc - Class A		24,297		3,005,053
Atos SE		15,699		2,202,750
Automatic Data Processing, Inc.		2,133		218,547
Capgemini SE		59,225		6,153,891
Cielo S.A.		146,407		1,087,148
Fidelity National Information Services, Inc.		13,225		1,129,415
Infosys, Ltd. (ADR) (b)		181,130		2,720,573
International Business Machines Corp.		3,718		571,940
MasterCard, Inc. - Class A		11		1,336
Paychex, Inc.		3,756		213,867
Tata Consultancy Services, Ltd.		61,130		2,233,054
Vantiv, Inc. - Class A (a)		4,545		287,880
Visa, Inc. - Class A		35,638		3,342,132
WEX, Inc. (a) (b)		3,798		396,017
				23,563,603
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.		7,902		468,668
Illumina, Inc. (a) (b)		3,308		574,004
Thermo Fisher Scientific, Inc.		4,103		715,850
				1,758,522
Machinery—0.5%
Deere & Co.		924		114,197
DMG Mori Co., Ltd.		119,100		1,964,642
Fortive Corp.		1,621		102,690
Ingersoll-Rand plc		17,959		1,641,273
PACCAR, Inc.		13,685		903,757
Parker-Hannifin Corp.		1,491		238,292
Snap-on, Inc.		3,876		612,408
Stanley Black & Decker, Inc.		10,127		1,425,173
THK Co., Ltd.		34,900		992,004
Wartsila Oyj Abp		26,184		1,547,760
WEG S.A.		147,952		790,471
				10,332,667
Media—0.6%
Charter Communications, Inc. - Class A (a)		5,815		1,958,783
Comcast Corp. - Class A		68,681		2,673,065
DISH Network Corp. - Class A (a)		10,644		668,017
Informa plc		117,773		1,027,105
Sirius XM Holdings, Inc. (b)		62,010		339,195
Time Warner, Inc.		5,991		601,556
Twenty-First Century Fox, Inc. - Class A		76,475		2,167,301
Walt Disney Co. (The)		15,340		1,629,875
WPP plc		35,189		740,378
				11,805,275
Metals & Mining—1.0%
Alcoa Corp.		4,653		151,920
Antofagasta plc		228,075		2,381,510
BHP Billiton plc		207,848		3,184,341
Newmont Mining Corp.		5,276		170,890
Nippon Steel & Sumitomo Metal Corp.		127,200		2,879,194
Norsk Hydro ASA		529,584		2,940,989
Rio Tinto plc		194,639		8,206,697
Vale S.A. (ADR) (b)		96,410		785,741
				20,701,282
Multi-Utilities—0.4%
CMS Energy Corp.		16,904		781,810
Engie S.A.		223,705		3,396,249
NiSource, Inc.		18,828		477,478
RWE AG (a)		159,255		3,175,647
				7,831,184
Multiline Retail—0.3%
Dollar General Corp.		5,824		419,852
Dollar Tree, Inc. (a)		1,633		114,179
Izumi Co., Ltd.		24,600		1,395,450
Lojas Renner S.A.		143,280		1,184,161
Macy’s, Inc.		7,342		170,628
Marui Group Co., Ltd.		144,200		2,129,055
				5,413,325
Oil, Gas & Consumable Fuels—1.4%
Anadarko Petroleum Corp.		13,506		612,362
Apache Corp. (b)		4,264		204,373
Cabot Oil & Gas Corp. (b)		13,689		343,320
Chevron Corp.		16,024		1,671,784
CNOOC, Ltd.		702,000		770,213
Concho Resources, Inc. (a)		3,139		381,483
Diamondback Energy, Inc. (a) (b)		8,683		771,137
EOG Resources, Inc.		17,894		1,619,765
EQT Corp. (b)		6,900		404,271
Exxon Mobil Corp.		36,731		2,965,293
Kinder Morgan, Inc. (b)		16,393		314,090
Lukoil PJSC (ADR)		30,110		1,469,067
Occidental Petroleum Corp.		16,763		1,003,601
Oil Search, Ltd.		326,750		1,713,090
Phillips 66		5,200		429,988
Pioneer Natural Resources Co.		8,147		1,300,098

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Royal Dutch Shell plc - A Shares		222,950	$	5,930,014
Total S.A.		76,263		3,778,566
Ultrapar Participacoes S.A.		69,660		1,630,005
Valero Energy Corp.		4,908		331,094
				27,643,614
Paper & Forest Products—0.1%
UPM-Kymmene Oyj		90,699		2,586,733
Personal Products—0.2%
Unilever NV		59,303		3,277,380
Pharmaceuticals—2.0%
Allergan plc		7,876		1,914,577
Aspen Pharmacare Holdings, Ltd.		36,000		789,923
AstraZeneca plc		48,597		3,256,920
Bayer AG		5,423		701,650
Bristol-Myers Squibb Co.		29,840		1,662,685
Eli Lilly & Co.		21,001		1,728,382
GlaxoSmithKline plc		222,022		4,729,321
Johnson & Johnson		18,655		2,467,870
Merck & Co., Inc.		23,970		1,536,237
Merck KGaA		24,386		2,952,137
Novartis AG		32,451		2,709,949
Novo Nordisk A/S - Class B		30,591		1,312,202
Pfizer, Inc.		103,831		3,487,683
Roche Holding AG		30,344		7,747,918
Sanofi		35,754		3,436,391
				40,433,845
Real Estate Management & Development—0.5%
Deutsche Wohnen AG		71,249		2,727,309
Mitsui Fudosan Co., Ltd.		106,900		2,555,705
Savills plc		17,106		195,716
TAG Immobilien AG		136,430		2,145,442
Vonovia SE		49,892		1,982,444
				9,606,616
Road & Rail—0.2%
Canadian Pacific Railway, Ltd.		2,878		462,811
Norfolk Southern Corp.		5,352		651,339
Union Pacific Corp.		22,711		2,473,455
				3,587,605
Semiconductors & Semiconductor Equipment—2.0%
Analog Devices, Inc.		24,228		1,884,938
ASML Holding NV		53,977		7,027,864
Broadcom, Ltd.		10,819		2,521,368
Infineon Technologies AG		216,416		4,586,192
Lam Research Corp.		1,647		232,935
Microchip Technology, Inc. (b)		7,185		554,538
NVIDIA Corp.		3,525		509,574
Renesas Electronics Corp. (a)		231,400		2,024,565
Sumco Corp.		342,800		4,959,248
Semiconductors & Semiconductor Equipment—(Continued)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (b)		176,720		6,178,131
Texas Instruments, Inc.		30,366		2,336,056
Tokyo Electron, Ltd.		43,600		5,906,684
Ulvac, Inc.		43,500		2,098,470
				40,820,563
Software—0.6%
Adobe Systems, Inc. (a)		19,828		2,804,472
Microsoft Corp.		109,823		7,570,100
Oracle Corp.		5,793		290,461
SAP SE		9,527		995,754
Workday, Inc. - Class A (a) (b)		2,588		251,036
				11,911,823
Specialty Retail—0.7%
AutoZone, Inc. (a) (b)		343		195,668
Best Buy Co., Inc. (b)		6,266		359,230
Dixons Carphone plc		470,178		1,738,466
Home Depot, Inc. (The)		19,004		2,915,213
Industria de Diseno Textil S.A.		61,799		2,379,838
Lowe’s Cos., Inc.		24,338		1,886,925
Mr. Price Group, Ltd.		29,300		349,550
O’Reilly Automotive, Inc. (a) (b)		3,394		742,403
Ross Stores, Inc.		11,731		677,231
TJX Cos., Inc. (The)		25,775		1,860,182
				13,104,706
Technology Hardware, Storage & Peripherals—0.7%
Apple, Inc.		61,197		8,813,592
HP, Inc.		59,454		1,039,256
Samsung Electronics Co., Ltd. (GDR) (a)		4,860		5,030,100
				14,882,948
Textiles, Apparel & Luxury Goods—0.2%
adidas AG		13,046		2,500,918
Kering		5,424		1,857,122
NIKE, Inc. - Class B		7,622		449,698
				4,807,738
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp., Ltd.		189,750		4,722,722
Tobacco—0.8%
Altria Group, Inc.		9,406		700,465
British American Tobacco plc		88,246		6,007,976
Imperial Brands plc		75,157		3,379,597
ITC, Ltd.		466,187		2,330,892
Philip Morris International, Inc.		24,171		2,838,884
				15,257,814
Trading Companies & Distributors—0.4%
HD Supply Holdings, Inc. (a)		3,535		108,277
Mitsubishi Corp.		181,900		3,821,187

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
Mitsui & Co., Ltd.		103,500	$	1,481,680
Sumitomo Corp.		43,900		572,320
Wolseley plc		45,287		2,785,022
				8,768,486
Transportation Infrastructure—0.0%
CCR S.A.		155,000		790,697
Wireless Telecommunication Services—0.4%
KDDI Corp.		46,500		1,231,882
MTN Group, Ltd.		104,690		912,891
NTT DoCoMo, Inc.		51,600		1,218,025
T-Mobile U.S., Inc. (a)		5,317		322,317
Vodafone Group plc		1,203,975		3,416,629
				7,101,744
Total Common Stocks (Cost $629,187,913)				723,831,594
Corporate Bonds & Notes—24.4%
Aerospace/Defense—0.5%
Airbus Group Finance B.V. 2.700%, 04/17/23 (144A)		279,000		280,555
Airbus SE 3.150%, 04/10/27 (144A)		245,000		247,069
3.950%, 04/10/47 (144A)		150,000		154,003
Arconic, Inc. 5.900%, 02/01/27		435,000		468,169
BAE Systems Finance, Inc. 7.500%, 07/01/27 (144A)		300,000		393,285
Boeing Co. (The) 7.250%, 06/15/25		11,000		14,167
8.625%, 11/15/31		200,000		308,805
Harris Corp. 2.700%, 04/27/20		70,000		70,725
3.832%, 04/27/25		690,000		712,109
4.854%, 04/27/35		100,000		109,496
L3 Technologies, Inc. 3.850%, 12/15/26		136,000		140,196
Lockheed Martin Corp. 2.500%, 11/23/20		215,000		217,951
3.100%, 01/15/23		96,000		98,217
3.550%, 01/15/26		965,000		999,939
3.800%, 03/01/45		240,000		236,250
4.070%, 12/15/42		267,000		272,908
4.850%, 09/15/41		283,000		320,475
6.150%, 09/01/36		154,000		200,153
Northrop Grumman Corp. 3.250%, 08/01/23		400,000		413,694
Northrop Grumman Systems Corp. 7.750%, 02/15/31		200,000		285,741
Aerospace/Defense—(Continued)
Raytheon Co. 3.150%, 12/15/24		91,000		93,496
Rockwell Collins, Inc. 3.200%, 03/15/24		850,000		861,604
4.350%, 04/15/47		50,000		52,291
United Technologies Corp. 2.800%, 05/04/24		600,000		601,860
3.750%, 11/01/46		60,000		58,750
4.150%, 05/15/45		260,000		269,197
5.400%, 05/01/35		525,000		630,296
5.700%, 04/15/40		250,000		313,513
6.700%, 08/01/28		233,000		304,619
8.875%, 11/15/19		41,000		47,574
				9,177,107
Agriculture—0.3%
Altria Group, Inc. 2.850%, 08/09/22 (b)		1,667,000		1,693,009
3.875%, 09/16/46		155,000		150,560
4.000%, 01/31/24		360,000		384,083
Archer-Daniels-Midland Co. 4.016%, 04/16/43		150,000		155,727
BAT International Finance plc 2.750%, 06/15/20 (144A)		255,000		258,331
Bunge, Ltd. Finance Corp. 3.250%, 08/15/26		185,000		176,765
3.500%, 11/24/20		26,000		26,655
8.500%, 06/15/19		250,000		279,606
Cargill, Inc. 4.760%, 11/23/45 (144A)		399,000		456,733
Imperial Brands Finance plc 3.750%, 07/21/22 (144A)		375,000		390,426
Philip Morris International, Inc. 2.125%, 05/10/23		1,230,000		1,190,334
Reynolds American, Inc. 4.450%, 06/12/25		1,032,000		1,105,633
				6,267,862
Airlines—0.2%
Air Canada Pass-Through Trust 3.600%, 03/15/27 (144A)		566,352		573,431
American Airlines Pass-Through Trust 3.200%, 06/15/28		487,000		482,714
3.650%, 06/15/28		21,428		21,749
3.650%, 02/15/29		202,000		208,060
4.950%, 01/15/23		436,915		465,315
Continental Airlines Pass-Through Trust 4.000%, 10/29/24		34,537		36,394
Delta Air Lines Pass-Through Trust 4.750%, 05/07/20		45,084		47,226
6.821%, 08/10/22		165,928		190,402
U.S. Airways Pass-Through Trust 3.950%, 11/15/25		201,387		209,443

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Airlines—(Continued)
United Airlines Pass-Through Trust 3.100%, 07/07/28		232,000	$	230,840
3.450%, 07/07/28 (b)		490,000		493,675
				2,959,249
Auto Manufacturers—0.7%
American Honda Finance Corp. 2.300%, 09/09/26		110,000		103,885
2.900%, 02/16/24 (b)		100,000		101,294
BMW U.S. Capital LLC 1.850%, 09/15/21 (144A)		600,000		589,175
Daimler Finance North America LLC 2.200%, 05/05/20 (144A)		380,000		379,997
2.250%, 09/03/19 (144A)		160,000		160,571
2.250%, 03/02/20 (144A)		430,000		430,447
2.375%, 08/01/18 (144A)		665,000		669,257
2.450%, 05/18/20 (144A)		630,000		633,746
3.300%, 05/19/25 (144A)		290,000		292,987
8.500%, 01/18/31		115,000		172,805
Ford Motor Co. 4.750%, 01/15/43		180,000		173,749
5.291%, 12/08/46 (b)		390,000		400,265
6.375%, 02/01/29		500,000		570,172
6.625%, 02/15/28		250,000		290,940
9.980%, 02/15/47		400,000		620,118
Ford Motor Credit Co. LLC 1.684%, 09/08/17		217,000		217,054
3.339%, 03/28/22		580,000		588,545
3.664%, 09/08/24		785,000		783,088
4.134%, 08/04/25		440,000		447,592
4.375%, 08/06/23		415,000		436,621
4.389%, 01/08/26 (b)		200,000		206,011
5.750%, 02/01/21		300,000		330,103
General Motors Co. 5.000%, 04/01/35		750,000		751,805
5.200%, 04/01/45		440,000		431,683
6.600%, 04/01/36		842,000		975,559
General Motors Financial Co., Inc. 3.100%, 01/15/19		304,000		308,154
3.450%, 01/14/22 (b)		400,000		406,363
3.700%, 05/09/23		102,000		103,577
3.950%, 04/13/24		700,000		709,941
4.000%, 10/06/26		287,000		285,339
4.300%, 07/13/25		530,000		540,574
4.350%, 01/17/27		487,000		492,994
Nissan Motor Acceptance Corp.
1.800%, 03/15/18 (144A)		146,000		146,024
1.950%, 09/12/17 (144A)		200,000		200,097
Toyota Motor Credit Corp. 2.625%, 01/10/23 (b)		400,000		402,997
4.250%, 01/11/21		150,000		160,402
				14,513,931
Banks—5.9%
ABN AMRO Bank NV 2.450%, 06/04/20 (144A)		280,000		281,698
2.500%, 10/30/18 (144A)		350,000		352,733
4.750%, 07/28/25 (144A)		400,000		421,696
American Express Centurion Bank 6.000%, 09/13/17		250,000		252,042
ANZ New Zealand International, Ltd. 2.875%, 01/25/22 (144A)		500,000		504,306
Australia & New Zealand Banking Group, Ltd. 4.400%, 05/19/26 (144A)		275,000		283,747
6.750%, 06/15/26 (144A) (c)		530,000		585,641
Bank of America Corp. 2.503%, 10/21/22		1,300,000		1,283,382
2.625%, 10/19/20 (b)		1,775,000		1,792,897
2.881%, 04/24/23 (c)		625,000		626,155
3.705%, 04/24/28 (c)		1,845,000		1,858,515
3.824%, 01/20/28 (c)		610,000		620,592
3.950%, 04/21/25		1,610,000		1,631,318
4.000%, 04/01/24 (b)		486,000		509,264
4.125%, 01/22/24		826,000		871,642
4.244%, 04/24/38 (c)		360,000		374,347
4.250%, 10/22/26		142,000		146,228
4.443%, 01/20/48 (c)		145,000		153,364
4.450%, 03/03/26		647,000		673,361
6.400%, 08/28/17		275,000		276,953
6.875%, 04/25/18		800,000		832,503
7.625%, 06/01/19		250,000		275,668
Bank of Montreal 2.375%, 01/25/19		100,000		100,899
2.550%, 11/06/22		213,000		212,653
Bank of New York Mellon Corp. (The) 2.050%, 05/03/21		375,000		371,568
2.200%, 08/16/23		225,000		218,166
2.500%, 04/15/21		596,000		600,729
2.600%, 08/17/20		570,000		578,421
3.550%, 09/23/21		352,000		367,644
4.500%, 06/20/23 (b) (c)		335,000		333,325
4.600%, 01/15/20		200,000		212,492
4.625%, 09/20/26 (c)		356,000		359,062
Bank of Nova Scotia (The) 1.875%, 09/20/21 (144A)		750,000		733,855
2.450%, 03/22/21		355,000		356,550
Barclays Bank plc 4.375%, 01/12/26		200,000		207,823
Barclays plc 4.337%, 01/10/28		604,000		620,920
5.250%, 08/17/45		326,000		365,472
BB&T Corp. 2.450%, 01/15/20		139,000		140,553
3.950%, 03/22/22		175,000		185,037
BPCE S.A. 2.650%, 02/03/21		250,000		251,667
3.375%, 12/02/26		250,000		253,083
4.000%, 04/15/24		500,000		529,484
5.150%, 07/21/24 (144A)		785,000		838,669

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Branch Banking & Trust Co. 2.850%, 04/01/21		610,000	$	623,105
Capital One Financial Corp. 3.050%, 03/09/22 (b)		545,000		549,282
3.750%, 07/28/26		315,000		307,386
4.200%, 10/29/25		100,000		100,834
Capital One N.A. 1.500%, 03/22/18		500,000		499,080
Citigroup, Inc. 2.150%, 07/30/18		181,000		181,569
2.500%, 07/29/19		215,000		216,931
2.750%, 04/25/22		1,000,000		998,417
3.200%, 10/21/26		181,000		176,026
3.887%, 01/10/28 (c)		2,645,000		2,688,018
4.125%, 07/25/28		74,000		75,119
4.400%, 06/10/25		925,000		963,758
4.450%, 09/29/27		1,100,000		1,144,020
4.600%, 03/09/26		205,000		215,115
4.750%, 05/18/46		145,000		152,206
5.500%, 09/13/25		101,000		112,314
6.625%, 01/15/28		2,400,000		2,929,282
Comerica Bank 5.200%, 08/22/17		250,000		251,143
Comerica, Inc. 3.800%, 07/22/26		172,000		173,933
Commonwealth Bank of Australia 1.750%, 11/07/19 (144A)		1,040,000		1,031,059
Cooperatieve Rabobank UA 2.250%, 01/14/20		465,000		467,351
3.750%, 07/21/26		590,000		589,903
4.375%, 08/04/25		477,000		500,213
4.625%, 12/01/23		500,000		538,817
Credit Agricole S.A. 2.375%, 07/01/21 (144A)		295,000		293,856
2.750%, 06/10/20 (144A)		330,000		334,946
4.125%, 01/10/27 (144A) (b)		326,000		340,825
Credit Suisse AG 1.750%, 01/29/18		975,000		975,527
3.625%, 09/09/24		1,000,000		1,033,002
Credit Suisse Group AG 3.574%, 01/09/23 (144A)		3,574,000		3,662,406
4.282%, 01/09/28 (144A)		250,000		258,420
Credit Suisse Group Funding Guernsey, Ltd. 4.875%, 05/15/45		250,000		275,167
Danske Bank A/S 2.200%, 03/02/20 (144A)		610,000		609,580
2.700%, 03/02/22 (144A)		200,000		201,284
Deutsche Bank AG 4.250%, 10/14/21 (b)		1,635,000		1,714,597
Discover Bank 3.100%, 06/04/20		895,000		912,043
4.250%, 03/13/26		250,000		256,783
Fifth Third Bancorp 8.250%, 03/01/38		50,000		74,564
Fifth Third Bank 3.850%, 03/15/26		590,000		600,700
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		1,415,000		1,395,961
2.375%, 01/22/18		1,230,000		1,235,456
2.600%, 04/23/20		631,000		636,859
2.625%, 01/31/19		604,000		610,105
2.750%, 09/15/20 (b)		625,000		632,530
2.908%, 06/05/23 (c)		1,495,000		1,492,035
3.500%, 01/23/25		281,000		284,053
3.625%, 01/22/23		500,000		516,059
3.691%, 06/05/28 (c)		939,000		942,728
3.750%, 05/22/25		362,000		370,685
3.850%, 01/26/27		1,560,000		1,587,000
4.250%, 10/21/25		27,000		27,909
5.150%, 05/22/45		865,000		960,806
5.250%, 07/27/21		800,000		876,840
5.375%, 03/15/20		510,000		550,566
5.950%, 01/18/18		490,000		500,951
6.125%, 02/15/33		1,000,000		1,250,200
HSBC Bank plc 1.500%, 05/15/18 (144A)		200,000		199,776
4.125%, 08/12/20 (144A)		2,525,000		2,666,271
4.750%, 01/19/21 (144A)		450,000		485,045
HSBC Bank USA N.A. 4.875%, 08/24/20		500,000		537,759
5.875%, 11/01/34		1,500,000		1,844,044
HSBC Holdings plc 3.262%, 03/13/23 (c)		810,000		825,349
3.900%, 05/25/26		206,000		212,634
4.041%, 03/13/28 (c)		1,010,000		1,046,136
6.875%, 06/01/21 (b) (c)		642,000		693,360
HSBC USA, Inc. 1.625%, 01/16/18		300,000		300,101
2.750%, 08/07/20		610,000		619,972
Huntington Bancshares, Inc. 2.300%, 01/14/22		373,000		367,398
3.150%, 03/14/21		132,000		134,604
Huntington National Bank (The) 2.200%, 11/06/18		520,000		521,438
ING Bank NV 5.800%, 09/25/23 (144A)		560,000		632,347
KeyBank N.A. 2.350%, 03/08/19		500,000		503,245
3.400%, 05/20/26		455,000		451,810
KeyCorp 5.100%, 03/24/21		200,000		218,828
Lloyds Bank plc 2.050%, 01/22/19		720,000		721,508
Lloyds Banking Group plc 3.750%, 01/11/27		1,074,000		1,078,257
4.582%, 12/10/25		200,000		207,355
Macquarie Bank, Ltd. 1.600%, 10/27/17 (144A)		507,000		507,043
2.600%, 06/24/19 (144A)		115,000		115,972
4.000%, 07/29/25 (144A)		400,000		418,433

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22		192,000	$	194,852
Mizuho Bank, Ltd. 2.450%, 04/16/19 (144A)		200,000		201,068
2.700%, 10/20/20 (144A)		580,000		584,444
Morgan Stanley 1.875%, 01/05/18		650,000		650,775
2.336%, 01/20/22 (c)		1,015,000		1,025,156
2.375%, 07/23/19 (b)		375,000		377,597
2.650%, 01/27/20		15,000		15,158
2.750%, 05/19/22		1,575,000		1,574,660
2.800%, 06/16/20		715,000		725,396
3.625%, 01/20/27		935,000		941,723
3.700%, 10/23/24		315,000		323,271
3.750%, 02/25/23		333,000		346,258
3.875%, 04/29/24		795,000		826,235
3.950%, 04/23/27		530,000		534,779
4.300%, 01/27/45		160,000		165,459
4.350%, 09/08/26		1,000,000		1,039,638
4.375%, 01/22/47		405,000		422,498
5.500%, 01/26/20		100,000		107,869
5.625%, 09/23/19		1,100,000		1,181,748
6.250%, 08/09/26		875,000		1,047,490
MUFG Americas Holdings Corp. 3.000%, 02/10/25		145,000		142,566
MUFG Union Bank N.A. 2.250%, 05/06/19 (b)		415,000		416,713
2.625%, 09/26/18		400,000		403,940
National Australia Bank, Ltd. 2.800%, 01/10/22		350,000		353,668
National City Bank of Indiana 4.250%, 07/01/18		250,000		255,939
Northern Trust Corp. 3.375%, 05/08/32 (c)		570,000		569,754
PNC Bank N.A. 2.150%, 04/29/21		710,000		705,643
4.200%, 11/01/25		250,000		268,630
6.875%, 04/01/18		350,000		363,089
Royal Bank of Canada 4.650%, 01/27/26		375,000		401,921
Santander Issuances S.A.U. 5.179%, 11/19/25		400,000		428,751
Santander UK plc 2.500%, 03/14/19		1,123,000		1,132,091
Skandinaviska Enskilda Banken AB 1.750%, 03/19/18 (144A)		445,000		445,160
2.375%, 11/20/18 (144A)		400,000		403,144
2.450%, 05/27/20 (144A)		535,000		539,274
Societe Generale S.A. 4.250%, 04/14/25 (144A)		350,000		354,909
Standard Chartered plc 5.200%, 01/26/24 (144A)		350,000		373,527
State Street Bank and Trust Co. 5.250%, 10/15/18		215,000		223,944
Banks—(Continued)
State Street Corp. 2.653%, 05/15/23 (c)		985,000		987,989
3.100%, 05/15/23		90,000		91,599
3.300%, 12/16/24		136,000		139,501
3.700%, 11/20/23		369,000		390,453
Sumitomo Mitsui Financial Group, Inc. 2.846%, 01/11/22 (b)		400,000		404,419
SunTrust Banks, Inc. 2.500%, 05/01/19		113,000		114,060
2.750%, 05/01/23		300,000		299,062
3.300%, 05/15/26		380,000		371,399
5.050%, 06/15/22 (c)		535,000		543,025
6.000%, 09/11/17		150,000		151,171
Swedbank AB 2.800%, 03/14/22 (144A)		500,000		506,470
Toronto-Dominion Bank (The) 2.125%, 07/02/19		348,000		349,704
2.125%, 04/07/21		485,000		482,960
2.500%, 12/14/20		275,000		278,173
3.625%, 09/15/31 (c)		100,000		99,218
U.S. Bancorp 3.150%, 04/27/27		250,000		250,417
UBS AG 2.375%, 08/14/19		1,150,000		1,160,468
UBS Group Funding Switzerland AG 2.650%, 02/01/22 (144A)		595,000		593,737
3.491%, 05/23/23 (144A)		285,000		291,584
4.253%, 03/23/28 (144A)		485,000		506,694
Wachovia Corp. 6.605%, 10/01/25		222,000		265,725
Wells Fargo & Co. 2.500%, 03/04/21		750,000		752,594
2.550%, 12/07/20		320,000		323,670
3.000%, 04/22/26		300,000		292,996
3.069%, 01/24/23		1,240,000		1,257,371
3.450%, 02/13/23		900,000		921,466
4.100%, 06/03/26		189,000		195,704
4.300%, 07/22/27		49,000		51,324
4.480%, 01/16/24		55,000		58,952
4.650%, 11/04/44		2,015,000		2,116,354
4.750%, 12/07/46		840,000		896,846
4.900%, 11/17/45		424,000		462,320
5.625%, 12/11/17		700,000		712,176
5.900%, 06/15/24 (c)		460,000		492,660
Westpac Banking Corp. 1.600%, 08/19/19		427,000		423,683
2.500%, 06/28/22		450,000		448,062
2.600%, 11/23/20		815,000		823,780
3.350%, 03/08/27		200,000		201,168
4.322%, 11/23/31 (c)		490,000		502,215
4.875%, 11/19/19 (b)		400,000		425,958
				118,359,997

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.7%
Anheuser-Busch Cos. LLC 6.750%, 12/15/27		65,000	$	80,696
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		978,000		1,007,077
3.650%, 02/01/26		2,965,000		3,054,751
4.700%, 02/01/36		2,770,000		3,048,781
4.900%, 02/01/46		552,000		623,010
Anheuser-Busch InBev Worldwide, Inc. 4.439%, 10/06/48 (144A)		1,390,000		1,474,690
5.375%, 01/15/20		200,000		216,555
6.500%, 07/15/18		250,000		262,132
6.625%, 08/15/33		150,000		194,500
8.000%, 11/15/39		50,000		76,675
Brown-Forman Corp. 4.500%, 07/15/45		113,000		123,376
Coca-Cola Co. (The) 7.375%, 07/29/93		100,000		153,127
Coca-Cola Femsa S.A.B. de C.V. 3.875%, 11/26/23		200,000		209,444
Constellation Brands, Inc. 2.700%, 05/09/22		225,000		224,725
4.250%, 05/01/23		80,000		85,168
Diageo Capital plc 4.828%, 07/15/20		250,000		269,761
4.850%, 05/15/18		46,000		47,192
Diageo Investment Corp. 2.875%, 05/11/22		200,000		204,883
7.450%, 04/15/35 (b)		70,000		102,143
Dr Pepper Snapple Group, Inc. 2.000%, 01/15/20		92,000		91,656
2.550%, 09/15/26		163,000		153,488
3.430%, 06/15/27 (144A)		75,000		75,616
4.500%, 11/15/45 (144A)		96,000		101,436
Heineken NV 4.000%, 10/01/42 (144A)		575,000		569,240
PepsiCo, Inc. 2.750%, 03/01/23		410,000		415,350
3.100%, 07/17/22		741,000		767,862
3.450%, 10/06/46		725,000		681,177
4.450%, 04/14/46		94,000		102,467
5.500%, 01/15/40		150,000		187,005
				14,603,983
Biotechnology—0.4%
Amgen, Inc. 2.200%, 05/11/20		790,000		793,992
3.625%, 05/15/22		410,000		428,239
4.400%, 05/01/45		380,000		390,317
4.563%, 06/15/48		901,000		947,995
4.663%, 06/15/51		265,000		280,676
Baxalta, Inc. 3.600%, 06/23/22		329,000		340,690
4.000%, 06/23/25		520,000		542,367
Biotechnology—(Continued)
Celgene Corp. 3.625%, 05/15/24		500,000		517,925
5.000%, 08/15/45		245,000		275,869
5.700%, 10/15/40		206,000		237,420
Gilead Sciences, Inc. 2.500%, 09/01/23		59,000		58,126
2.950%, 03/01/27 (b)		660,000		640,557
3.250%, 09/01/22		125,000		129,258
3.500%, 02/01/25		95,000		97,493
3.650%, 03/01/26		230,000		236,516
3.700%, 04/01/24		583,000		606,079
4.000%, 09/01/36		190,000		188,933
4.600%, 09/01/35		1,080,000		1,157,994
				7,870,446
Building Materials—0.1%
CRH America, Inc. 3.875%, 05/18/25 (144A)		334,000		347,100
Johnson Controls International plc 3.625%, 07/02/24		98,000		101,441
3.900%, 02/14/26 (b)		128,000		134,019
4.500%, 02/15/47		135,000		143,491
4.950%, 07/02/64		50,000		53,547
Martin Marietta Materials, Inc. 3.450%, 06/01/27		453,000		450,639
Masco Corp. 3.500%, 04/01/21 (b)		170,000		174,585
3.500%, 11/15/27		190,000		188,341
4.500%, 05/15/47		255,000		256,166
Owens Corning 4.300%, 07/15/47		440,000		423,290
Vulcan Materials Co. 4.500%, 06/15/47		180,000		182,012
				2,454,631
Chemicals—0.3%
Agrium, Inc. 3.375%, 03/15/25		390,000		390,041
Air Liquide Finance S.A. 1.750%, 09/27/21 (144A)		450,000		438,084
CF Industries, Inc. 3.400%, 12/01/21 (144A) (b)		240,000		242,649
4.500%, 12/01/26 (144A)		660,000		678,582
Dow Chemical Co. (The) 3.000%, 11/15/22		82,000		83,580
4.125%, 11/15/21		27,000		28,684
8.550%, 05/15/19 (b)		45,000		50,402
E.I. du Pont de Nemours & Co. 2.200%, 05/01/20		285,000		286,547
6.500%, 01/15/28		40,000		49,877
Mosaic Co. (The) 4.250%, 11/15/23 (b)		177,000		186,246
4.875%, 11/15/41		100,000		93,812

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Mosaic Global Holdings, Inc. 7.300%, 01/15/28		23,000	$	27,596
7.375%, 08/01/18		800,000		835,822
Potash Corp. of Saskatchewan, Inc. 5.875%, 12/01/36		400,000		472,870
PPG Industries, Inc. 3.600%, 11/15/20		155,000		161,591
Praxair, Inc. 2.200%, 08/15/22		30,000		29,684
2.450%, 02/15/22		300,000		301,801
Sherwin-Williams Co. (The) 2.750%, 06/01/22		300,000		299,821
3.125%, 06/01/24		103,000		103,522
3.450%, 06/01/27		260,000		261,717
4.500%, 06/01/47		100,000		104,783
Union Carbide Corp. 7.500%, 06/01/25		701,000		857,639
7.750%, 10/01/96		100,000		132,401
7.875%, 04/01/23		30,000		36,931
				6,154,682
Commercial Services—0.1%
California Institute of Technology 4.700%, 11/01/2111		165,000		167,318
ERAC USA Finance LLC 6.700%, 06/01/34 (144A)		500,000		620,956
President & Fellows of Harvard College 3.300%, 07/15/56		143,000		136,775
University of Pennsylvania 4.674%, 09/01/2112		254,000		269,026
Western Union Co. (The) 3.600%, 03/15/22		300,000		305,760
				1,499,835
Computers—0.5%
Apple, Inc. 2.150%, 02/09/22		1,004,000		997,439
2.850%, 05/11/24		1,671,000		1,679,096
3.000%, 02/09/24		1,044,000		1,059,834
3.000%, 06/20/27		94,000		93,528
3.200%, 05/11/27		775,000		784,052
3.250%, 02/23/26		753,000		766,483
3.350%, 02/09/27		195,000		199,355
3.450%, 02/09/45		250,000		234,915
3.850%, 05/04/43		333,000		332,907
4.375%, 05/13/45		320,000		345,971
4.500%, 02/23/36		700,000		785,480
Dell International LLC / EMC Corp. 5.450%, 06/15/23 (144A)		777,000		843,177
6.020%, 06/15/26 (144A)		725,000		798,594
DXC Technology Co. 4.250%, 04/15/24 (144A)		129,000		133,467
HP Enterprise Services LLC 7.450%, 10/15/29		138,000		168,114
				9,222,412
Cosmetics/Personal Care—0.0%
Unilever Capital Corp. 2.000%, 07/28/26		160,000		147,233
Distribution/Wholesale—0.0%
WW Grainger, Inc. 4.600%, 06/15/45		157,000		170,577
Diversified Financial Services—0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22		585,000		600,352
3.950%, 02/01/22		1,880,000		1,957,417
Air Lease Corp. 2.125%, 01/15/20		143,000		142,316
2.625%, 09/04/18		945,000		952,019
2.625%, 07/01/22		128,000		126,866
3.000%, 09/15/23		285,000		283,360
3.375%, 06/01/21		365,000		374,688
3.625%, 04/01/27		620,000		620,058
American Express Co. 1.550%, 05/22/18		158,000		157,958
American Express Credit Corp. 3.300%, 05/03/27		315,000		314,739
Blackstone Holdings Finance Co. LLC 4.450%, 07/15/45 (144A)		66,000		66,305
5.875%, 03/15/21 (144A)		250,000		277,558
Capital One Bank USA N.A. 2.250%, 02/13/19		435,000		436,167
3.375%, 02/15/23		1,735,000		1,749,813
China Overseas Finance Investment Cayman V, Ltd. Zero Coupon, 01/05/23		1,800,000		1,856,700
GE Capital International Funding Co. 4.418%, 11/15/35		2,667,000		2,902,731
GTP Acquisition Partners LLC 3.482%, 06/16/25 (144A)		269,000		274,364
Intercontinental Exchange, Inc. 4.000%, 10/15/23		118,000		126,526
International Lease Finance Corp. 8.625%, 01/15/22		300,000		369,412
Invesco Finance plc 3.750%, 01/15/26		97,000		100,570
5.375%, 11/30/43		75,000		88,023
Jefferies Group LLC 5.125%, 04/13/18		75,000		76,929
6.875%, 04/15/21		375,000		426,830
Legg Mason, Inc. 5.625%, 01/15/44		80,000		84,970
National Rural Utilities Cooperative Finance Corp. 2.700%, 02/15/23		285,000		285,340
2.850%, 01/27/25		340,000		338,402
2.950%, 02/07/24		87,000		87,823
8.000%, 03/01/32		400,000		586,108
Synchrony Financial 3.700%, 08/04/26		720,000		694,835
4.250%, 08/15/24		355,000		362,599

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Visa, Inc. 2.800%, 12/14/22		265,000	$	269,806
3.150%, 12/14/25		625,000		634,542
4.150%, 12/14/35		300,000		325,038
				17,951,164
Electric—1.9%
AEP Transmission Co. LLC 3.100%, 12/01/26		265,000		264,248
Alabama Power Co. 3.750%, 03/01/45 (b)		235,000		232,180
4.150%, 08/15/44		35,000		36,502
5.500%, 10/15/17		147,000		148,540
5.700%, 02/15/33		150,000		178,414
Appalachian Power Co. 5.800%, 10/01/35		150,000		180,320
Arizona Public Service Co. 8.750%, 03/01/19		165,000		183,070
Atlantic City Electric Co. 7.750%, 11/15/18		135,000		145,499
Baltimore Gas & Electric Co. 2.800%, 08/15/22		143,000		144,371
Berkshire Hathaway Energy Co. 3.500%, 02/01/25		1,200,000		1,231,115
CenterPoint Energy Houston Electric LLC 5.600%, 07/01/23		381,000		423,593
6.950%, 03/15/33		100,000		137,813
China Southern Power Grid International Finance BVI Co., Ltd. 3.500%, 05/08/27 (144A)		240,000		238,061
Cleveland Electric Illuminating Co. (The) 5.500%, 08/15/24		187,000		214,254
7.880%, 11/01/17		315,000		321,096
CMS Energy Corp. 2.950%, 02/15/27		115,000		110,282
3.450%, 08/15/27		320,000		322,972
3.875%, 03/01/24		138,000		144,349
Commonwealth Edison Co. 2.550%, 06/15/26 (b)		410,000		394,506
5.875%, 02/01/33		150,000		183,149
6.450%, 01/15/38		175,000		235,567
Consolidated Edison Co. of New York, Inc. 3.875%, 06/15/47		280,000		283,769
4.500%, 12/01/45		305,000		335,568
5.700%, 12/01/36		300,000		366,428
Consolidated Edison, Inc. 2.000%, 05/15/21		580,000		570,958
Consumers Energy Co. 3.950%, 05/15/43		200,000		206,895
Dominion Energy, Inc. 2.850%, 08/15/26		848,000		808,339
3.900%, 10/01/25		375,000		388,195
5.250%, 08/01/33		400,000		449,632
DTE Electric Co. 5.450%, 02/15/35		30,000		35,808
5.700%, 10/01/37		250,000		313,709
Electric—(Continued)
Duke Energy Carolinas LLC 3.875%, 03/15/46		90,000		91,764
6.000%, 12/01/28		200,000		247,356
6.000%, 01/15/38		60,000		79,294
Duke Energy Corp. 2.650%, 09/01/26		130,000		123,465
3.750%, 04/15/24		660,000		689,748
6.250%, 06/15/18		375,000		390,881
Duke Energy Indiana LLC 3.750%, 05/15/46		370,000		364,702
Duke Energy Progress LLC 4.150%, 12/01/44		305,000		319,279
6.125%, 09/15/33 (b)		500,000		639,479
Edison International 2.950%, 03/15/23		425,000		429,165
EDP Finance B.V. 3.625%, 07/15/24 (144A)		500,000		496,220
5.250%, 01/14/21 (144A) (b)		425,000		456,039
Electricite de France S.A. 4.875%, 01/22/44 (144A)		165,000		173,432
Emera U.S. Finance L.P. 3.550%, 06/15/26		290,000		290,671
4.750%, 06/15/46		255,000		269,111
Enel Finance International NV 3.625%, 05/25/27 (144A)		760,000		752,661
4.750%, 05/25/47 (144A)		235,000		241,805
Entergy Arkansas, Inc. 3.050%, 06/01/23		311,000		317,145
Entergy Corp. 2.950%, 09/01/26		580,000		555,387
4.000%, 07/15/22		270,000		285,365
Entergy Louisiana LLC 3.120%, 09/01/27		335,000		333,853
Entergy Mississippi, Inc. 2.850%, 06/01/28		245,000		237,462
Exelon Corp. 2.450%, 04/15/21		60,000		59,835
3.497%, 06/01/22		530,000		541,470
4.450%, 04/15/46		115,000		118,855
Exelon Generation Co. LLC 2.950%, 01/15/20		500,000		507,711
3.400%, 03/15/22 (b)		195,000		198,486
FirstEnergy Corp. 3.900%, 07/15/27		270,000		270,863
4.850%, 07/15/47		125,000		126,813
Florida Power & Light Co. 4.950%, 06/01/35		300,000		347,784
5.625%, 04/01/34		110,000		136,213
Georgia Power Co. 5.400%, 06/01/40		120,000		140,176
Gulf Power Co. 3.300%, 05/30/27		520,000		522,461
Indiana Michigan Power Co. 3.200%, 03/15/23		250,000		253,395
3.750%, 07/01/47		225,000		218,530

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
ITC Holdings Corp. 3.250%, 06/30/26		190,000	$	186,901
3.650%, 06/15/24		285,000		290,101
Jersey Central Power & Light Co. 4.300%, 01/15/26 (144A)		505,000		529,182
6.150%, 06/01/37		100,000		120,038
Kansas City Power & Light Co. 3.150%, 03/15/23		100,000		100,871
6.375%, 03/01/18		150,000		154,323
7.150%, 04/01/19		250,000		271,497
Louisville Gas & Electric Co. 5.125%, 11/15/40		125,000		145,904
Metropolitan Edison Co. 3.500%, 03/15/23 (144A)		220,000		223,567
4.000%, 04/15/25 (144A)		230,000		235,967
MidAmerican Energy Co. 3.700%, 09/15/23		300,000		316,551
Nevada Power Co. 5.375%, 09/15/40		96,000		113,432
6.500%, 08/01/18		425,000		446,729
6.650%, 04/01/36		150,000		202,283
NextEra Energy Capital Holdings, Inc. 2.400%, 09/15/19		159,000		160,087
3.550%, 05/01/27		775,000		787,310
Niagara Mohawk Power Corp. 4.278%, 10/01/34 (144A)		264,000		278,754
Northern States Power Co. 2.150%, 08/15/22		500,000		494,301
Oncor Electric Delivery Co. LLC 2.150%, 06/01/19 (b)		240,000		240,130
2.950%, 04/01/25		30,000		29,950
Pacific Gas & Electric Co. 2.450%, 08/15/22		91,000		90,934
2.950%, 03/01/26		105,000		104,272
3.250%, 06/15/23		300,000		309,456
3.400%, 08/15/24		595,000		613,614
3.500%, 06/15/25		305,000		315,341
4.250%, 03/15/46		205,000		218,088
4.300%, 03/15/45		90,000		96,401
5.800%, 03/01/37		255,000		325,266
6.050%, 03/01/34		250,000		322,597
PacifiCorp 2.950%, 06/01/23		350,000		356,915
5.500%, 01/15/19		65,000		68,573
5.900%, 08/15/34		15,000		18,409
6.100%, 08/01/36		116,000		150,813
6.250%, 10/15/37		260,000		345,203
7.700%, 11/15/31		40,000		58,251
PPL Capital Funding, Inc. 3.500%, 12/01/22		775,000		800,849
5.000%, 03/15/44		260,000		293,120
PPL Electric Utilities Corp. 4.750%, 07/15/43		42,000		47,925
Progress Energy, Inc. 7.000%, 10/30/31		325,000		430,294
Electric—(Continued)
PSEG Power LLC 2.450%, 11/15/18		45,000		45,159
4.150%, 09/15/21 (b)		110,000		115,510
4.300%, 11/15/23		74,000		77,998
Public Service Co. of Colorado 3.800%, 06/15/47		280,000		281,858
3.950%, 03/15/43		200,000		201,536
5.125%, 06/01/19		150,000		158,952
5.800%, 08/01/18		130,000		135,512
Public Service Co. of New Hampshire 3.500%, 11/01/23		55,000		57,432
Public Service Co. of Oklahoma 5.150%, 12/01/19		50,000		53,295
6.625%, 11/15/37		100,000		131,908
Public Service Electric & Gas Co. 2.250%, 09/15/26		203,000		191,541
3.650%, 09/01/42		56,000		55,420
Rochester Gas & Electric Corp. 3.100%, 06/01/27 (144A)		383,000		382,548
San Diego Gas & Electric Co. 3.750%, 06/01/47		460,000		460,855
5.350%, 05/15/35		100,000		119,139
6.000%, 06/01/26		100,000		120,769
Sierra Pacific Power Co. 2.600%, 05/01/26		370,000		357,154
6.750%, 07/01/37		150,000		202,208
Southern California Edison Co. 3.500%, 10/01/23		239,000		249,599
3.600%, 02/01/45		180,000		175,093
4.650%, 10/01/43		200,000		228,047
Southern Power Co. 4.950%, 12/15/46		335,000		345,936
5.150%, 09/15/41		200,000		210,575
5.250%, 07/15/43 (b)		95,000		101,100
Southwestern Electric Power Co. 3.900%, 04/01/45		340,000		333,477
Toledo Edison Co. (The) 6.150%, 05/15/37		250,000		310,427
7.250%, 05/01/20		15,000		16,570
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		300,000		311,105
Union Electric Co. 2.950%, 06/15/27		774,000		766,022
Virginia Electric & Power Co. 1.200%, 01/15/18		33,000		32,938
3.450%, 02/15/24		122,000		125,929
Xcel Energy, Inc. 3.300%, 06/01/25		215,000		216,906
3.350%, 12/01/26		370,000		373,422
4.700%, 05/15/20		245,000		259,359
				37,955,576
Electrical Components & Equipment—0.0%
Emerson Electric Co. 6.000%, 08/15/32		70,000		86,726

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electronics—0.0%
Arrow Electronics, Inc. 3.000%, 03/01/18		26,000	$	26,186
3.875%, 01/12/28		390,000		386,753
Koninklijke Philips NV 3.750%, 03/15/22		100,000		105,417
6.875%, 03/11/38		100,000		133,379
				651,735
Engineering & Construction—0.0%
ABB Finance USA, Inc. 2.875%, 05/08/22		100,000		102,274
Environmental Control—0.0%
Republic Services, Inc. 5.500%, 09/15/19		600,000		644,162
Food—0.4%
Conagra Brands, Inc. 6.625%, 08/15/39		70,000		81,237
7.125%, 10/01/26		19,000		23,815
Kellogg Co. 4.000%, 12/15/20		64,000		67,603
7.450%, 04/01/31		500,000		677,536
Kraft Heinz Foods Co. 3.950%, 07/15/25		808,000		830,842
4.375%, 06/01/46		575,000		563,117
5.000%, 06/04/42		105,000		110,847
5.200%, 07/15/45		339,000		366,739
6.125%, 08/23/18		590,000		618,061
6.875%, 01/26/39		300,000		385,852
Kroger Co. (The) 2.300%, 01/15/19		70,000		70,283
3.875%, 10/15/46 (b)		550,000		484,600
6.400%, 08/15/17		100,000		100,503
7.700%, 06/01/29		310,000		407,813
8.000%, 09/15/29		400,000		539,086
Mondelez International Holdings Netherlands B.V. 2.000%, 10/28/21 (144A) (b)		475,000		462,801
Smithfield Foods, Inc. 4.250%, 02/01/27 (144A)		92,000		94,120
Sysco Corp. 2.500%, 07/15/21		155,000		155,423
3.250%, 07/15/27		420,000		413,530
3.750%, 10/01/25		83,000		86,044
4.850%, 10/01/45		73,000		80,891
5.375%, 09/21/35		100,000		115,646
Tyson Foods, Inc. 2.650%, 08/15/19		96,000		97,210
3.550%, 06/02/27		460,000		465,366
3.950%, 08/15/24		200,000		209,284
4.550%, 06/02/47		190,000		200,023
4.875%, 08/15/34 (b)		250,000		273,524
				7,981,796
Forest Products & Paper—0.0%
International Paper Co. 3.800%, 01/15/26 (b)		565,000		580,683
Gas—0.2%
Atmos Energy Corp. 8.500%, 03/15/19		350,000		387,524
Dominion Energy Gas Holdings LLC 2.500%, 12/15/19		160,000		161,070
2.800%, 11/15/20		433,000		438,259
4.600%, 12/15/44		142,000		148,378
4.800%, 11/01/43		765,000		808,309
KeySpan Gas East Corp. 2.742%, 08/15/26 (144A) (b)		690,000		665,955
Nisource Finance Corp. 4.800%, 02/15/44		455,000		492,887
6.250%, 12/15/40		75,000		93,868
6.800%, 01/15/19		35,000		37,387
Piedmont Natural Gas Co., Inc. 3.640%, 11/01/46		355,000		332,622
Sempra Energy 2.400%, 03/15/20		120,000		120,539
9.800%, 02/15/19 (b)		200,000		224,314
Southern Co. Gas Capital Corp. 3.250%, 06/15/26		425,000		417,063
5.875%, 03/15/41		147,000		177,844
6.000%, 10/01/34		250,000		299,928
				4,805,947
Healthcare-Products—0.5%
Abbott Laboratories 3.750%, 11/30/26		695,000		709,464
4.750%, 11/30/36		365,000		397,288
5.125%, 04/01/19		158,000		166,369
Becton Dickinson & Co. 2.675%, 12/15/19		266,000		269,257
4.685%, 12/15/44		300,000		308,960
Becton Dickinson and Co. 3.363%, 06/06/24		1,167,000		1,169,668
Covidien International Finance S.A. 2.950%, 06/15/23		365,000		368,176
6.000%, 10/15/17		200,000		202,485
Medtronic, Inc. 3.125%, 03/15/22		385,000		396,964
3.150%, 03/15/22		975,000		1,008,966
3.500%, 03/15/25		335,000		348,488
4.375%, 03/15/35		1,049,000		1,145,787
4.625%, 03/15/45		492,000		553,714
Stryker Corp. 4.100%, 04/01/43		55,000		54,782
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		1,092,000		1,061,846
3.150%, 01/15/23		228,000		231,960
4.150%, 02/01/24		286,000		305,009
Zimmer Biomet Holdings, Inc. 2.000%, 04/01/18		525,000		525,951
				9,225,134

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—0.4%
Aetna, Inc. 3.500%, 11/15/24		250,000	$	257,888
Anthem, Inc. 2.300%, 07/15/18		510,000		512,871
3.125%, 05/15/22		100,000		101,863
3.300%, 01/15/23		35,000		35,697
3.500%, 08/15/24		165,000		169,606
5.100%, 01/15/44		605,000		700,011
5.950%, 12/15/34		700,000		846,918
Ascension Health 3.945%, 11/15/46		196,000		198,516
Cigna Corp. 4.000%, 02/15/22		240,000		253,686
Howard Hughes Medical Institute 3.500%, 09/01/23		200,000		211,262
Laboratory Corp. of America Holdings 3.200%, 02/01/22		215,000		219,421
Mayo Clinic 4.128%, 11/15/52		78,000		81,456
Providence St. Joseph Health Obligated Group 2.746%, 10/01/26		120,000		114,933
Quest Diagnostics, Inc. 3.450%, 06/01/26		91,000		91,173
Roche Holdings, Inc. 2.250%, 09/30/19 (144A)		300,000		302,102
UnitedHealth Group, Inc. 2.700%, 07/15/20		130,000		132,736
2.750%, 02/15/23		46,000		46,343
2.875%, 03/15/22		400,000		408,966
2.875%, 03/15/23		300,000		304,606
3.100%, 03/15/26		475,000		477,447
3.750%, 07/15/25		205,000		215,917
3.950%, 10/15/42		250,000		253,377
4.625%, 07/15/35		585,000		657,496
4.700%, 02/15/21		64,000		69,151
5.800%, 03/15/36		425,000		538,040
6.625%, 11/15/37		175,000		241,191
				7,442,673
Holding Companies-Diversified—0.0%
Hutchison Whampoa International, Ltd. 2.000%, 11/08/17 (144A)		200,000		200,167
Household Products/Wares—0.1%
Kimberly-Clark Corp. 5.300%, 03/01/41		225,000		277,342
6.125%, 08/01/17		98,000		98,317
Reckitt Benckiser Treasury Services plc 2.375%, 06/24/22 (144A)		520,000		516,604
2.750%, 06/26/24 (144A)		385,000		381,733
				1,273,996
Housewares—0.0%
Newell Brands, Inc. 5.500%, 04/01/46		155,000		186,626
Insurance—0.9%
AIG SunAmerica Global Financing X 6.900%, 03/15/32 (144A)		785,000		1,037,801
American International Group, Inc. 3.875%, 01/15/35		670,000		649,540
4.500%, 07/16/44		191,000		194,224
4.700%, 07/10/35		150,000		159,437
4.800%, 07/10/45		245,000		261,482
Aon Corp. 5.000%, 09/30/20		200,000		215,368
Athene Global Funding 2.750%, 04/20/20 (144A)		352,000		352,769
4.000%, 01/25/22 (144A)		184,000		191,129
Berkshire Hathaway, Inc. 3.125%, 03/15/26		120,000		121,350
Chubb INA Holdings, Inc. 2.300%, 11/03/20		60,000		60,342
2.700%, 03/13/23		200,000		200,165
CNA Financial Corp. 7.250%, 11/15/23		153,000		185,197
7.350%, 11/15/19		245,000		273,784
Great-West Lifeco Finance Delaware L.P. 4.150%, 06/03/47 (144A)		300,000		300,447
Guardian Life Global Funding 2.000%, 04/26/21 (144A) (b)		165,000		162,594
2.500%, 05/08/22 (144A)		250,000		249,501
Guardian Life Insurance Co. of America (The) 4.850%, 01/24/77 (144A)		63,000		66,710
Jackson National Life Global Funding 2.250%, 04/29/21 (144A)		1,320,000		1,305,893
3.250%, 01/30/24 (144A)		173,000		175,293
Liberty Mutual Group, Inc. 4.950%, 05/01/22 (144A)		220,000		241,288
Liberty Mutual Insurance Co. 8.500%, 05/15/25 (144A)		500,000		644,429
Lincoln National Corp. 6.250%, 02/15/20		375,000		411,337
Manulife Financial Corp. 4.061%, 02/24/32 (c)		665,000		670,929
4.150%, 03/04/26 (b)		750,000		792,671
Marsh & McLennan Cos., Inc. 2.750%, 01/30/22 (b)		120,000		121,172
Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/39 (144A)		121,000		198,262
MassMutual Global Funding II 2.000%, 04/15/21 (144A)		440,000		433,460
Nationwide Mutual Insurance Co. 7.875%, 04/01/33 (144A)		200,000		283,447
8.250%, 12/01/31 (144A)		135,000		193,129
9.375%, 08/15/39 (144A)		138,000		230,439
New York Life Global Funding 2.000%, 04/13/21 (144A)		140,000		138,760
New York Life Insurance Co. 5.875%, 05/15/33 (144A)		400,000		504,692
Pacific Life Insurance Co. 9.250%, 06/15/39 (144A)		200,000		326,006

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Pricoa Global Funding I 1.600%, 05/29/18 (144A)		425,000	$	424,884
2.200%, 05/16/19 (144A)		280,000		281,397
2.200%, 06/03/21 (144A)		423,000		417,905
2.550%, 11/24/20 (144A)		280,000		281,953
Principal Life Global Funding II 3.000%, 04/18/26 (144A)		234,000		230,629
Prudential Financial, Inc. 5.100%, 08/15/43		200,000		232,130
5.200%, 03/15/44 (b) (c)		445,000		471,700
Prudential Insurance Co. of America (The) 8.300%, 07/01/25 (144A)		800,000		1,056,958
Reliance Standard Life Global Funding II 2.375%, 05/04/20 (144A)		475,000		473,196
Swiss Re Treasury U.S. Corp. 4.250%, 12/06/42 (144A)		120,000		123,385
Teachers Insurance & Annuity Association of America 4.270%, 05/15/47 (144A)		200,000		204,742
4.900%, 09/15/44 (144A)		136,000		152,222
Travelers Cos., Inc. (The) 3.900%, 11/01/20		25,000		26,397
6.750%, 06/20/36		175,000		241,909
Travelers Property Casualty Corp. 6.375%, 03/15/33		100,000		130,755
Voya Financial, Inc. 2.900%, 02/15/18		431,000		433,915
3.125%, 07/15/24		645,000		636,939
				17,174,063
Internet—0.0%
Amazon.com, Inc. 4.800%, 12/05/34		189,000		217,577
Iron/Steel—0.1%
Nucor Corp. 4.000%, 08/01/23		290,000		306,519
5.200%, 08/01/43		218,000		255,798
5.850%, 06/01/18		550,000		569,892
Vale Overseas, Ltd. 6.250%, 08/10/26		1,261,000		1,360,304
6.875%, 11/21/36		200,000		214,500
				2,707,013
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp. 1.931%, 10/01/21		147,000		144,434
2.400%, 06/06/22		705,000		703,188
Caterpillar, Inc. 7.300%, 05/01/31		584,000		768,421
				1,616,043
Machinery-Diversified—0.1%
Deere & Co. 5.375%, 10/16/29		1,175,000		1,421,710
8.100%, 05/15/30		61,000		88,383
John Deere Capital Corp. 2.450%, 09/11/20		75,000		75,800
2.800%, 01/27/23		122,000		123,359
Roper Technologies, Inc. 3.000%, 12/15/20		83,000		84,950
3.800%, 12/15/26 (b)		284,000		291,797
Xylem, Inc. 4.375%, 11/01/46		190,000		196,647
				2,282,646
Media—0.9%
21st Century Fox America, Inc. 4.750%, 09/15/44		265,000		278,970
4.950%, 10/15/45		285,000		308,510
5.400%, 10/01/43		340,000		390,749
7.125%, 04/08/28		220,000		279,537
7.250%, 05/18/18		265,000		277,288
7.280%, 06/30/28		400,000		509,832
7.300%, 04/30/28		218,000		278,596
7.625%, 11/30/28		100,000		130,917
CBS Corp. 3.375%, 02/15/28		490,000		480,246
3.700%, 08/15/24		265,000		271,927
4.000%, 01/15/26		167,000		172,807
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.750%, 02/15/28 (144A)		640,000		630,556
4.908%, 07/23/25		1,667,000		1,800,892
5.375%, 05/01/47 (144A)		215,000		227,458
6.384%, 10/23/35		499,000		591,491
Comcast Corp. 3.200%, 07/15/36		610,000		570,908
3.400%, 07/15/46		142,000		129,305
4.250%, 01/15/33		303,000		322,928
4.600%, 08/15/45		700,000		763,343
4.750%, 03/01/44		360,000		400,600
5.650%, 06/15/35		996,000		1,220,548
6.500%, 11/15/35		185,000		245,260
7.050%, 03/15/33		187,000		255,593
COX Communications, Inc. 6.450%, 12/01/36 (144A)		500,000		548,958
Discovery Communications LLC 3.800%, 03/13/24		710,000		717,918
Grupo Televisa S.A.B. 6.125%, 01/31/46		200,000		222,242
8.500%, 03/11/32 (b)		100,000		129,311
Historic TW, Inc. 6.875%, 06/15/18		100,000		104,712
9.150%, 02/01/23		286,000		366,857
NBCUniversal Media LLC 4.375%, 04/01/21		320,000		344,923
5.950%, 04/01/41		300,000		384,127

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Time Warner Cable LLC 5.000%, 02/01/20		585,000	$	624,075
5.500%, 09/01/41		460,000		494,346
Time Warner Cos., Inc. 7.570%, 02/01/24		50,000		62,072
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33		715,000		981,632
Time Warner, Inc. 3.800%, 02/15/27		605,000		609,090
4.750%, 03/29/21 (b)		500,000		538,464
Viacom, Inc. 3.250%, 03/15/23		44,000		43,611
3.450%, 10/04/26		645,000		621,400
4.375%, 03/15/43		389,000		345,782
6.875%, 04/30/36		375,000		438,174
Walt Disney Co. (The) 1.850%, 07/30/26 (b)		136,000		123,791
3.000%, 02/13/26 (b)		300,000		301,549
3.700%, 12/01/42		265,000		262,548
7.000%, 03/01/32		55,000		77,848
				18,881,691
Metal Fabricate/Hardware—0.0%
Precision Castparts Corp. 2.500%, 01/15/23		300,000		299,207
4.200%, 06/15/35		60,000		62,481
				361,688
Mining—0.1%
BHP Billiton Finance USA, Ltd. 2.875%, 02/24/22		313,000		319,364
4.125%, 02/24/42		185,000		189,411
5.000%, 09/30/43		195,000		225,652
Glencore Funding LLC 4.000%, 03/27/27 (144A)		315,000		309,928
4.625%, 04/29/24 (144A)		200,000		209,080
Newcrest Finance Pty, Ltd. 5.750%, 11/15/41 (144A)		58,000		62,951
Rio Tinto Finance USA plc 2.875%, 08/21/22		5,000		5,080
Rio Tinto Finance USA, Ltd. 7.125%, 07/15/28		280,000		372,235
Vale Canada, Ltd. 7.200%, 09/15/32 (b)		200,000		214,500
				1,908,201
Miscellaneous Manufacturing—0.3%
Eaton Corp. 5.800%, 03/15/37		100,000		117,991
7.650%, 11/15/29		100,000		137,081
General Electric Co. 2.700%, 10/09/22		73,000		74,251
3.450%, 05/15/24		293,000		307,887
4.500%, 03/11/44		270,000		299,957
Miscellaneous Manufacturing—(Continued)
General Electric Co. 5.000%, 01/21/21 (c)		460,000		488,244
6.750%, 03/15/32		141,000		193,264
Illinois Tool Works, Inc. 4.875%, 09/15/41		200,000		233,667
Ingersoll-Rand Co. 6.443%, 11/15/27		300,000		360,740
Ingersoll-Rand Global Holding Co., Ltd. 4.250%, 06/15/23		135,000		145,864
6.875%, 08/15/18		272,000		287,051
Parker-Hannifin Corp. 3.250%, 03/01/27 (144A)		285,000		287,915
3.300%, 11/21/24		114,000		117,465
4.100%, 03/01/47 (144A)		235,000		245,560
6.550%, 07/15/18		500,000		523,859
Siemens Financieringsmaatschappij NV 2.000%, 09/15/23 (144A)		390,000		374,714
2.350%, 10/15/26 (144A)		275,000		259,646
3.125%, 03/16/24 (144A)		500,000		507,928
3.400%, 03/16/27 (144A)		275,000		281,035
Textron, Inc. 3.650%, 03/15/27		171,000		171,668
3.875%, 03/01/25		105,000		107,859
				5,523,646
Oil & Gas—1.3%
Anadarko Petroleum Corp. 3.450%, 07/15/24		300,000		293,048
5.550%, 03/15/26		340,000		379,952
Apache Corp. 2.625%, 01/15/23		85,000		82,960
3.250%, 04/15/22		355,000		360,175
6.000%, 01/15/37		150,000		173,547
BP Capital Markets plc 2.241%, 09/26/18 (b)		650,000		653,708
3.017%, 01/16/27		200,000		194,582
3.224%, 04/14/24		1,095,000		1,105,815
3.245%, 05/06/22		600,000		617,210
3.535%, 11/04/24 (b)		560,000		574,879
3.588%, 04/14/27		715,000		725,473
3.814%, 02/10/24		1,140,000		1,188,876
Burlington Resources Finance Co. 7.400%, 12/01/31		300,000		405,617
Canadian Natural Resources, Ltd. 3.800%, 04/15/24		111,000		112,336
7.200%, 01/15/32		200,000		243,815
Cenovus Energy, Inc. 3.000%, 08/15/22 (b)		50,000		47,807
3.800%, 09/15/23		500,000		493,266
5.200%, 09/15/43		168,000		148,853
5.250%, 06/15/37 (144A)		144,000		134,484
5.400%, 06/15/47 (144A) (b)		425,000		396,691
5.700%, 10/15/19		325,000		343,002
6.750%, 11/15/39		376,000		394,988

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Chevron Corp. 2.355%, 12/05/22		330,000	$	328,475
2.566%, 05/16/23		400,000		400,676
2.895%, 03/03/24		1,216,000		1,225,857
ConocoPhillips 5.900%, 10/15/32 (b)		250,000		299,440
ConocoPhillips Co. 4.150%, 11/15/34		300,000		301,469
ConocoPhillips Holding Co. 6.950%, 04/15/29		225,000		288,577
Encana Corp. 7.375%, 11/01/31		500,000		607,436
Eni USA, Inc. 7.300%, 11/15/27		200,000		249,595
EOG Resources, Inc. 5.100%, 01/15/36 (b)		431,000		472,821
Hess Corp. 4.300%, 04/01/27 (b)		830,000		810,731
6.000%, 01/15/40		200,000		203,426
Kerr-McGee Corp. 7.875%, 09/15/31		1,000,000		1,285,692
Marathon Oil Corp. 6.800%, 03/15/32		727,000		786,083
Marathon Petroleum Corp. 4.750%, 09/15/44		180,000		171,009
Nabors Industries, Inc. 4.625%, 09/15/21		115,000		109,227
5.000%, 09/15/20 (b)		110,000		109,725
Noble Energy, Inc. 5.050%, 11/15/44		170,000		174,593
6.000%, 03/01/41		322,000		360,315
Noble Holding International, Ltd. 5.250%, 03/15/42		124,000		68,200
8.700%, 04/01/45		218,000		155,870
Occidental Petroleum Corp. 3.400%, 04/15/26		114,000		115,031
3.500%, 06/15/25		193,000		197,111
4.625%, 06/15/45		79,000		83,745
8.450%, 02/15/29		135,000		186,736
Petro-Canada 5.350%, 07/15/33		165,000		184,881
Petroleos Mexicanos 6.500%, 03/13/27 (144A)		1,360,000		1,460,980
Phillips 66 4.650%, 11/15/34		229,000		241,037
4.875%, 11/15/44		750,000		803,931
Shell International Finance B.V. 2.250%, 11/10/20		111,000		111,762
2.375%, 08/21/22 (b)		440,000		437,465
2.500%, 09/12/26		220,000		210,336
2.875%, 05/10/26 (b)		164,000		161,829
3.400%, 08/12/23		350,000		363,417
3.625%, 08/21/42		25,000		23,387
3.750%, 09/12/46		288,000		272,537
4.000%, 05/10/46		345,000		340,658
Oil & Gas—(Continued)
Shell International Finance B.V. 4.125%, 05/11/35		200,000		208,234
5.500%, 03/25/40		86,000		104,505
Sinopec Group Overseas Development 2013, Ltd. 4.375%, 10/17/23 (144A)		582,000		619,815
Statoil ASA 5.100%, 08/17/40		100,000		115,274
7.250%, 09/23/27		205,000		270,468
Suncor Energy, Inc. 5.950%, 12/01/34		100,000		120,471
7.150%, 02/01/32		100,000		129,942
Tosco Corp. 8.125%, 02/15/30		526,000		731,525
Total Capital Canada, Ltd. 2.750%, 07/15/23		1,229,000		1,235,622
Total Capital International S.A. 2.700%, 01/25/23		564,000		566,881
Valero Energy Corp. 7.500%, 04/15/32		25,000		32,076
				26,809,957
Oil & Gas Services—0.2%
Baker Hughes, Inc. 5.125%, 09/15/40		415,000		474,151
Halliburton Co. 3.800%, 11/15/25 (b)		620,000		635,391
4.850%, 11/15/35		85,000		90,875
5.000%, 11/15/45		116,000		123,421
6.700%, 09/15/38		350,000		448,254
National Oilwell Varco, Inc. 1.350%, 12/01/17		29,000		28,961
Schlumberger Holdings Corp. 2.350%, 12/21/18 (144A)		400,000		402,374
4.000%, 12/21/25 (144A)		635,000		665,666
Schlumberger Investment S.A. 3.650%, 12/01/23		358,000		376,305
				3,245,398
Pharmaceuticals—1.0%
AbbVie, Inc. 2.000%, 11/06/18 (b)		649,000		650,540
2.300%, 05/14/21		105,000		104,739
3.200%, 11/06/22		109,000		111,797
4.300%, 05/14/36		353,000		359,249
4.450%, 05/14/46		395,000		407,717
4.500%, 05/14/35		1,500,000		1,581,952
4.700%, 05/14/45		310,000		329,419
Allergan Funding SCS 3.800%, 03/15/25		148,000		153,084
3.850%, 06/15/24		750,000		782,392
4.550%, 03/15/35		1,590,000		1,697,051
AstraZeneca plc 3.375%, 11/16/25		167,000		170,572
6.450%, 09/15/37		360,000		484,811

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
Bayer U.S. Finance LLC 1.500%, 10/06/17 (144A)		285,000	$	284,933
Cardinal Health, Inc. 2.400%, 11/15/19 (b)		128,000		128,730
3.200%, 03/15/23		155,000		158,054
3.750%, 09/15/25		169,000		175,618
Eli Lilly & Co. 3.100%, 05/15/27		620,000		626,095
Express Scripts Holding Co. 3.400%, 03/01/27		820,000		791,402
3.500%, 06/15/24 (b)		249,000		251,174
6.125%, 11/15/41		61,000		71,540
Forest Laboratories LLC 5.000%, 12/15/21 (144A)		225,000		245,656
GlaxoSmithKline Capital plc 2.850%, 05/08/22		500,000		510,851
GlaxoSmithKline Capital, Inc. 2.800%, 03/18/23		143,000		145,173
5.375%, 04/15/34		300,000		360,773
Johnson & Johnson 4.375%, 12/05/33		46,000		52,318
6.950%, 09/01/29		300,000		410,718
McKesson Corp. 2.850%, 03/15/23		420,000		419,699
3.796%, 03/15/24 (b)		600,000		624,516
Mead Johnson Nutrition Co. 3.000%, 11/15/20 (b)		89,000		91,293
4.900%, 11/01/19		135,000		143,261
5.900%, 11/01/39		300,000		373,811
Medco Health Solutions, Inc. 4.125%, 09/15/20		450,000		471,255
Merck & Co., Inc. 2.400%, 09/15/22		35,000		35,284
2.750%, 02/10/25		409,000		407,686
2.800%, 05/18/23		27,000		27,512
6.550%, 09/15/37		150,000		206,956
Mylan NV 3.150%, 06/15/21 (b)		335,000		340,810
3.950%, 06/15/26 (b)		444,000		449,878
5.250%, 06/15/46		350,000		382,865
Mylan, Inc. 2.600%, 06/24/18		50,000		50,359
3.125%, 01/15/23 (144A)		325,000		323,347
Novartis Capital Corp. 3.400%, 05/06/24		527,000		549,936
Pfizer, Inc. 2.750%, 06/03/26		300,000		295,292
4.000%, 12/15/36		530,000		559,922
Shire Acquisitions Investments Ireland DAC 2.875%, 09/23/23		643,000		637,324
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/21		644,000		665,014
Teva Pharmaceutical Finance IV LLC 2.250%, 03/18/20		250,000		249,750
Teva Pharmaceutical Finance Netherlands B.V. 3.150%, 10/01/26 (b)		1,308,000		1,242,179
Pharmaceuticals—(Continued)
Wyeth LLC 6.500%, 02/01/34		806,000		1,061,302
Zoetis, Inc. 4.700%, 02/01/43		43,000		46,711
				20,702,320
Pipelines—1.1%
APT Pipelines, Ltd. 4.250%, 07/15/27 (144A)		142,000		145,369
Boardwalk Pipelines L.P. 4.450%, 07/15/27		37,000		37,881
5.750%, 09/15/19		290,000		308,823
5.950%, 06/01/26		417,000		464,335
Buckeye Partners L.P. 3.950%, 12/01/26 (b)		140,000		138,576
5.600%, 10/15/44		310,000		320,028
5.850%, 11/15/43		255,000		273,544
Columbia Pipeline Group, Inc. 4.500%, 06/01/25		805,000		856,913
Enbridge, Inc. 2.900%, 07/15/22		350,000		349,300
3.700%, 07/15/27		295,000		294,782
Energy Transfer L.P. 2.500%, 06/15/18 (b)		576,000		578,825
4.200%, 04/15/27 (b)		128,000		127,961
5.150%, 02/01/43		195,000		185,073
6.050%, 06/01/41		446,000		474,421
7.500%, 07/01/38		200,000		242,577
EnLink Midstream Partners L.P. 2.700%, 04/01/19		281,000		280,385
Enterprise Products Operating LLC 3.350%, 03/15/23		500,000		513,413
3.700%, 02/15/26		138,000		140,553
3.750%, 02/15/25		942,000		970,074
3.900%, 02/15/24		233,000		242,350
4.900%, 05/15/46		430,000		462,392
4.950%, 10/15/54		33,000		34,248
6.125%, 10/15/39		400,000		479,505
6.875%, 03/01/33		162,000		205,308
Kinder Morgan Energy Partners L.P. 5.625%, 09/01/41		190,000		196,012
Kinder Morgan, Inc. 5.300%, 12/01/34		220,000		226,523
Magellan Midstream Partners L.P. 6.550%, 07/15/19		695,000		753,723
MPLX L.P. 4.000%, 02/15/25		95,000		95,647
4.125%, 03/01/27 (b)		315,000		316,073
4.875%, 12/01/24		460,000		490,436
5.200%, 03/01/47		141,000		145,213
ONEOK Partners L.P. 3.375%, 10/01/22		65,000		65,595
3.800%, 03/15/20		220,000		226,147
5.000%, 09/15/23		145,000		156,679
6.125%, 02/01/41		890,000		1,014,955

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
ONEOK Partners L.P. 6.650%, 10/01/36		275,000	$	330,958
6.850%, 10/15/37		275,000		336,152
Phillips 66 Partners L.P. 4.900%, 10/01/46		308,000		303,198
Plains All American Pipeline L.P. / PAA Finance Corp. 3.850%, 10/15/23		350,000		352,332
4.650%, 10/15/25		400,000		409,996
4.700%, 06/15/44		250,000		227,885
5.750%, 01/15/20 (b)		610,000		655,932
6.650%, 01/15/37		425,000		477,596
Southern Natural Gas Co. LLC 4.800%, 03/15/47 (144A)		102,000		107,940
8.000%, 03/01/32		70,000		94,684
Spectra Energy Capital LLC 3.300%, 03/15/23		237,000		237,887
6.750%, 07/15/18		185,000		193,152
6.750%, 02/15/32		705,000		819,548
7.500%, 09/15/38		85,000		111,619
Spectra Energy Partners L.P. 2.950%, 09/25/18		140,000		141,576
3.375%, 10/15/26		155,000		151,507
4.500%, 03/15/45		205,000		202,039
Sunoco Logistics Partners Operations L.P. 4.250%, 04/01/24		91,000		92,041
4.950%, 01/15/43		295,000		275,115
5.300%, 04/01/44		15,000		14,623
5.350%, 05/15/45		1,040,000		1,019,367
TC PipeLines L.P. 3.900%, 05/25/27		106,000		105,767
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		46,000		45,128
6.000%, 09/15/17 (144A)		150,000		151,167
Texas Gas Transmission LLC 4.500%, 02/01/21 (144A)		210,000		218,953
TransCanada PipeLines, Ltd. 4.625%, 03/01/34		475,000		521,241
5.850%, 03/15/36		176,000		216,589
7.125%, 01/15/19		142,000		152,845
7.250%, 08/15/38		300,000		417,499
Transcanada Trust 5.300%, 03/15/77 (c)		305,000		313,540
5.625%, 05/20/75 (c)		55,000		58,097
Western Gas Partners L.P. 3.950%, 06/01/25		157,000		155,978
4.650%, 07/01/26		150,000		153,545
5.375%, 06/01/21		149,000		159,956
5.450%, 04/01/44		102,000		103,542
Williams Partners L.P. 3.900%, 01/15/25		217,000		219,384
Williams Partners L.P. / ACMP Finance Corp. 4.875%, 05/15/23		300,000		311,286
				21,673,303
Real Estate—0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust 3.125%, 03/20/22 (144A)		580,000		588,300
3.875%, 03/20/27 (144A)		473,000		484,762
ProLogis L.P. 3.750%, 11/01/25		38,000		39,560
				1,112,622
Real Estate Investment Trusts—0.7%
American Tower Corp. 3.375%, 10/15/26		635,000		621,278
3.450%, 09/15/21		330,000		340,310
3.550%, 07/15/27		260,000		257,812
4.400%, 02/15/26		195,000		204,381
4.500%, 01/15/18		220,000		223,014
5.000%, 02/15/24		474,000		523,737
AvalonBay Communities, Inc. 2.900%, 10/15/26 (b)		124,000		119,936
4.150%, 07/01/47		395,000		399,229
Boston Properties L.P. 3.650%, 02/01/26		225,000		227,688
3.800%, 02/01/24		527,000		546,718
3.850%, 02/01/23		210,000		220,935
Brixmor Operating Partnership L.P. 3.650%, 06/15/24		890,000		875,728
3.850%, 02/01/25		200,000		197,374
Crown Castle International Corp. 3.400%, 02/15/21		175,000		179,698
3.700%, 06/15/26		304,000		306,603
4.000%, 03/01/27		47,000		48,376
4.450%, 02/15/26		306,000		325,023
DDR Corp. 3.500%, 01/15/21		320,000		324,008
4.700%, 06/01/27		94,000		94,056
Duke Realty L.P. 3.250%, 06/30/26		60,000		58,919
3.625%, 04/15/23		210,000		215,034
3.875%, 02/15/21 (b)		55,000		57,174
EPR Properties 4.500%, 06/01/27		532,000		535,191
ERP Operating L.P. 4.625%, 12/15/21		60,000		64,833
4.750%, 07/15/20		190,000		202,559
HCP, Inc. 3.875%, 08/15/24		357,000		363,954
4.000%, 06/01/25		472,000		483,493
4.200%, 03/01/24		125,000		129,960
Hospitality Properties Trust 4.950%, 02/15/27		177,000		184,830
Kimco Realty Corp. 3.800%, 04/01/27 (b)		625,000		625,115
Liberty Property L.P. 3.375%, 06/15/23 (b)		75,000		75,580
4.400%, 02/15/24		155,000		163,953

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-24

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
National Retail Properties, Inc. 4.000%, 11/15/25		193,000	$	197,361
Realty Income Corp. 3.875%, 07/15/24		200,000		206,533
Scentre Group Trust 1 / Scentre Group Trust 2 3.500%, 02/12/25 (144A)		300,000		301,108
Simon Property Group L.P. 3.250%, 11/30/26		122,000		121,192
3.500%, 09/01/25		275,000		279,679
4.375%, 03/01/21		420,000		447,285
UDR, Inc. 2.950%, 09/01/26		565,000		533,850
3.700%, 10/01/20		140,000		144,221
Ventas Realty L.P. 3.850%, 04/01/27		508,000		510,648
4.125%, 01/15/26		68,000		69,934
4.375%, 02/01/45		45,000		44,541
Ventas Realty L.P. / Ventas Capital Corp. 3.250%, 08/15/22		285,000		288,580
4.250%, 03/01/22		300,000		316,923
VEREIT Operating Partnership L.P. 4.600%, 02/06/24		621,000		648,597
Welltower, Inc. 4.000%, 06/01/25		410,000		423,924
				13,730,875
Retail—0.5%
AutoZone, Inc. 3.750%, 06/01/27		206,000		206,058
CVS Health Corp. 2.125%, 06/01/21		715,000		706,283
3.875%, 07/20/25		660,000		686,232
CVS Pass-Through Trust 4.704%, 01/10/36 (144A)		85,864		90,826
5.880%, 01/10/28		450,050		504,319
Darden Restaurants, Inc. 3.850%, 05/01/27		423,000		429,785
Home Depot, Inc. (The) 2.125%, 09/15/26		77,000		71,984
3.500%, 09/15/56		380,000		344,298
3.900%, 06/15/47		295,000		299,049
4.875%, 02/15/44		250,000		289,617
5.400%, 09/15/40		200,000		247,660
5.875%, 12/16/36		100,000		130,266
Lowe’s Cos., Inc. 3.100%, 05/03/27		1,025,000		1,020,320
6.500%, 03/15/29		42,000		54,757
Macy’s Retail Holdings, Inc. 4.300%, 02/15/43		195,000		151,112
6.700%, 09/15/28		435,000		450,367
6.900%, 01/15/32		180,000		186,765
McDonald’s Corp. 4.875%, 07/15/40		340,000		374,184
6.300%, 10/15/37		325,000		422,958
Retail—(Continued)
Nordstrom, Inc. 6.950%, 03/15/28		170,000		183,718
Target Corp. 6.350%, 11/01/32		177,000		227,161
6.650%, 08/01/28		182,000		225,661
6.750%, 01/01/28		66,000		81,723
Wal-Mart Stores, Inc. 3.300%, 04/22/24		150,000		156,623
5.000%, 10/25/40		775,000		933,291
5.875%, 04/05/27 (b)		90,000		111,227
6.750%, 10/15/23		111,000		136,745
Walgreens Boots Alliance, Inc. 3.800%, 11/18/24		978,000		1,015,754
4.500%, 11/18/34		292,000		306,418
4.800%, 11/18/44		175,000		186,227
				10,231,388
Savings & Loans—0.0%
Nationwide Building Society 4.000%, 09/14/26 (144A)		250,000		247,283
Semiconductors—0.4%
Analog Devices, Inc. 3.125%, 12/05/23 (b)		594,000		600,337
3.500%, 12/05/26		385,000		387,998
4.500%, 12/05/36		113,000		117,087
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.000%, 01/15/22 (144A)		450,000		454,022
3.625%, 01/15/24 (144A)		947,000		968,779
3.875%, 01/15/27 (144A)		449,000		461,078
Intel Corp. 2.600%, 05/19/26		855,000		826,426
2.875%, 05/11/24		367,000		368,390
3.100%, 07/29/22		230,000		238,280
3.150%, 05/11/27		200,000		200,684
4.100%, 05/19/46		210,000		217,651
4.800%, 10/01/41		182,000		208,480
QUALCOMM, Inc. 2.600%, 01/30/23		35,000		34,872
2.900%, 05/20/24		1,680,000		1,676,571
3.250%, 05/20/27		439,000		440,004
				7,200,659
Software—0.5%
Microsoft Corp. 2.400%, 08/08/26		795,000		765,090
2.700%, 02/12/25 (b)		600,000		595,957
2.875%, 02/06/24		301,000		305,896
3.450%, 08/08/36		665,000		665,414
3.500%, 02/12/35		418,000		421,449
3.700%, 08/08/46		660,000		653,095
3.750%, 02/12/45		540,000		536,690
4.100%, 02/06/37		1,110,000		1,195,605
4.500%, 10/01/40		500,000		559,212

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-25

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Microsoft Corp. 4.500%, 02/06/57		238,000	$	262,038
5.200%, 06/01/39		500,000		607,597
Oracle Corp. 2.400%, 09/15/23		873,000		861,672
2.500%, 05/15/22		226,000		228,145
2.500%, 10/15/22		379,000		381,044
2.650%, 07/15/26		1,205,000		1,156,276
2.950%, 05/15/25 (b)		450,000		452,202
3.850%, 07/15/36		470,000		485,867
4.000%, 07/15/46		310,000		313,067
4.125%, 05/15/45		370,000		380,394
6.125%, 07/08/39		70,000		91,612
				10,918,322
Telecommunications—1.4%
America Movil S.A.B. de C.V. 5.000%, 03/30/20		100,000		107,421
5.625%, 11/15/17		125,000		126,736
6.375%, 03/01/35 (b)		600,000		740,868
AT&T, Inc. 3.000%, 06/30/22		97,000		97,050
3.400%, 05/15/25		2,612,000		2,567,831
3.600%, 02/17/23		956,000		978,428
3.950%, 01/15/25		95,000		96,822
4.125%, 02/17/26		670,000		686,930
4.300%, 12/15/42		227,000		210,799
4.350%, 06/15/45		530,000		491,900
4.450%, 04/01/24		56,000		58,951
4.500%, 05/15/35		185,000		182,002
4.500%, 03/09/48		460,000		430,410
4.600%, 02/15/21		100,000		106,653
5.150%, 03/15/42		255,000		260,404
5.250%, 03/01/37		1,040,000		1,107,992
5.350%, 09/01/40		90,000		95,299
5.500%, 02/01/18		149,000		152,201
5.800%, 02/15/19 (b)		151,000		160,181
6.350%, 03/15/40 (b)		225,000		264,337
BellSouth Capital Funding Corp. 7.875%, 02/15/30		550,000		717,748
BellSouth LLC 6.550%, 06/15/34		200,000		229,648
BellSouth Telecommunications LLC 6.375%, 06/01/28 (b)		350,000		403,402
British Telecommunications plc 5.950%, 01/15/18		100,000		102,241
9.125%, 12/15/30		75,000		114,036
Cisco Systems, Inc. 5.500%, 01/15/40		110,000		137,179
5.900%, 02/15/39		750,000		975,220
Crown Castle Towers LLC 3.663%, 05/15/25 (144A)		260,000		269,100
4.883%, 08/15/20 (144A)		500,000		533,560
Deutsche Telekom International Finance B.V. 2.485%, 09/19/23 (144A)		460,000		446,546
Telecommunications—(Continued)
Deutsche Telekom International Finance B.V. 3.600%, 01/19/27 (144A)		975,000		991,992
8.750%, 06/15/30		100,000		148,308
Koninklijke KPN NV 8.375%, 10/01/30		250,000		343,279
Orange S.A. 9.000%, 03/01/31		165,000		249,573
Qwest Corp. 6.750%, 12/01/21 (b)		350,000		386,667
6.875%, 09/15/33 (b)		85,000		83,639
7.250%, 09/15/25 (b)		133,000		147,693
Rogers Communications, Inc. 8.750%, 05/01/32		400,000		574,336
SES Global Americas Holdings GP 2.500%, 03/25/19 (144A)		70,000		69,906
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		150,000		151,586
4.103%, 03/08/27		707,000		730,434
5.213%, 03/08/47		612,000		660,796
Verizon Communications, Inc. 2.625%, 08/15/26		335,000		308,132
2.946%, 03/15/22 (144A)		399,000		401,772
3.450%, 03/15/21		180,000		186,231
3.850%, 11/01/42		687,000		598,998
4.125%, 03/16/27		1,018,000		1,051,369
4.125%, 08/15/46		280,000		249,199
4.272%, 01/15/36		890,000		858,989
4.400%, 11/01/34		1,622,000		1,607,168
4.522%, 09/15/48		304,000		287,612
4.672%, 03/15/55		131,000		122,641
4.812%, 03/15/39 (144A)		1,428,000		1,443,448
4.862%, 08/21/46		493,000		493,084
5.012%, 04/15/49 (144A)		475,000		479,706
5.012%, 08/21/54		767,000		754,817
5.050%, 03/15/34		765,000		809,879
5.250%, 03/16/37		274,000		294,548
Vodafone Group plc 6.250%, 11/30/32		750,000		906,626
				28,244,323
Transportation—0.5%
Burlington Northern Santa Fe LLC 3.000%, 03/15/23		445,000		456,338
3.050%, 09/01/22		620,000		639,846
3.450%, 09/15/21		510,000		531,657
3.850%, 09/01/23		500,000		536,041
4.125%, 06/15/47		440,000		462,688
4.550%, 09/01/44		200,000		221,692
7.950%, 08/15/30		100,000		143,917
Canadian Pacific Railway Co. 2.900%, 02/01/25		260,000		257,677
4.800%, 09/15/35		360,000		401,336
5.750%, 03/15/33		120,000		141,102
6.125%, 09/15/15		102,000		127,945
7.250%, 05/15/19		290,000		317,348

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-26

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
CSX Corp. 2.600%, 11/01/26		880,000	$	848,852
3.250%, 06/01/27		460,000		462,932
3.400%, 08/01/24		300,000		309,980
4.750%, 05/30/42		41,000		45,378
FedEx Corp. 3.250%, 04/01/26 (b)		82,000		82,704
3.900%, 02/01/35		96,000		95,288
4.100%, 02/01/45		580,000		569,010
JB Hunt Transport Services, Inc. 3.300%, 08/15/22		490,000		499,523
Norfolk Southern Corp. 5.590%, 05/17/25		100,000		113,849
Ryder System, Inc. 2.500%, 05/11/20		844,000		848,587
2.875%, 09/01/20		330,000		333,670
Union Pacific Corp. 3.000%, 04/15/27		395,000		396,083
3.799%, 10/01/51		378,000		370,139
4.000%, 04/15/47		355,000		364,059
				9,577,641
Trucking & Leasing—0.1%
Aviation Capital Group Corp. 2.875%, 01/20/22 (144A)		860,000		856,961
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.875%, 07/17/18 (144A)		93,000		93,933
4.200%, 04/01/27 (144A)		330,000		340,907
				1,291,801
Water—0.0%
American Water Capital Corp. 3.850%, 03/01/24		100,000		106,099
6.593%, 10/15/37		100,000		137,339
				243,438
Total Corporate Bonds & Notes (Cost $478,797,051)				488,392,502
Convertible Bonds—18.7%
Aerospace/Defense—1.1%
Airbus SE Zero Coupon, 06/14/21 (EUR)		7,500,000		9,602,623
Zero Coupon, 07/01/22 (EUR)		4,900,000		5,968,703
MTU Aero Engines AG 0.125%, 05/17/23		2,200,000		3,052,966
Safran S.A. Zero Coupon, 12/31/20		3,559,000		3,983,612
				22,607,904
Apparel—0.3%
LVMH Moet Hennessy Louis Vuitton SE Zero Coupon, 02/16/21		1,982,700		5,655,652
Auto Manufacturers—0.1%
Suzuki Motor Corp. Zero Coupon, 03/31/21		110,000,000		1,319,071
Auto Parts & Equipment—0.4%
Cie Generale des Etablissements Michelin Zero Coupon, 01/10/22		4,400,000		4,551,800
Valeo S.A. Zero Coupon, 06/16/21		2,800,000		3,071,600
				7,623,400
Banks—0.5%
Credit Agricole S.A. Zero Coupon, 10/03/19		4,380,000		3,764,468
Gunma Bank, Ltd. (The) Zero Coupon, 10/11/19		2,100,000		2,194,500
Shizuoka Bank, Ltd. (The) Zero Coupon, 04/25/18		2,200,000		2,159,300
Yamaguchi Financial Group, Inc. 0.796%, 03/26/20 (c)		2,500,000		2,661,250
				10,779,518
Biotechnology—0.5%
Illumina, Inc. Zero Coupon, 06/15/19		8,878,000		8,966,780
0.500%, 06/15/21		1,662,000		1,767,952
				10,734,732
Building Materials—0.2%
LIXIL Group Corp. Zero Coupon, 03/04/20		360,000,000		3,264,725
Chemicals—0.7%
BASF SE 0.925%, 03/09/23		4,500,000		4,590,000
Brenntag Finance B.V. 1.875%, 12/02/22		4,000,000		4,155,000
Kansai Paint Co., Ltd. Zero Coupon, 06/17/19		230,000,000		2,249,389
Toray Industries, Inc. Zero Coupon, 08/30/19		210,000,000		2,130,807
				13,125,196
Coal—0.3%
RAG-Stiftung Zero Coupon, 02/18/21		4,100,000		5,017,635
Commercial Services—0.4%
Macquarie Infrastructure Corp. 2.000%, 10/01/23 (b)		3,525,000		3,509,578
2.875%, 07/15/19		2,682,000		2,963,610

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-27

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Toppan Printing Co., Ltd. Zero Coupon, 12/19/19		200,000,000	$	2,082,685
				8,555,873
Diversified Financial Services—0.4%
Citigroup Global Markets Funding Luxembourg SCA 0.500%, 08/04/23		2,000,000		2,471,612
Criteria Caixa S.A.U. 1.000%, 11/25/17		3,000,000		3,514,509
Solidium Oy Zero Coupon, 09/04/18		1,800,000		2,150,439
				8,136,560
Electric—0.5%
Iberdrola International B.V. Zero Coupon, 11/11/22		6,800,000		7,942,687
Tohoku Electric Power Co., Inc. Zero Coupon, 12/03/18		200,000,000		1,787,064
				9,729,751
Engineering & Construction—0.2%
Vinci S.A. 0.375%, 02/16/22		3,400,000		3,638,000
Food—0.1%
J Sainsbury plc 1.250%, 11/21/19		1,200,000		1,617,642
Forest Products & Paper—0.1%
Daio Paper Corp. Zero Coupon, 09/17/20		190,000,000		1,851,856
Gas—0.4%
National Grid North America, Inc. 0.900%, 11/02/20		3,500,000		4,597,321
Snam S.p.A. Zero Coupon, 03/20/22		3,200,000		3,759,957
				8,357,278
Healthcare-Products—0.2%
QIAGEN NV 0.375%, 03/19/19		1,600,000		1,958,096
Terumo Corp. Zero Coupon, 12/04/19		120,000,000		1,282,952
				3,241,048
Healthcare-Services—0.4%
Anthem, Inc. 2.750%, 10/15/42		2,956,000		7,613,547
Holding Companies-Diversified—0.5%
Industrivarden AB Zero Coupon, 05/15/19		42,000,000		5,593,552
Holding Companies-Diversified—(Continued)
Wendel S.A. Zero Coupon, 07/31/19		7,696,700		4,966,793
				10,560,345
Home Furnishings—1.2%
Sony Corp. Zero Coupon, 09/30/22		907,000,000		9,233,296
Steinhoff Finance Holdings GmbH 1.250%, 08/11/22 (EUR)		11,800,000		13,187,603
4.000%, 01/30/21 (EUR)		1,600,000		2,380,240
				24,801,139
Insurance—0.2%
Swiss Life Holding AG Zero Coupon, 12/02/20		2,340,000		3,407,874
Internet—0.9%
Priceline Group, Inc. (The) 0.350%, 06/15/20		6,479,000		9,516,031
0.900%, 09/15/21		1,852,000		2,120,540
1.000%, 03/15/18		3,305,000		6,517,047
				18,153,618
Investment Company Security—0.1%
Ares Capital Corp. 4.375%, 01/15/19 (b)		1,851,000		1,905,373
Miscellaneous Manufacturing—0.4%
Siemens Financieringsmaatschappij NV 1.650%, 08/16/19		7,000,000		8,652,000
Oil & Gas—1.0%
BP Capital Markets plc 1.000%, 04/28/23		3,600,000		5,298,365
Eni S.p.A. Zero Coupon, 04/13/22		3,800,000		4,411,782
TOTAL S.A. 0.500%, 12/02/22		10,400,000		10,452,000
				20,162,147
Oil & Gas Services—0.2%
TechnipFMC plc 0.875%, 01/25/21		3,600,000		4,807,034
Pharmaceuticals—0.2%
Teva Pharmaceutical Finance Co. LLC 0.250%, 02/01/26 (b)		4,383,000		4,700,767
Real Estate—1.2%
CapitaLand, Ltd. 1.850%, 06/19/20 (SGD)		4,500,000		3,239,150
1.950%, 10/17/23 (SGD)		8,500,000		6,322,135

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-28

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Real Estate—(Continued)
Deutsche Wohnen AG 0.325%, 07/26/24 (EUR)		3,800,000	$	4,492,075
0.875%, 09/08/21 (EUR)		2,800,000		5,380,667
LEG Immobilien AG 0.500%, 07/01/21		2,800,000		5,053,510
				24,487,537
Real Estate Investment Trusts—1.2%
British Land White 2015, Ltd. Zero Coupon, 06/09/20		1,700,000		2,097,921
Derwent London Capital No.2 Jersey, Ltd. 1.125%, 07/24/19		2,000,000		2,703,885
Extra Space Storage L.P. 3.125%, 10/01/35 (b)		1,415,000		1,511,397
Fonciere Des Regions 0.875%, 04/01/19		4,013,600		4,429,242
SL Green Operating Partnership L.P. 3.000%, 10/15/17 (b)		1,000,000		1,357,500
Spirit Realty Capital, Inc. 2.875%, 05/15/19 (b)		3,376,000		3,344,350
Unibail-Rodamco SE Zero Coupon, 07/01/21 (EUR)		1,459,600		5,063,761
Zero Coupon, 01/01/22 (EUR)		1,121,300		4,325,348
				24,833,404
Semiconductors—1.8%
Intel Corp. 3.250%, 08/01/39		4,504,000		7,442,860
3.493%, 12/15/35		6,302,000		8,235,926
Novellus Systems, Inc. 2.625%, 05/15/41		4,321,000		18,037,475
STMicroelectronics NV 1.000%, 07/03/21		1,400,000		1,771,700
				35,487,961
Software—0.5%
Citrix Systems, Inc. 0.500%, 04/15/19 (b)		1,436,000		1,724,098
Red Hat, Inc. 0.250%, 10/01/19		5,293,000		7,307,648
				9,031,746
Telecommunications—1.8%
America Movil S.A.B. de C.V. Zero Coupon, 05/28/20		15,200,000		17,056,863
Telefonica Participaciones S.A.U. Zero Coupon, 03/09/21		3,700,000		4,209,895
Telenor East Holding II A/S 0.250%, 09/20/19		7,600,000		8,363,040
Vodafone Group plc Zero Coupon, 11/26/20		5,500,000		7,063,185
				36,692,983
Transportation—0.3%
Deutsche Post AG 0.600%, 12/06/19		1,400,000		2,565,611
Nagoya Railroad Co., Ltd. Zero Coupon, 12/11/24		240,000,000		2,321,582
				4,887,193
Water—0.4%
Suez Zero Coupon, 02/27/20		19,262,700		4,393,577
Veolia Environnement S.A. Zero Coupon, 03/15/21		11,027,100		3,726,742
				8,120,319
Total Convertible Bonds (Cost $353,888,164)				373,560,828
Convertible Preferred Stocks—0.9%
Banks—0.7%
Wells Fargo & Co., Series L 7.500%, 12/31/49		11,468		15,035,809
Machinery—0.2%
Stanley Black & Decker, Inc. 5.375%, 05/15/20 (b)		32,465		3,562,060
Total Convertible Preferred Stocks (Cost $17,286,304)				18,597,869
Preferred Stocks—0.3%
Automobiles—0.1%
Volkswagen AG		12,349		1,883,454
Household Products—0.2%
Henkel AG & Co. KGaA		23,985		3,301,088
Total Preferred Stocks (Cost $4,628,943)				5,184,542
U.S. Treasury & Government Agencies—0.2%
Federal Agencies—0.1%
Federal Farm Credit Bank 5.250%, 12/28/27		585,000		714,562
Tennessee Valley Authority 5.375%, 04/01/56		350,000		475,362
				1,189,924
U.S. Treasury—0.1%
U.S. Treasury Notes 1.250%, 11/15/18		1,935,000		1,932,581
Total U.S. Treasury & Government Agencies (Cost $3,078,245)				3,122,505

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-29

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Municipals—0.1%

Security Description	Principal Amount*		Value
American Municipal Power, Inc., Build America Bonds 5.939%, 02/15/47		75,000	$	92,320
7.499%, 02/15/50		350,000		492,979
Los Angeles, CA Unified School District, Build America Bonds 6.758%, 07/01/34		75,000		103,274
Los Angeles, Department of Airports, Build America Bonds 6.582%, 05/15/39		65,000		84,843
Los Angeles, Unified School District, Build America Bonds 5.750%, 07/01/34		100,000		126,306
Ohio University, Revenue Bonds 5.590%, 12/01/2114		300,000		328,119
Port Authority of New York & New Jersey 4.458%, 10/01/62		130,000		142,264
5.647%, 11/01/40		30,000		37,847
State of California, General Obligation Unlimited, Build America Bonds 7.300%, 10/01/39		260,000		379,811
State of Massachusetts, Build America Bonds 5.456%, 12/01/39		150,000		189,209
University of California, Build America Bonds 5.770%, 05/15/43		140,000		179,334
Total Municipals (Cost $1,992,384)				2,156,306
Foreign Government—0.1%
Electric—0.0%
Hydro-Quebec
8.400%, 01/15/22		165,000		204,040
9.375%, 04/15/30		275,000		431,115
				635,155
Provincial—0.1%
Province of Quebec Canada 6.350%, 01/30/26		600,000		744,462
Sovereign—0.0%
Colombia Government International Bonds 7.375%, 09/18/37		150,000		192,900
Total Foreign Government (Cost $1,676,697)				1,572,517
Short-Term Investments—14.4%
Security Description	Principal Amount*		Value
Repurchase Agreement—12.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $253,888,090 on 07/03/17, collateralized by $259,170,000 U.S. Government Agency Obligations with rates ranging from 0.000% - 1.000%, maturity dates ranging from 10/20/17 - 01/12/18, with a value of $258,970,052.		253,885,551		253,885,551
U.S. Treasury—1.7%
U.S. Treasury Bills 0.861%, 08/24/17 (d) (e)		410,000		409,456
0.890%, 09/07/17 (d) (e)		4,130,000		4,122,806
0.939%, 11/09/17 (d) (e) (f)		30,000,000		29,887,080
0.983%, 03/01/18 (d) (e)		115,000		114,176
1.085%, 12/07/17 (d) (e)		200,000		199,067
				34,732,585
Total Short-Term Investments (Cost $288,628,807)				288,618,136
Securities Lending Reinvestments (g)—2.7%
Certificates of Deposit—1.8%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of America N.A. 1.507%, 07/11/17 (c)		1,500,000		1,500,264
Bank of Montreal 1.130%, 07/07/17		2,000,000		1,999,980
Canadian Imperial Bank 1.630%, 10/27/17 (c)		1,000,000		1,001,125
Cooperative Rabobank UA New York 1.555%, 10/13/17 (c)		1,500,000		1,501,729
1.558%, 10/13/17 (c)		1,500,000		1,502,035
Credit Suisse AG New York 1.432%, 10/16/17 (c)		1,000,000		1,000,214
DNB NOR Bank ASA 1.412%, 07/28/17 (c)		1,200,000		1,200,150
KBC Bank NV 1.200%, 07/18/17		500,000		500,000
1.250%, 08/08/17		1,000,000		1,000,030
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (c)		1,500,000		1,500,034
Mizuho Bank, Ltd., New York 1.469%, 10/18/17 (c)		1,500,000		1,499,898
1.610%, 08/02/17 (c)		500,000		500,153
National Australia Bank London 1.480%, 11/09/17 (c)		2,000,000		2,001,620
Natixis New York 1.506%, 08/03/17 (c)		3,900,000		3,901,178
Norinchukin Bank New York 1.377%, 10/13/17 (c)		1,000,000		1,000,688
1.687%, 07/12/17 (c)		3,000,000		3,000,363

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-30

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (c)		3,200,000	$	3,201,245
Sumitomo Mitsui Trust Bank, Ltd., New York 1.230%, 12/04/17 (c)		1,500,000		1,499,853
1.466%, 10/26/17 (c)		1,500,000		1,500,384
Toronto Dominion Bank New York 1.475%, 01/10/18 (c)		2,000,000		2,003,325
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (c)		1,200,000		1,201,073
				35,013,241
Commercial Paper—0.3%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		997,043		999,638
Commonwealth Bank Australia 1.522%, 10/23/17 (c)		1,000,000		1,001,054
ING Funding LLC 1.234%, 12/07/17 (c)		1,000,000		1,000,345
LMA S.A. & LMA Americas 1.150%, 07/07/17		499,888		499,936
1.180%, 07/11/17		498,525		499,834
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (c)		1,900,000		1,901,895
				6,901,762
Repurchase Agreements—0.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $539,695 on 07/03/17, collateralized by $561,763 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $550,440.		539,647		539,647
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $2,000,183 on 07/03/17, collateralized by $1,992,314 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $2,040,000.		2,000,000		2,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $1,000,100 on 07/03/17, collateralized by $1,016,733 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $1,020,003.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,501,163 on 07/03/17, collateralized by $326 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,667,735.		1,500,000		1,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $502,423 on 09/29/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $400,042 on 07/03/17, collateralized by $360,673 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $408,266.		400,000		400,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,930,775 on 10/02/17, collateralized by various Common Stock with a value of $2,090,000.		1,900,000		1,900,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
				8,839,647
Time Deposits—0.2%
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		300,000		300,000
Nordea Bank New York 1.050%, 07/03/17		1,000,000		1,000,000
Shinkin Central Bank 1.330%, 07/25/17		1,750,000		1,750,000
				3,050,000
Total Securities Lending Reinvestments (Cost $53,786,103)				53,804,650
Total Investments—98.0% (Cost $1,832,950,611) (h)				1,958,841,449
Other assets and liabilities (net)—2.0%				39,516,563
Net Assets—100.0%			$	1,998,358,012

*	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 June 30, 2017, the market value of securities loaned was $52,284,438 and the collateral received consisted of cash in the amount of $53,777,813. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-31

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

+(c)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(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 June 30, 2017, the market value of securities pledged was $4,500,206.
(f)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2017, the market value of securities pledged was $21,488,811.
(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(h)	As of June 30, 2017, the aggregate cost of investments was $1,832,950,611. The aggregate unrealized appreciation and depreciation of investments were $159,457,458 and $(33,566,620), respectively, resulting in net unrealized appreciation of $125,890,838.
(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 June 30, 2017, the market value of 144A securities was $75,894,507, which is 3.8% 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.
(EUR)—	Euro
(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.
(SGD)—	Singapore Dollar

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	19,521,347	Standard Chartered Bank		07/26/17	$	14,726,986	$	273,020
AUD	10,528,941	Australia & New Zealand Banking Corp.		09/26/17		7,969,934		114,185
CHF	12,395,453	BNP Paribas S.A.		07/26/17		12,760,820		182,857
CHF	1,264,500	Merrill Lynch International		07/26/17		1,268,103		52,324
CHF	9,136,468	Credit Suisse International		09/26/17		9,488,619		90,048
DKK	12,182,876	Toronto Dominion Bank		07/26/17		1,831,994		41,415
EUR	6,226,425	Australia & New Zealand Banking Corp.		07/26/17		6,795,720		323,436
EUR	1,410,144	Deutsche Bank AG		07/26/17		1,574,471		37,856
EUR	2,382,510	HSBC Bank plc		07/26/17		2,605,725		118,384
EUR	2,031,664	Australia & New Zealand Banking Corp.		09/26/17		2,275,919		54,670
GBP	1,762,650	Australia & New Zealand Banking Corp.		07/26/17		2,273,383		23,914
GBP	504,166	National Australia Bank Ltd.		07/26/17		639,314		17,775
GBP	2,098,573	Toronto Dominion Bank		07/26/17		2,660,266		74,846
GBP	499,899	Australia & New Zealand Banking Corp.		09/26/17		642,964		9,790
GBP	812,406	Australia & New Zealand Banking Corp.		09/26/17		1,031,997		28,820
GBP	333,912	Citibank N.A.		09/26/17		434,009		2,003
GBP	1,452,899	State Street Bank and Trust		09/26/17		1,855,871		41,283
HKD	48,933,968	Australia & New Zealand Banking Corp.		09/26/17		6,290,150		(8,374	)
ILS	4,725,919	BNP Paribas S.A.		07/26/17		1,334,284		21,519
JPY	124,831,142	National Australia Bank Ltd.		07/26/17		1,123,550		(12,714	)
JPY	440,000,000	Standard Chartered Bank		07/26/17		3,865,990		49,441
JPY	200,000,000	State Street Bank and Trust		07/26/17		1,761,511		18,231
JPY	55,740,260	Australia & New Zealand Banking Corp.		09/26/17		502,268		(4,894	)
JPY	61,821,319	Citibank N.A.		09/26/17		552,088		(452	)
JPY	89,401,346	Citibank N.A.		09/26/17		800,122		(2,388	)
JPY	134,929,182	Merrill Lynch International		09/26/17		1,216,062		(12,080	)
SEK	51,934,180	Morgan Stanley & Co. International		07/26/17		5,929,364		242,327
SEK	25,855,884	Goldman Sachs & Co.		09/26/17		2,974,750		108,741
SGD	3,681,607	HSBC Bank plc		09/26/17		2,652,735		24,853
Contracts to Deliver
CHF	1,034,865	Australia & New Zealand Banking Corp.		07/26/17		1,067,544		(13,091	)
CHF	4,470,622	State Street Bank and Trust		07/26/17		4,497,165		(171,183	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-32

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CHF	392,436	Australia & New Zealand Banking Corp.		09/26/17	$	411,633	$	203
CHF	574,383	HSBC Bank plc		09/26/17		601,331		(851	)
DKK	14,022,206	Goldman Sachs & Co.		09/26/17		2,120,123		(43,721	)
EUR	3,260,211	Australia & New Zealand Banking Corp.		07/26/17		3,576,474		(151,178	)
EUR	2,196,593	Goldman Sachs & Co.		07/26/17		2,400,817		(110,718	)
EUR	2,121,372	Royal Bank of Canada		07/26/17		2,371,435		(54,094	)
EUR	123,960,245	Standard Chartered Bank		07/26/17		133,250,793		(8,482,578	)
EUR	3,267,614	State Street Bank and Trust		07/26/17		3,622,005		(114,112	)
EUR	57,243	State Street Bank and Trust		07/26/17		62,506		(2,944	)
EUR	10,922,127	Toronto Dominion Bank		07/26/17		12,216,126		(271,990	)
EUR	535,115	Australia & New Zealand Banking Corp.		09/26/17		600,447		(13,402	)
EUR	384,292	Australia & New Zealand Banking Corp.		09/26/17		431,980		(8,854	)
EUR	728,422	Goldman Sachs & Co.		09/26/17		816,268		(19,329	)
EUR	1,024,618	HSBC Bank plc		09/26/17		1,174,127		(1,247	)
EUR	20,426,728	State Street Bank and Trust		09/26/17		22,964,181		(467,992	)
GBP	19,325,770	HSBC Bank plc		07/26/17		24,794,943		(392,723	)
GBP	642,371	Royal Bank of Canada		09/26/17		818,615		(20,175	)
HKD	32,845,487	HSBC Bank plc		07/26/17		4,215,143		5,563
JPY	1,200,742,295	National Australia Bank Ltd.		07/26/17		10,828,600		143,544
JPY	3,638,453,954	State Street Bank and Trust		07/26/17		33,483,940		1,106,399
JPY	515,175,872	Australia & New Zealand Banking Corp.		09/26/17		4,652,377		55,427
JPY	112,540,386	Australia & New Zealand Banking Corp.		09/26/17		1,013,099		8,893
NOK	30,918,931	National Australia Bank Ltd.		07/26/17		3,642,190		(62,858	)
NOK	17,448,467	Toronto Dominion Bank		09/26/17		2,068,509		(24,816	)
SEK	38,232,800	HSBC Bank plc		07/26/17		4,269,871		(273,592	)
SGD	10,358,335	HSBC Bank plc		07/26/17		7,455,687		(70,385	)
SGD	12,137,100	Societe Generale		07/26/17		8,691,549		(126,923	)
SGD	650,054	HSBC Bank plc		09/26/17		473,130		354
Net Unrealized Depreciation							$	(7,667,537	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminum Futures		07/17/17		101		USD	4,663,036	$	160,976
Aluminum Futures		09/18/17		3		USD	143,147		816
Aluminum Futures		11/13/17		95		USD	4,570,974		1,494
Aluminum Futures		01/15/18		67		USD	3,226,671		7,335
Australian 10 Year Treasury Bond Futures		09/15/17		811		AUD	106,445,714		(1,242,101	)
Brent Crude Oil Futures		07/31/17		43		USD	2,137,185		(40,075	)
Brent Crude Oil Futures		01/31/18		42		USD	2,057,113		54,647
Coffee “C” Futures		03/19/18		26		USD	1,335,341		(41,028	)
Copper Futures		12/27/17		75		USD	4,895,821		217,304
Corn Futures		12/14/17		255		USD	4,947,819		50,182
Cotton No. 2 Futures		12/06/17		25		USD	906,200		(48,825	)
Euro Stoxx 50 Index Futures		09/15/17		761		EUR	26,964,741		(976,345	)
Gasoline RBOB Futures		08/31/17		34		USD	2,156,068		(10,641	)
Gold 100 oz. Futures		12/27/17		60		USD	7,576,357		(78,757	)
Hang Seng Index Futures		07/28/17		127		HKD	163,449,544		(126,135	)
KC Hard Red Winter Wheat Futures		09/14/17		35		USD	861,541		65,084
Lean Hogs Futures		08/14/17		49		USD	1,507,565		133,936
Live Cattle Futures		08/31/17		56		USD	2,680,885		(75,765	)
MSCI Emerging Markets Index Mini Futures		09/15/17		686		USD	34,456,123		128,567
Natural Gas Futures		08/29/17		105		USD	3,609,124		(426,574	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-33

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Natural Gas Futures		10/27/17		94			USD	3,177,445		$	(246,525	)
New York Harbor ULSD Futures		10/31/17		33			USD	2,021,073			68,738
Nickel Futures		07/17/17		2			USD	122,244			(9,984	)
Nickel Futures		09/18/17		37			USD	2,187,541			(103,516	)
Nickel Futures		11/13/17		32			USD	1,757,281			51,359
Russell 2000 Index Mini Futures		09/15/17		139			USD	9,886,493			(57,108	)
S&P 500 Index E-Mini Futures		09/15/17		2,583			USD	313,425,306			(766,071	)
SPI 200 Index Futures		09/21/17		184			AUD	25,896,697			68,177
Silver Futures		12/27/17		31			USD	2,594,146			(686	)
Soybean Futures		11/14/17		74			USD	3,473,881			58,694
Soybean Meal Futures		12/14/17		59			USD	1,807,054			29,026
Soybean Oil Futures		03/14/18		83			USD	1,644,365			28,417
Sugar No. 11 Futures		09/29/17		93			USD	1,480,394			(41,944	)
TOPIX Index Futures		09/07/17		280			JPY	4,485,219,500			239,880
U.S. Treasury Long Bond Futures		09/20/17		49			USD	7,491,788			38,899
U.S. Treasury Note 10 Year Futures		09/20/17		220			USD	27,664,593			(47,718	)
U.S. Treasury Note 2 Year Futures		09/29/17		86			USD	18,616,489			(31,082	)
U.S. Treasury Note 5 Year Futures		09/29/17		40			USD	4,731,140			(17,702	)
U.S. Treasury Ultra Long Bond Futures		09/20/17		37			USD	6,081,522			55,853
WTI Light Sweet Crude Oil Futures		08/21/17		83			USD	4,101,267			(259,197	)
Wheat Futures		03/14/18		91			USD	2,380,431			161,882
Zinc Futures		07/17/17		40			USD	2,792,221			(35,471	)
Zinc Futures		09/18/17		37			USD	2,380,155			172,845
Zinc Futures		11/13/17		32			USD	2,112,497			95,303
Futures Contracts—Short
Aluminum Futures		07/17/17		(101	)		USD	(4,823,207	)		(805	)
Aluminum Futures		09/18/17		(5	)		USD	(241,766	)		1,829
Aluminum Futures		11/13/17		(95	)		USD	(4,531,017	)		(41,452	)
Canada Government Bond 10 Year Futures		09/20/17		(163	)		CAD	(23,527,070	)		476,110
Copper Futures		09/27/17		(4	)		USD	(253,740	)		(17,361	)
Euro-Bund Futures		09/07/17		(416	)		EUR	(68,500,131	)		1,327,418
FTSE 100 Index Futures		09/15/17		(216	)		GBP	(16,064,145	)		547,478
Natural Gas Futures		08/29/17		(49	)		USD	(1,526,982	)		41,792
Nickel Futures		07/17/17		(2	)		USD	(122,676	)		10,416
Nickel Futures		09/18/17		(38	)		USD	(2,094,629	)		(45,721	)
Nickel Futures		11/13/17		(6	)		USD	(319,842	)		(19,278	)
U.S. Treasury Note 10 Year Futures		09/20/17		(1,379	)		USD	(173,556,405	)		448,812
U.S. Treasury Note Ultra 10 Year Futures		09/20/17		(233	)		USD	(31,487,054	)		75,742
United Kingdom Long Gilt Bond Futures		09/27/17		(247	)		GBP	(31,629,371	)		799,158
Zinc Futures		07/17/17		(40	)		USD	(2,585,142	)		(171,608	)
Zinc Futures		09/18/17		(38	)		USD	(2,504,348	)		(117,652	)
Zinc Futures		11/13/17		(6	)		USD	(376,369	)		(37,593	)
Net Unrealized Appreciation										$	483,449

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-34

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 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	2.170%	06/05/27		USD	246,400,000	$	(2,259,399	)
Pay	3M LIBOR	2.350%	02/06/27		USD	173,700,000		1,497,218
Pay	3M LIBOR	2.360%	02/27/27		USD	172,500,000		1,607,909
Net Unrealized Appreciation							$	845,728

(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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	3,605,135	$	8,828,590	$	—	$	12,433,725
Air Freight & Logistics		243,410		1,858,500		—		2,101,910
Airlines		1,899,775		2,982,249		—		4,882,024
Auto Components		967,430		5,143,169		—		6,110,599
Automobiles		3,266,430		16,979,756		—		20,246,186
Banks		26,718,382		64,793,220		—		91,511,602
Beverages		8,771,122		8,862,226		—		17,633,348
Biotechnology		6,520,781		5,713,133		—		12,233,914

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-35

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Building Products	$	1,265,143	$	2,843,173	$	—	$	4,108,316
Capital Markets		7,779,042		9,384,790		—		17,163,832
Chemicals		4,838,307		10,515,135		—		15,353,442
Commercial Services & Supplies		—		963,750		—		963,750
Communications Equipment		796,835		—		—		796,835
Construction & Engineering		—		1,351,072		—		1,351,072
Construction Materials		156,956		1,005,923		—		1,162,879
Consumer Finance		2,049,705		—		—		2,049,705
Containers & Packaging		1,053,326		—		—		1,053,326
Diversified Financial Services		3,427,809		4,285,933		—		7,713,742
Diversified Telecommunication Services		2,917,640		14,304,749		—		17,222,389
Electric Utilities		5,981,611		11,111,237		—		17,092,848
Electrical Equipment		1,118,339		4,553,514		—		5,671,853
Electronic Equipment, Instruments & Components		1,462,111		5,620,151		—		7,082,262
Energy Equipment & Services		1,122,538		1,716,683		—		2,839,221
Equity Real Estate Investment Trusts		5,361,162		7,797,361		—		13,158,523
Food & Staples Retailing		5,860,257		8,646,514		—		14,506,771
Food Products		2,353,812		8,668,605		—		11,022,417
Health Care Equipment & Supplies		5,084,173		2,843,661		—		7,927,834
Health Care Providers & Services		6,324,391		3,337,808		—		9,662,199
Hotels, Restaurants & Leisure		2,279,756		1,315,159		—		3,594,915
Household Durables		919,939		2,012,557		—		2,932,496
Household Products		2,926,925		616,197		—		3,543,122
Industrial Conglomerates		5,926,600		18,315,608		—		24,242,208
Insurance		5,978,541		37,629,071		—		43,607,612
Internet & Direct Marketing Retail		5,518,041		—		—		5,518,041
Internet Software & Services		18,420,130		6,205,654		—		24,625,784
IT Services		12,973,908		10,589,695		—		23,563,603
Life Sciences Tools & Services		1,758,522		—		—		1,758,522
Machinery		5,828,261		4,504,406		—		10,332,667
Media		10,037,792		1,767,483		—		11,805,275
Metals & Mining		1,108,551		19,592,731		—		20,701,282
Multi-Utilities		1,259,288		6,571,896		—		7,831,184
Multiline Retail		1,888,820		3,524,505		—		5,413,325
Oil, Gas & Consumable Fuels		15,451,731		12,191,883		—		27,643,614
Paper & Forest Products		—		2,586,733		—		2,586,733
Personal Products		—		3,277,380		—		3,277,380
Pharmaceuticals		12,797,434		27,636,411		—		40,433,845
Real Estate Management & Development		—		9,606,616		—		9,606,616
Road & Rail		3,587,605		—		—		3,587,605
Semiconductors & Semiconductor Equipment		14,217,540		26,603,023		—		40,820,563
Software		10,916,069		995,754		—		11,911,823
Specialty Retail		8,636,852		4,467,854		—		13,104,706
Technology Hardware, Storage & Peripherals		14,882,948		—		—		14,882,948
Textiles, Apparel & Luxury Goods		449,698		4,358,040		—		4,807,738
Thrifts & Mortgage Finance		—		4,722,722		—		4,722,722
Tobacco		3,539,349		11,718,465		—		15,257,814
Trading Companies & Distributors		108,277		8,660,209		—		8,768,486
Transportation Infrastructure		790,697		—		—		790,697
Wireless Telecommunication Services		322,317		6,779,427		—		7,101,744
Total Common Stocks		273,471,213		450,360,381		—		723,831,594
Total Corporate Bonds & Notes*		—		488,392,502		—		488,392,502
Total Convertible Bonds*		—		373,560,828		—		373,560,828
Total Convertible Preferred Stocks*		18,597,869		—		—		18,597,869
Total Preferred Stocks*		—		5,184,542		—		5,184,542
Total U.S. Treasury & Government Agencies*		—		3,122,505		—		3,122,505
Total Municipals		—		2,156,306		—		2,156,306

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-36

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Foreign Government*	$	—		$	1,572,517		$	—	$	1,572,517
Total Short-Term Investments*		—			288,618,136			—		288,618,136
Total Securities Lending Reinvestments*		—			53,804,650			—		53,804,650
Total Investments	$	292,069,082		$	1,666,772,367		$	—	$	1,958,841,449
Collateral for Securities Loaned (Liability)	$	—		$	(53,777,813	)	$	—	$	(53,777,813	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	3,272,121		$	—	$	3,272,121
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(10,939,658	)		—		(10,939,658	)
Total Forward Contracts	$	—		$	(7,667,537	)	$	—	$	(7,667,537	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	5,618,169		$	—		$	—	$	5,618,169
Futures Contracts (Unrealized Depreciation)		(5,134,720	)		—			—		(5,134,720	)
Total Futures Contracts	$	483,449		$	—		$	—	$	483,449
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	3,105,127		$	—	$	3,105,127
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(2,259,399	)		—		(2,259,399	)
Total Centrally Cleared Swap Contracts	$	—		$	845,728		$	—	$	845,728

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-37

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,704,955,898
Repurchase Agreement		253,885,551
Cash		57,449,578
Cash denominated in foreign currencies (c)		13,784,531
Cash collateral for futures contracts		25,880,000
Unrealized appreciation on forward foreign currency exchange contracts		3,272,121
Due from broker		206
Receivable for:
Investments sold		4,492,096
Fund shares sold		527,646
Dividends and interest		7,778,273
Total Assets		2,072,025,900
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		10,939,658
Collateral for securities loaned		53,777,813
Cash collateral for swap contracts		190
Payables for:
Investments purchased		5,356,162
Fund shares redeemed		205,096
Foreign taxes		24,171
Variation margin on futures contracts		735,983
Variation margin on centrally cleared swap contracts		334,570
Accrued Expenses:
Management fees		1,118,521
Distribution and service fees		414,394
Deferred trustees’ fees		90,943
Other expenses		670,387
Total Liabilities		73,667,888
Net Assets	$	1,998,358,012
Net Assets Consist of:
Paid in surplus	$	1,873,091,415
Distributions in excess of net investment income		(9,173,839	)
Accumulated net realized gain		14,826,136
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		119,614,300
Net Assets	$	1,998,358,012
Net Assets
Class B	$	1,998,358,012
Capital Shares Outstanding*
Class B		173,398,251
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.52

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $52,284,438.
(b)	Identified cost of investments was $1,579,065,060.
(c)	Identified cost of cash denominated in foreign currencies was $13,701,470.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	10,895,095
Interest (b)		6,696,451
Securities lending income		442,092
Total investment income		18,033,638
Expenses
Management fees		7,061,194
Administration fees		54,443
Custodian and accounting fees		262,065
Distribution and service fees—Class B		2,446,586
Audit and tax services		51,505
Legal		20,012
Trustees’ fees and expenses		26,454
Shareholder reporting		44,752
Insurance		6,809
Miscellaneous		28,468
Total expenses		10,002,288
Less management fee waiver		(452,125	)
Net expenses		9,550,163
Net Investment Income		8,483,475
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		29,899,013
Futures contracts		16,828,045
Swap contracts		(21,565,436	)
Foreign currency transactions		4,357,563
Net realized gain		29,519,185
Net change in unrealized appreciation (depreciation) on:
Investments		94,868,455
Futures contracts		2,523,503
Swap contracts		31,320,065
Foreign currency transactions		(16,541,372	)
Net change in unrealized appreciation		112,170,651
Net realized and unrealized gain		141,689,836
Net Increase in Net Assets From Operations	$	150,173,311

(a)	Net of foreign withholding taxes of $983,845.
(b)	Net of foreign withholding taxes of $294.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-38

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,483,475		$	24,406,658
Net realized gain		29,519,185			14,351,158
Net change in unrealized appreciation		112,170,651			17,974,877
Increase in net assets from operations		150,173,311			56,732,693
From Distributions to Shareholders
Net investment income
Class B		(51,163,096	)		(41,184,198	)
Net realized capital gains
Class B		0			(33,016,867	)
Total distributions		(51,163,096	)		(74,201,065	)
Increase (decrease) in net assets from capital share transactions		(37,403,899	)		109,630,620
Total increase in net assets		61,606,316			92,162,248
Net Assets
Beginning of period		1,936,751,696			1,844,589,448
End of period	$	1,998,358,012		$	1,936,751,696
Undistributed (distributions in excess of) net investment income
End of period	$	(9,173,839	)	$	33,505,782

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		2,224,259		$	25,448,785			15,930,518		$	174,840,705
Reinvestments		4,425,873			51,163,096			6,838,808			74,201,065
Redemptions		(10,016,835	)		(114,015,780	)		(12,680,708	)		(139,411,150	)
Net increase (decrease)		(3,366,703	)	$	(37,403,899	)		10,088,618		$	109,630,620
Increase (decrease) derived from capital shares transactions				$	(37,403,899	)				$	109,630,620

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-39

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012(a)
Net Asset Value, Beginning of Period	$	10.96		$	11.07		$	11.86		$	11.58		$	10.50		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.05			0.14	(c)		0.12			0.13			0.08			0.02
Net realized and unrealized gain (loss) on investments		0.81			0.18			(0.01	)		0.66			1.07	(d)		0.58
Total from investment operations		0.86			0.32			0.11			0.79			1.15			0.60
Less Distributions
Distributions from net investment income		(0.30	)		(0.24	)		(0.33	)		(0.14	)		(0.01	)		(0.04	)
Distributions from net realized capital gains		0.00			(0.19	)		(0.57	)		(0.37	)		(0.06	)		(0.06	)
Total distributions		(0.30	)		(0.43	)		(0.90	)		(0.51	)		(0.07	)		(0.10	)
Net Asset Value, End of Period	$	11.52		$	10.96		$	11.07		$	11.86		$	11.58		$	10.50
Total Return (%) (e)		7.86	(f)		2.90			0.89			6.98			10.99			6.02	(f)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02	(g)		1.02			1.03			1.05			1.08			1.32	(g)
Net ratio of expenses to average net assets (%) (h)		0.98	(g)		0.98			0.99			1.00			1.08			1.25	(g)
Ratio of net investment income to average net assets (%)		0.87	(g)		1.26	(c)		1.06			1.09			0.71			0.24	(g)
Portfolio turnover rate (%)		29	(f)		38			52			45			45			33	(f)
Net assets, end of period (in millions)	$	1,998.4		$	1,936.8		$	1,844.6		$	1,648.6		$	1,360.2		$	486.2

(a)	Commencement of operations was April 23, 2012.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(d)	The per share amount may differ with the change in aggregate gains (losses) as shown in the Consolidated Statement of Operations due to the timing of purchases and sales of Portfolio shares in relation to fluctuating market values during the period.
(e)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(f)	Periods less than one year are not computed on an annualized basis.
(g)	Computed on an annualized basis.
(h)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-40

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Global Active Allocation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—JPMorgan Global Active Allocation Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the JPMorgan Global Active Allocation Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary’s inception date is April 23, 2012 and it invests primarily in commodity derivatives, exchange-traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by J.P. Morgan Investment Management, Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $61,771,450 in the Subsidiary, representing 3.0% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

BHFTI-41

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a 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 its 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 NAV 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 options on swaps (“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-42

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, swap transactions, premium amortization adjustments, contingent payment debt instrument adjustments, real estate investment trust (“REIT”) adjustments, distribution re-designations, foreign capital gain tax reclass, convertible preferred stock, convertible bonds, adjustments to prior period accumulated balances, passive foreign investment companies (“PFICs”) transactions and controlled foreign corporation adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTI-43

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $253,885,551, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $8,839,647, which is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of

BHFTI-44

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(16,263,687	)	$	—	$	—	$	—	$	(16,263,687	)
Convertible Bonds		(13,374,441	)		—		—		—		(13,374,441	)
Convertible Preferred Stocks		(2,257,082	)		—		—		—		(2,257,082	)
Corporate Bonds & Notes		(21,882,603	)		—		—		—		(21,882,603	)
Total	$	(53,777,813	)	$	—	$	—	$	—	$	(53,777,813	)
Total Borrowings	$	(53,777,813	)	$	—	$	—	$	—	$	(53,777,813	)
Gross amount of recognized liabilities for securities lending transactions										$	(53,777,813	)

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum

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levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	3,105,127	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	2,259,399
	Unrealized appreciation on futures contracts (a) (c)		3,221,992	Unrealized depreciation on futures contracts (a) (c)		1,338,603
Equity	Unrealized appreciation on futures contracts (a) (c)		984,102	Unrealized depreciation on futures contracts (a) (c)		1,925,659
Commodity	Unrealized appreciation on futures contracts (a) (c)		1,412,075	Unrealized depreciation on futures contracts (a) (c)		1,870,458
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		3,272,121	Unrealized depreciation on forward foreign currency exchange contracts		10,939,658
Total		$	11,995,417		$	18,333,777

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Australia & New Zealand Banking Corp.	$	619,338	$	(199,793	)	$	—		$	419,545
BNP Paribas S.A.		204,376		—			—			204,376
Citibank N.A.		2,003		(2,003	)		—			—
Credit Suisse International		90,048		—			—			90,048
Deutsche Bank AG		37,856		—			(190	)		37,666
Goldman Sachs & Co.		108,741		(108,741	)		—			—
HSBC Bank plc		149,154		(149,154	)		—			—
Merrill Lynch International		52,324		(12,080	)		—			40,244
Morgan Stanley & Co. International		242,327		—			—			242,327
National Australia Bank Ltd.		161,319		(75,572	)		—			85,747
Standard Chartered Bank		322,461		(322,461	)		—			—
State Street Bank and Trust		1,165,913		(756,231	)		—			409,682
Toronto Dominion Bank		116,261		(116,261	)		—			—
	$	3,272,121	$	(1,742,296	)	$	(190	)	$	1,529,635

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Australia & New Zealand Banking Corp.	$	199,793	$	(199,793	)	$	—	$	—
Citibank N.A.		2,840		(2,003	)		—		837
Goldman Sachs & Co.		173,768		(108,741	)		—		65,027

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Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
HSBC Bank plc	$	738,798	$	(149,154	)	$	—	$	589,644
Merrill Lynch International		12,080		(12,080	)		—		—
National Australia Bank Ltd.		75,572		(75,572	)		—		—
Royal Bank of Canada		74,269		—			—		74,269
Societe Generale		126,923		—			—		126,923
Standard Chartered Bank		8,482,578		(322,461	)		—		8,160,117
State Street Bank and Trust		756,231		(756,231	)		—		—
Toronto Dominion Bank		296,806		(116,261	)		—		180,545
	$	10,939,658	$	(1,742,296	)	$	—	$	9,197,362

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity		Commodity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—	$	—		$	4,306,592		$	4,306,592
Futures contracts		(6,533,163	)		24,736,393		(1,375,185	)		—			16,828,045
Swap contracts		(21,565,436	)		—		—			—			(21,565,436	)
	$	(28,098,599	)	$	24,736,393	$	(1,375,185	)	$	4,306,592		$	(430,799	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity		Commodity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—	$	—		$	(16,750,664	)	$	(16,750,664	)
Futures contracts		2,931,756			3,162,102		(3,570,355	)		—			2,523,503
Swap contracts		31,320,065			—		—			—			31,320,065
	$	34,251,821		$	3,162,102	$	(3,570,355	)	$	(16,750,664	)	$	17,092,904

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	412,916,864
Futures contracts long		131,624,544
Futures contracts short		(264,994,102	)
Swap contracts		585,116,667

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into

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agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$37,232,750	$	437,326,621	$	2,548,705	$	576,204,862

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7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$7,061,194		0.800	%	First $250 million
		0.750	%	$250 million to $500 million
		0.720	%	$500 million to $750 million
		0.700	%	Over $750 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%	First $250 million
0.050%	$250 million to $500 million
0.020%	$500 million to $750 million
0.050%	$1 billion to $3 billion
0.070%	$3 billion to $5 billion
0.080%	Over $5 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of

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Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$57,667,890	$	94,398,751	$	16,533,175	$	33,835,697	$	74,201,065	$	128,234,448

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$51,056,878	$	—	$	(14,834,601	)	$	(9,889,082	)	$	26,333,195

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the Portfolio had no short-term accumulated capital losses and long-term accumulated capital losses of $9,889,082.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	159,555,453		8,835,688		10,311,706

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		164,900,178		13,802,669
Robert Boulware		164,887,071		13,815,777
Susan C. Gause		165,493,201		13,209,647
Nancy Hawthorne		165,479,413		13,223,435
Barbara A. Nugent		165,496,131		13,206,717
John Rosenthal		165,073,137		13,629,711
Linda B. Strumpf		164,844,232		13,858,616
Dawn M. Vroegop		165,218,524		13,484,323

BHFTI-52

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Managed by J.P. Morgan Investment Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the JPMorgan Small Cap Value Portfolio returned -2.26% and -2.38%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 0.54%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equity markets experienced the strongest start to the year since 2013. The S&P 500 Index reached its 26th new all-time high of 2017, closing at 2,453.46 on June 19th. The first six months of the year were characterized by low levels of volatility and a reversal of market leadership from 2016. The Energy, Telecommunication Services and Financials sectors, which had been 2016’s top performers have become this year’s laggards. Market rotation did not occur just at the sector level. For the first six months of 2017, large-cap stocks outpaced small-cap stocks, while growth drastically outperformed value. Large-cap stocks as represented by the S&P 500 Index rose 9.3%, while small-cap stocks measured by the Russell 2000 Index gained 5.0%. The Russell 3000 Growth Index return of 13.7% significantly outpaced the 4.3% advance for the Russell 3000 Value Index.

The S&P 500 Index started the year in a strong uptrend, making 15 new closing highs through March 1st. However, equities drifted lower amidst complications around health-care reform and weakness in crude oil prices. The S&P 500 Index experienced its first 1% decline since October 2016 on March 21st as it became apparent the initial version of the American Health Care Act (AHCA) would not have enough votes to pass the House of Representatives. Equities recovered in the final week of the first quarter as President Trump immediately shifted his focus to tax reform.

U.S. equity markets were able to grind their way higher through mid-May. Below-average levels of volatility continued as the Chicago Board Options Exchange Volatility Index, otherwise known as the VIX, fell to its lowest level since 1993, closing at 9.77 on May 8th. This is the fifth-lowest reading of the volatility measure going back to its inception. However, volatility spiked in mid-May on headlines that President Trump hinted to former FBI Director James Comey to ease up on the investigation of former national security advisor Michael Flynn. This triggered a one day sell-off as the S&P 500 Index fell 1.8%, the largest one-day decline since September last year. U.S. equity markets quickly rebounded as headlines surrounding the Trump Administration diminished and former FBI Director Robert Mueller was named Special Counsel to lead the investigation into ties between the Trump campaign and Russia.

With enthusiasm diminishing over President Trump’s ability to implement his aggressive agenda, investor focus returned to fundamentals. The reacceleration of global economic growth, which has been in place since the second half of last year, has been reflected in this year’s earnings. First-quarter S&P 500 earnings currently stand at $28.82 a share. This represents a 3.3% increase from the prior quarter and a 20.2% increase from the first quarter of 2016. First-quarter earnings season marked the third-consecutive quarter of year-over-year earnings growth after experiencing seven straight quarterly declines dating back to the fourth quarter of 2014.

While equity market volatility remained subdued in June, crude oil prices fell to their lowest level since August last year and interest rates spiked in the quarter’s final days. Despite attempts by the Organization of Petroleum Exporting Countries (“OPEC”) and non-OPEC countries, including Russia, to limit crude oil production, increased U.S. crude oil production has placed downward pressure on crude oil prices. As crude oil prices recovered from their early 2016 low of $26.21 a barrel, U.S. crude oil production has increased significantly. For the four weeks ending June 23, U.S. crude oil production stood at 9.31 million barrels per day, an increase of 7.2% from a year ago. Crude oil futures fell to a low of $42.53 a barrel, but recovered, closing the period at $46.04 a barrel as inventory levels held steady.

As expected, the Federal Open Market Committee (the “FOMC”) of the Federal Reserve (the “Fed”) decided to raise interest rates by 0.25% to a range of 1.00% to 1.25%. The Fed expects to raise rates one more time this year and three times in 2018. Additionally, the FOMC for the first time released plans to reduce the size of its balance sheet, which, according to the June FOMC statement, will begin “this year.” Investors took the developments coming from the June FOMC meeting in stride. However, investors perceived comments made by European Central Bank (“ECB”) President Mario Draghi and Bank of England President Mark Carney as “hawkish,” prompting a spike in bond yields. ECB President Draghi in an optimistic speech suggested that policy could be adjusted, while Bank of England President Carney stated that some removal of monetary stimulus may be warranted. As a result, sovereign bond yields rose across the globe. The yield on the U.S. 10-year Treasury bond rose from 2.14% to 2.31% in June’s final week.

The Information Technology (“IT”) and Healthcare sectors were the top performers, returning 17.2% and 16.1%, respectively. Many investors have turned to the IT sector to capitalize on several secular growth drivers in the space. Healthcare stocks rallied as concerns over President Trump executing an Executive Order implementing controls over drug pricing faded. The Industrials sector also outperformed, gaining 4.7% as better-than-anticipated earnings results coupled with an improved outlook, has given market participants increased confidence of accelerated global industrial activity. The period’s worst performers were the Telecommunication Services and Energy sectors, which declined 7.0% and 6.4%, respectively. Within Telecommunication Services, investor expectations of merger-and-acquisition activity diminished during the period, while the wireless carriers continue to pursue aggressive promotional activities.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Stock selection in the Energy and Industrials sectors hurt returns. Seadrill Limited and FTI Consulting were the top detractors. Within

BHFTI-1

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Managed by J.P. Morgan Investment Management, Inc.

Portfolio Manager Commentary*—(Continued)

the Energy sector, an overweight position in Seadrill Limited detracted as the stock fell on concerns that the company would go into bankruptcy given falling oil prices and an unsustainable debt burden. The stock underperformed during the period after the company warned shareholders that its April 30th deadline for reaching a consensual restructuring agreement with creditors looked challenging. This was viewed as an extreme negative by investors as the company’s initial target date for a restructuring plan was May 2016. In addition, within the Industrials sector, shares of FTI Consulting declined after the company reported weaker-than-expected first-quarter results and lowered guidance for fiscal year 2017. Poor financial results were driven by revenue declines from the company’s corporate finance and restructuring segments as Chapter 11 bankruptcy filings in key jurisdictions declined 20% year over year during the most recent quarter.

Alternatively, stock selection in the retail and media industries aided relative returns. Take-Two Interactive and KCG Holdings were the top contributors. Within media, an overweight position in Take-Two Interactive contributed after the company reported better-than-expected earnings results and strong 2018 and 2019 earnings guidance. Solid financial results were driven by continued sales from several key titles, such as NBA 2K17 and Grand Theft Auto V, as well as digitally delivered bookings growth of 28% during the period (about 65% of revenues). In addition, within the capital markets industry, an overweight position in KCG Holdings helped results. Shares spiked during the period after Virtu Financial announced a non-binding bid to acquire the company for $18.50-20.00 per share in cash.

From our proprietary attribution framework, during the period, the Alpha Factors and Risk Exposure detracted from performance, while Sector Selection and Stock Specific contributed to performance. From a factor perspective, Valuation and Earnings Quality detracted from performance, while Capital Deployment added to performance.

Given that valuation is the primary driver of the investment process, the Portfolio was positioned to be overweight names that were perceived to be more volatile, which were inexpensive relative to historical averages, and underweight low volatile, high-yielding names, which were expensive relative to historical averages at June 30, 2017.

There have been no changes to the way the Portfolio has been managed and it remained sector neutral. Further, we remained firmly committed to our disciplined and dispassionate investment process.

Dennis Ruhl

Phil Hart

Portfolio Managers

J.P. Morgan Investment Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
JPMorgan Small Cap Value Portfolio
Class A		-2.26		20.00		12.33		6.12		—
Class B		-2.38		19.70		12.06		—		7.57
Russell 2000 Value Index		0.54		24.86		13.39		5.92		—

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

² Inception dates of the Class A and Class B shares are 5/2/2005 and 4/28/2008, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Benchmark Electronics, Inc.		1.1
EMCOR Group, Inc.		1.1
Westamerica Bancorp		1.1
Dillard’s, Inc. - Class A		1.1
Take-Two Interactive Software, Inc.		1.0
Tech Data Corp.		1.0
CNO Financial Group, Inc.		1.0
ACCO Brands Corp.		1.0
CYS Investments, Inc.		0.9
Wabash National Corp.		0.9

Top Sectors

	% of Net Assets
Financials		30.0
Industrials		13.4
Consumer Discretionary		10.5
Real Estate		10.2
Information Technology		9.8
Utilities		6.5
Health Care		5.8
Energy		4.8
Materials		4.5
Consumer Staples		1.9

BHFTI-3

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Small Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.74	%	$	1,000.00	$	977.40	$	3.63
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71
Class B(a)	Actual		0.99	%	$	1,000.00	$	976.20	$	4.85
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—97.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.7%
AAR Corp.		47,606	$	1,654,785
Curtiss-Wright Corp.		23,700		2,175,186
DigitalGlobe, Inc. (a)		91,100		3,033,630
Moog, Inc. - Class A (a)		25,300		1,814,516
				8,678,117
Auto Components—0.9%
Cooper Tire & Rubber Co. (b)		113,000		4,079,300
Stoneridge, Inc. (a)		45,300		698,073
				4,777,373
Banks—18.6%
1st Source Corp.		31,691		1,519,267
American National Bankshares, Inc.		1,800		66,510
BancFirst Corp.		18,900		1,825,740
BancorpSouth, Inc.		109,800		3,348,900
Bank of Hawaii Corp. (b)		48,100		3,990,857
Brookline Bancorp, Inc.		22,000		321,200
Bryn Mawr Bank Corp. (b)		9,100		386,750
Cadence BanCorp (a)		4,800		105,024
Capital Bank Financial Corp. - Class A		16,700		636,270
Cathay General Bancorp		60,600		2,299,770
Central Pacific Financial Corp.		138,101		4,346,038
Central Valley Community Bancorp		7,100		157,336
Century Bancorp, Inc. - Class A		2,400		152,640
Citizens & Northern Corp.		5,600		130,256
City Holding Co.		42,509		2,800,068
Columbia Banking System, Inc. (b)		16,000		637,600
Community Bank System, Inc. (b)		39,900		2,225,223
Community Trust Bancorp, Inc.		35,916		1,571,325
East West Bancorp, Inc.		3,628		212,528
FCB Financial Holdings, Inc. - Class A (a)		72,300		3,452,325
Financial Institutions, Inc.		20,399		607,890
First BanCorp (a)		355,900		2,060,661
First Bancorp		8,900		278,214
First Busey Corp.		22,266		652,839
First Citizens BancShares, Inc. - Class A		2,400		894,480
First Commonwealth Financial Corp. (b)		357,000		4,526,760
First Community Bancshares, Inc.		17,700		484,095
First Financial Bancorp (b)		31,800		880,860
First Financial Bankshares, Inc. (b)		22,200		981,240
First Financial Corp.		6,100		288,530
First Hawaiian, Inc.		28,300		866,546
First Interstate BancSystem, Inc. - Class A		29,622		1,101,938
Flushing Financial Corp.		42,900		1,209,351
Fulton Financial Corp. (b)		103,900		1,974,100
Glacier Bancorp, Inc. (b)		62,300		2,280,803
Great Southern Bancorp, Inc.		10,800		577,800
Great Western Bancorp, Inc.		30,700		1,252,867
Hancock Holding Co.		97,800		4,792,200
Heritage Financial Corp.		7,134		189,051
Hope Bancorp, Inc.		134,029		2,499,641
Independent Bank Corp.		16,100		350,175
Investors Bancorp, Inc. (b)		286,100		3,822,296
Lakeland Financial Corp.		12,300		564,324
MainSource Financial Group, Inc.		41,704		1,397,501
Banks—(Continued)
Mercantile Bank Corp.		5,600		176,288
OFG Bancorp		165,445		1,654,450
Pacific Continental Corp.		22,985		587,267
PacWest Bancorp (b)		45,700		2,134,190
Park Sterling Corp.		15,500		184,140
Preferred Bank		5,200		278,044
Republic Bancorp, Inc. - Class A		5,700		203,490
S&T Bancorp, Inc.		6,400		229,504
Sandy Spring Bancorp, Inc.		7,800		317,148
Southside Bancshares, Inc. (b)		22,812		797,065
Southwest Bancorp, Inc.		41,700		1,065,435
State Bank Financial Corp. (b)		16,900		458,328
Stock Yards Bancorp, Inc. (b)		5,600		217,840
Tompkins Financial Corp. (b)		6,559		516,324
TriState Capital Holdings, Inc. (a)		7,500		189,000
Trustmark Corp. (b)		104,200		3,351,072
UMB Financial Corp.		65,400		4,895,844
Umpqua Holdings Corp.		173,361		3,182,908
Union Bankshares Corp.		111,474		3,778,969
Valley National Bancorp (b)		22,174		261,875
Washington Trust Bancorp, Inc.		11,200		577,360
Webster Financial Corp.		32,800		1,712,816
West Bancorp, Inc.		3,870		91,526
Westamerica Bancorp		101,100		5,665,644
				97,246,316
Biotechnology—2.2%
Acorda Therapeutics, Inc. (a) (b)		13,700		269,890
AMAG Pharmaceuticals, Inc. (a)		58,400		1,074,560
BioCryst Pharmaceuticals, Inc. (a)		40,843		227,087
Enanta Pharmaceuticals, Inc. (a)		19,300		694,414
Five Prime Therapeutics, Inc. (a) (b)		49,900		1,502,489
Idera Pharmaceuticals, Inc. (a)		385,500		663,060
Immune Design Corp. (a)		3,100		30,225
Iovance Biotherapeutics, Inc. (a)		182,655		1,342,514
MacroGenics, Inc. (a)		3,400		59,534
Otonomy, Inc. (a)		85,900		1,619,215
Radius Health, Inc. (a)		14,800		669,404
Rigel Pharmaceuticals, Inc. (a)		140,300		383,019
Syndax Pharmaceuticals, Inc. (a)		73,200		1,022,604
Tocagen, Inc. (a)		69,000		830,070
Versartis, Inc. (a)		64,900		1,132,505
				11,520,590
Building Products—0.0%
Gibraltar Industries, Inc. (a) (b)		7,000		249,550
Capital Markets—1.0%
Arlington Asset Investment Corp. - Class A		12,800		174,976
Investment Technology Group, Inc. (b)		14,800		314,352
KCG Holdings, Inc. - Class A (a)		137,600		2,743,744
Oppenheimer Holdings, Inc. - Class A		13,409		219,908
Stifel Financial Corp. (a)		22,700		1,043,746
Virtus Investment Partners, Inc.		8,000		887,600
				5,384,326

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—1.5%
American Vanguard Corp.		49,800	$	859,050
Chemours Co. (The)		8,000		303,360
FutureFuel Corp.		49,500		746,955
Innophos Holdings, Inc.		6,300		276,192
Minerals Technologies, Inc.		30,700		2,247,240
Olin Corp.		24,000		726,720
Rayonier Advanced Materials, Inc.		174,500		2,743,140
				7,902,657
Commercial Services & Supplies—2.7%
ACCO Brands Corp. (a)		426,900		4,973,385
ARC Document Solutions, Inc. (a)		252,590		1,050,774
Ceco Environmental Corp.		90,100		827,118
Ennis, Inc.		24,500		467,950
Essendant, Inc.		35,300		523,499
Quad/Graphics, Inc.		100,907		2,312,789
VSE Corp.		36,000		1,619,280
West Corp.		94,600		2,206,072
				13,980,867
Communications Equipment—0.8%
Finisar Corp. (a)		57,000		1,480,860
InterDigital, Inc.		19,800		1,530,540
Sonus Networks, Inc. (a)		177,500		1,320,600
				4,332,000
Construction & Engineering—1.6%
Argan, Inc.		10,510		630,600
EMCOR Group, Inc.		89,700		5,864,586
MYR Group, Inc. (a)		50,900		1,578,918
				8,074,104
Consumer Finance—0.5%
EZCORP, Inc. - Class A (a) (b)		99,100		763,070
Nelnet, Inc. - Class A (b)		26,600		1,250,466
Regional Management Corp. (a) (b)		16,600		392,258
				2,405,794
Containers & Packaging—0.3%
Graphic Packaging Holding Co.		107,600		1,482,728
Myers Industries, Inc.		16,100		288,995
				1,771,723
Diversified Consumer Services—1.0%
American Public Education, Inc. (a)		20,100		475,365
Ascent Capital Group, Inc. - Class A (a)		78,200		1,201,152
Houghton Mifflin Harcourt Co. (a)		56,800		698,640
K12, Inc. (a)		78,100		1,399,552
Regis Corp. (a)		153,200		1,573,364
				5,348,073
Diversified Financial Services—0.3%
FNFV Group (a)		71,500		1,129,700
Diversified Financial Services—(Continued)
Marlin Business Services Corp.		9,474		238,271
				1,367,971
Diversified Telecommunication Services—0.0%
IDT Corp. - Class B		8,300		119,271
Electric Utilities—1.6%
El Paso Electric Co.		75,605		3,908,779
Portland General Electric Co.		96,800		4,422,792
Spark Energy, Inc. - Class A (b)		12,000		225,600
				8,557,171
Electrical Equipment—0.3%
General Cable Corp. (b)		54,900		897,615
Powell Industries, Inc.		21,100		674,989
				1,572,604
Electronic Equipment, Instruments & Components—4.0%
Bel Fuse, Inc. - Class B		61,000		1,506,700
Benchmark Electronics, Inc. (a)		183,400		5,923,820
Insight Enterprises, Inc. (a)		26,600		1,063,734
Tech Data Corp. (a)		50,200		5,070,200
TTM Technologies, Inc. (a) (b)		252,600		4,385,136
Vishay Intertechnology, Inc. (b)		190,000		3,154,000
				21,103,590
Energy Equipment & Services—2.0%
Archrock, Inc.		231,500		2,639,100
Natural Gas Services Group, Inc. (a)		1,100		27,335
Noble Corp. plc		670,775		2,428,205
Parker Drilling Co. (a) (b)		90,400		122,040
Rowan Cos. plc - Class A (a)		316,100		3,236,864
Unit Corp. (a)		109,500		2,050,935
				10,504,479
Equity Real Estate Investment Trusts—9.2%
American Assets Trust, Inc.		6,800		267,852
Apartment Investment & Management Co. - Class A		57,700		2,479,369
Ashford Hospitality Prime, Inc.		86,400		889,056
Ashford Hospitality Trust, Inc.		261,995		1,592,930
CBL & Associates Properties, Inc. (b)		106,000		893,580
Cedar Realty Trust, Inc. (b)		80,400		389,940
CoreSite Realty Corp. (b)		24,400		2,526,132
DCT Industrial Trust, Inc.		72,875		3,894,440
DiamondRock Hospitality Co.		93,300		1,021,635
DuPont Fabros Technology, Inc. (b)		20,300		1,241,548
EPR Properties (b)		19,300		1,387,091
FelCor Lodging Trust, Inc.		208,169		1,500,898
First Industrial Realty Trust, Inc.		36,900		1,056,078
First Potomac Realty Trust		143,000		1,588,730
Franklin Street Properties Corp.		14,200		157,336
Getty Realty Corp. (b)		42,829		1,075,008
Gladstone Commercial Corp. (b)		21,400		466,306
Government Properties Income Trust (b)		133,600		2,446,216

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Highwoods Properties, Inc.		8,700	$	441,177
Hospitality Properties Trust		46,600		1,358,390
InfraREIT, Inc.		86,600		1,658,390
Kite Realty Group Trust (b)		35,600		673,908
LaSalle Hotel Properties		23,200		691,360
LTC Properties, Inc. (b)		28,900		1,485,171
Mack-Cali Realty Corp.		37,300		1,012,322
Monogram Residential Trust, Inc.		68,300		663,193
Pebblebrook Hotel Trust (b)		58,900		1,898,936
Pennsylvania Real Estate Investment Trust (b)		105,900		1,198,788
Potlatch Corp.		53,700		2,454,090
PS Business Parks, Inc.		24,700		3,270,033
RAIT Financial Trust		134,900		295,431
RLJ Lodging Trust		92,900		1,845,923
Saul Centers, Inc.		3,500		202,930
Sunstone Hotel Investors, Inc. (b)		147,373		2,375,653
Taubman Centers, Inc.		4,000		238,200
Urstadt Biddle Properties, Inc. - Class A		22,800		451,440
Washington Prime Group, Inc.		127,147		1,064,220
Washington Real Estate Investment Trust		2,700		86,130
				48,239,830
Food & Staples Retailing—0.1%
SpartanNash Co.		17,900		464,684
Village Super Market, Inc. - Class A (b)		4,500		116,640
				581,324
Food Products—0.6%
Darling Ingredients, Inc. (a)		154,400		2,430,256
Dean Foods Co.		17,200		292,400
Fresh Del Monte Produce, Inc. (b)		12,600		641,466
				3,364,122
Gas Utilities—1.9%
Northwest Natural Gas Co. (b)		65,500		3,920,175
Southwest Gas Holdings, Inc.		44,100		3,221,946
Spire, Inc. (b)		36,839		2,569,520
				9,711,641
Health Care Equipment & Supplies—1.2%
Halyard Health, Inc. (a)		66,700		2,619,976
Wright Medical Group NV (a) (b)		126,100		3,466,489
				6,086,465
Health Care Providers & Services—1.7%
American Renal Associates Holdings, Inc. (a)		11,500		213,325
Community Health Systems, Inc. (a) (b)		54,700		544,812
Cross Country Healthcare, Inc. (a)		60,500		781,055
Genesis Healthcare, Inc. (a) (b)		59,900		104,226
Kindred Healthcare, Inc.		112,100		1,305,965
Molina Healthcare, Inc. (a)		26,300		1,819,434
Owens & Minor, Inc.		57,200		1,841,268
Tivity Health, Inc. (a) (b)		24,600		980,310
Triple-S Management Corp. - Class B (a)		28,209		477,014
Health Care Providers & Services—(Continued)
WellCare Health Plans, Inc. (a)		4,500		808,020
				8,875,429
Hotels, Restaurants & Leisure—2.4%
Bob Evans Farms, Inc.		21,500		1,544,345
Intrawest Resorts Holdings, Inc. (a)		32,800		778,672
La Quinta Holdings, Inc. (a)		236,900		3,499,013
Penn National Gaming, Inc. (a)		116,200		2,486,680
Pinnacle Entertainment, Inc. (a)		110,655		2,186,543
Ruth’s Hospitality Group, Inc.		80,000		1,740,000
Speedway Motorsports, Inc.		11,900		217,413
				12,452,666
Household Durables—1.1%
AV Homes, Inc. (a)		8,600		172,430
Beazer Homes USA, Inc. (a)		103,683		1,422,531
CSS Industries, Inc.		710		18,573
Hovnanian Enterprises, Inc. - Class A (a)		71,300		199,640
KB Home		105,800		2,536,026
NACCO Industries, Inc. - Class A (b)		14,400		1,020,240
UCP, Inc. - Class A (a)		9,300		101,835
				5,471,275
Household Products—0.3%
Central Garden and Pet Co. - Class A (a)		47,800		1,434,956
Independent Power and Renewable Electricity Producers—1.2%
Atlantic Power Corp. (a)		585,200		1,404,480
Dynegy, Inc. (a) (b)		331,700		2,743,159
Pattern Energy Group, Inc.		81,100		1,933,424
				6,081,063
Insurance—4.5%
Argo Group International Holdings, Ltd.		19,130		1,159,278
CNO Financial Group, Inc.		239,900		5,009,112
Global Indemnity, Ltd. (a)		3,400		131,818
Hallmark Financial Services, Inc. (a)		21,421		241,414
Heritage Insurance Holdings, Inc.		31,400		408,828
Horace Mann Educators Corp.		68,811		2,601,056
MBIA, Inc. (a) (b)		380,700		3,590,001
Navigators Group, Inc. (The)		17,100		938,790
Primerica, Inc. (b)		62,600		4,741,950
ProAssurance Corp.		51,500		3,131,200
Third Point Reinsurance, Ltd. (a)		115,700		1,608,230
Universal Insurance Holdings, Inc. (b)		4,300		108,360
				23,670,037
Internet & Direct Marketing Retail—0.3%
Liberty TripAdvisor Holdings, Inc. - Class A (a)		141,900		1,646,040
Internet Software & Services—0.0%
Liquidity Services, Inc. (a)		16,100		102,235
TechTarget, Inc. (a)		10,108		104,820
				207,055

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—0.9%
Convergys Corp.		5,600	$	133,168
EVERTEC, Inc.		10,100		174,730
Travelport Worldwide, Ltd.		37,600		517,376
Unisys Corp. (a) (b)		294,100		3,764,480
				4,589,754
Machinery—2.6%
AGCO Corp.		27,900		1,880,181
Briggs & Stratton Corp.		45,000		1,084,500
Douglas Dynamics, Inc. (b)		79,842		2,626,802
Graham Corp.		7,500		147,450
Harsco Corp. (a)		64,300		1,035,230
Hurco Cos., Inc.		13,282		461,550
Kadant, Inc.		17,807		1,339,086
Wabash National Corp. (b)		224,600		4,936,708
				13,511,507
Marine—0.3%
Costamare, Inc.		173,777		1,270,310
Matson, Inc.		4,400		132,176
				1,402,486
Media—0.2%
Eros International plc (a)		55,500		635,475
EW Scripps Co. (The) - Class A (a)		24,700		439,907
				1,075,382
Metals & Mining—2.1%
AK Steel Holding Corp. (a) (b)		208,700		1,371,159
Carpenter Technology Corp. (b)		73,100		2,736,133
Cliffs Natural Resources, Inc. (a)		89,000		615,880
Ryerson Holding Corp. (a)		6,400		63,360
Schnitzer Steel Industries, Inc. - Class A (b)		40,700		1,025,640
SunCoke Energy, Inc. (a)		139,700		1,522,730
Warrior Met Coal, Inc.		15,000		256,950
Worthington Industries, Inc.		68,500		3,440,070
				11,031,922
Mortgage Real Estate Investment Trusts—2.0%
AG Mortgage Investment Trust, Inc.		27,500		503,250
Capstead Mortgage Corp. (b)		300,258		3,131,691
CYS Investments, Inc.		589,100		4,954,331
Ellington Residential Mortgage REIT		36,300		532,158
Invesco Mortgage Capital, Inc.		89,200		1,490,532
				10,611,962
Multi-Utilities—1.2%
Avista Corp. (b)		72,800		3,091,088
NorthWestern Corp.		38,483		2,348,233
Unitil Corp.		15,100		729,481
				6,168,802
Multiline Retail—1.1%
Dillard’s, Inc. - Class A		96,100		5,544,009
Oil, Gas & Consumable Fuels—2.8%
Bill Barrett Corp. (a)		563,600		1,730,252
Delek U.S. Holdings, Inc.		156,400		4,135,216
Denbury Resources, Inc. (a)		912,200		1,395,666
EP Energy Corp. - Class A (a) (b)		546,700		2,000,922
Renewable Energy Group, Inc. (a)		4,400		56,980
REX American Resources Corp. (a)		44,600		4,306,576
Sanchez Energy Corp. (a) (b)		114,400		821,392
				14,447,004
Paper & Forest Products—0.5%
Domtar Corp.		29,000		1,114,180
Schweitzer-Mauduit International, Inc.		38,600		1,437,078
				2,551,258
Pharmaceuticals—0.7%
Amphastar Pharmaceuticals, Inc. (a) (b)		19,100		341,126
Dermira, Inc. (a)		39,400		1,148,116
Endocyte, Inc. (a) (b)		39,252		58,878
Medicines Co. (The) (a) (b)		22,600		859,026
MyoKardia, Inc. (a)		23,900		313,090
Zynerba Pharmaceuticals, Inc. (a)		54,600		926,562
				3,646,798
Professional Services—2.3%
Acacia Research Corp. (a)		201,900		827,790
Barrett Business Services, Inc.		33,760		1,934,111
CRA International, Inc.		7,900		286,928
Franklin Covey Co. (a)		9,444		182,269
FTI Consulting, Inc. (a)		115,300		4,030,888
Huron Consulting Group, Inc. (a)		64,600		2,790,720
RPX Corp. (a)		147,175		2,053,091
				12,105,797
Real Estate Management & Development—1.0%
Alexander & Baldwin, Inc.		40,500		1,675,890
Forestar Group, Inc. (a)		132,900		2,279,235
St. Joe Co. (The) (a)		56,400		1,057,500
				5,012,625
Road & Rail—0.7%
ArcBest Corp.		93,600		1,928,160
Schneider National, Inc. - Class B		18,400		411,608
YRC Worldwide, Inc. (a)		115,800		1,287,696
				3,627,464
Semiconductors & Semiconductor Equipment—1.3%
Amkor Technology, Inc. (a)		219,400		2,143,538
Cypress Semiconductor Corp. (b)		244,702		3,340,182
Xperi Corp.		44,200		1,317,160
				6,800,880
Software—2.7%
Aspen Technology, Inc. (a)		1,300		71,838
Fair Isaac Corp.		18,700		2,606,967
Progress Software Corp.		132,200		4,083,658

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
Rubicon Project, Inc. (The) (a)		79,400	$	408,116
Take-Two Interactive Software, Inc. (a)		72,400		5,312,712
TiVo Corp.		88,000		1,641,200
				14,124,491
Specialty Retail—2.2%
Aaron’s, Inc.		74,300		2,890,270
Chico’s FAS, Inc.		55,200		519,984
Children’s Place, Inc. (The) (b)		41,200		4,206,520
Floor & Decor Holdings, Inc. - Class A (a)		4,700		184,522
Office Depot, Inc. (b)		335,300		1,891,092
Pier 1 Imports, Inc.		311,400		1,616,166
				11,308,554
Textiles, Apparel & Luxury Goods—1.4%
Fossil Group, Inc. (a)		318,300		3,294,405
Iconix Brand Group, Inc. (a)		143,600		992,276
Movado Group, Inc. (b)		111,021		2,803,280
Perry Ellis International, Inc. (a)		13,900		270,494
				7,360,455
Thrifts & Mortgage Finance—3.1%
BankFinancial Corp.		6,985		104,216
Beneficial Bancorp, Inc.		302,855		4,542,825
Charter Financial Corp.		74,500		1,341,000
First Defiance Financial Corp.		10,100		532,068
Kearny Financial Corp. (b)		23,291		345,872
Meridian Bancorp, Inc.		93,600		1,581,840
Northfield Bancorp, Inc.		168,100		2,882,915
Oritani Financial Corp. (b)		8,100		138,105
Territorial Bancorp, Inc.		4,600		143,474
United Community Financial Corp.		12,400		103,044
United Financial Bancorp, Inc.		28,400		473,996
Walker & Dunlop, Inc. (a)		63,000		3,076,290
Waterstone Financial, Inc.		25,900		488,215
WSFS Financial Corp.		5,695		258,268
				16,012,128
Tobacco—0.9%
Universal Corp.		72,067		4,662,735
Trading Companies & Distributors—1.3%
DXP Enterprises, Inc. (a)		40,000		1,380,000
MRC Global, Inc. (a) (b)		182,600		3,016,552
Neff Corp. - Class A (a)		12,600		239,400
Titan Machinery, Inc. (a)		113,000		2,031,740
				6,667,692
Water Utilities—0.6%
American States Water Co. (b)		41,600		1,972,256
California Water Service Group		32,600		1,199,680
				3,171,936
Total Common Stocks (Cost $423,603,521)				508,154,120
Short-Term Investment—1.9%
Security Description	Principal Amount*		Value
Repurchase Agreement—1.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $9,613,971 on 07/03/17, collateralized by $9,815,000 U.S. Treasury Note at 0.875% due 03/31/18 with a value of $9,809,376.		9,613,875		9,613,875
Total Short-Term Investments (Cost $9,613,875)				9,613,875
Securities Lending Reinvestments (c)—10.7%
Certificates of Deposit—6.2%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of America N.A. 1.507%, 07/11/17 (d)		4,000,000		4,000,705
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		2,000,000		2,001,975
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		1,000,000		1,001,153
1.558%, 10/13/17 (d)		1,000,000		1,001,357
Credit Suisse AG New York 1.432%, 10/16/17 (d)		1,000,000		1,000,214
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		1,300,000		1,300,162
KBC Bank NV 1.200%, 07/18/17		500,000		500,000
1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		1,000,000		999,990
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (d)		1,000,000		1,000,023
Mizuho Bank, Ltd., New York 1.469%, 10/18/17 (d)		1,500,000		1,499,898
1.610%, 08/02/17 (d)		500,000		500,153
Natixis New York 1.506%, 08/03/17 (d)		4,400,000		4,401,329
Norinchukin Bank New York 1.687%, 07/12/17 (d)		3,500,000		3,500,423
Royal Bank of Canada New York 1.555%, 10/13/17 (d)		500,000		500,505
Sumitomo Mitsui Trust Bank, Ltd., New York 1.170%, 07/03/17		1,000,000		999,997
1.466%, 10/26/17 (d)		1,000,000		1,000,256
Toronto Dominion Bank New York 1.475%, 01/10/18 (d)		1,000,000		1,001,662
UBS, Stamford 1.722%, 07/31/17 (d)		700,715		700,400
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		1,300,000		1,301,162
				32,210,409

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—1.5%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		997,043	$	999,638
Commonwealth Bank Australia 1.522%, 10/23/17 (d)		2,000,000		2,002,108
ING Funding LLC 1.234%, 12/07/17 (d)		500,000		500,173
LMA S.A. & LMA Americas 1.150%, 07/07/17		499,888		499,936
1.180%, 07/11/17		498,525		499,834
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (d)		2,100,000		2,102,094
				7,602,843
Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $408,007 on 07/03/17, collateralized by $424,690 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $416,130.		407,971		407,971
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,800,165 on 07/03/17, collateralized by $1,793,082 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,836,000.		1,800,000		1,800,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $2,100,210 on 07/03/17, collateralized by $2,135,140 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $2,142,006.		2,100,000		2,100,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,000,775 on 07/03/17, collateralized by $217 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,111,824.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,004,845 on 09/29/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $400,042 on 07/03/17, collateralized by $360,673 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $408,266.		400,000		400,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,134,015 on 10/02/17, collateralized by various Common Stock with a value of $2,310,000.		2,100,000		2,100,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $1,350,151 on 07/03/17, collateralized by $2,691,983 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $1,377,160.		1,350,000		1,350,000
				11,157,971
Time Deposits—0.9%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		300,000		300,000
Nordea Bank New York 1.050%, 07/03/17		1,000,000		1,000,000
Shinkin Central Bank 1.330%, 07/25/17		1,000,000		1,000,000
Standard Chartered plc 1.200%, 07/03/17		2,500,000		2,500,000
				4,900,000
Total Securities Lending Reinvestments (Cost $55,854,639)				55,871,223
Total Investments—110.0% (Cost $489,072,035) (e)				573,639,218
Other assets and liabilities (net)—(10.0)%				(51,988,660	)
Net Assets—100.0%			$	521,650,558

*	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 June 30, 2017, the market value of securities loaned was $53,413,282 and the collateral received consisted of cash in the amount of $55,846,852. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $489,072,035. The aggregate unrealized appreciation and depreciation of investments were $109,224,534 and $(24,657,351), respectively, resulting in net unrealized appreciation of $84,567,183.

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts		Notional Amount			Unrealized Depreciation
Russell 2000 Index Mini Futures	09/15/17		159		USD	11,283,715	$	(40,030	)

(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	508,154,120		$	—		$	—	$	508,154,120
Total Short-Term Investment*		—			9,613,875			—		9,613,875
Total Securities Lending Reinvestments*		—			55,871,223			—		55,871,223
Total Investments	$	508,154,120		$	65,485,098		$	—	$	573,639,218
Collateral for Securities Loaned (Liability)	$	—		$	(55,846,852	)	$	—	$	(55,846,852	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(40,030	)	$	—		$	—	$	(40,030	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	573,639,218
Cash denominated in foreign currencies (c)		2,661
Cash collateral for futures contracts		564,998
Receivable for:
Investments sold		4,858,402
Fund shares sold		27,737
Dividends and interest		882,629
Total Assets		579,975,645
Liabilities
Due to custodian		113,677
Collateral for securities loaned		55,846,852
Payables for:
Investments purchased		1,720,898
Fund shares redeemed		28,737
Variation margin on futures contracts		29,415
Accrued Expenses:
Management fees		289,439
Distribution and service fees		7,524
Deferred trustees’ fees		115,782
Other expenses		172,763
Total Liabilities		58,325,087
Net Assets	$	521,650,558
Net Assets Consist of:
Paid in surplus	$	420,253,006
Undistributed net investment income		3,765,112
Accumulated net realized gain		13,105,297
Unrealized appreciation on investments, futures contracts and foreign currency transactions		84,527,143
Net Assets	$	521,650,558
Net Assets
Class A	$	484,944,032
Class B		36,706,526
Capital Shares Outstanding*
Class A		29,192,868
Class B		2,229,865
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.61
Class B		16.46

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $489,072,035.
(b)	Includes securities loaned at value of $53,413,282.
(c)	Identified cost of cash denominated in foreign currencies was $2,608.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	4,878,254
Interest		5,950
Securities lending income		812,314
Total investment income		5,696,518
Expenses
Management fees		2,028,185
Administration fees		8,349
Custodian and accounting fees		59,927
Distribution and service fees—Class B		46,120
Audit and tax services		24,985
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		15,604
Insurance		1,741
Miscellaneous		7,064
Total expenses		2,236,677
Less management fee waiver		(257,361	)
Net expenses		1,979,316
Net Investment Income		3,717,202
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		16,522,270
Futures contracts		618,055
Foreign currency transactions		(257	)
Net realized gain		17,140,068
Net change in unrealized appreciation (depreciation) on:
Investments		(32,903,931	)
Futures contracts		13,735
Foreign currency transactions		314
Net change in unrealized depreciation		(32,889,882	)
Net realized and unrealized loss		(15,749,814	)
Net Decrease in Net Assets From Operations	$	(12,032,612	)

(a) Net of foreign withholding taxes of $805.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,717,202		$	7,062,249
Net realized gain		17,140,068			23,068,891
Net change in unrealized appreciation (depreciation)		(32,889,882	)		115,852,314
Increase (decrease) in net assets from operations		(12,032,612	)		145,983,454
From Distributions to Shareholders
Net investment income
Class A		(6,521,570	)		(9,027,990	)
Class B		(420,986	)		(511,179	)
Net realized capital gains
Class A		(23,455,732	)		(32,464,890	)
Class B		(1,801,818	)		(2,118,858	)
Total distributions		(32,200,106	)		(44,122,917	)
Increase (decrease) in net assets from capital share transactions		14,502,398			(108,218,437	)
Total decrease in net assets		(29,730,320	)		(6,357,900	)
Net Assets
Beginning of period		551,380,878			557,738,778
End of period	$	521,650,558		$	551,380,878
Undistributed net investment income
End of period	$	3,765,112		$	6,990,466

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		179,274		$	3,170,282			754,182		$	10,956,150
Reinvestments		1,799,358			29,977,302			2,830,347			41,492,880
Redemptions		(1,108,766	)		(19,987,109	)		(10,127,478	)		(163,218,059	)
Net increase (decrease)		869,866		$	13,160,475			(6,542,949	)	$	(110,769,029	)
Class B
Sales		176,717		$	3,093,715			351,138		$	5,458,767
Reinvestments		134,634			2,222,804			180,759			2,630,037
Redemptions		(226,519	)		(3,974,596	)		(348,810	)		(5,538,212	)
Net increase		84,832		$	1,341,923			183,087		$	2,550,592
Increase (decrease) derived from capital shares transactions				$	14,502,398					$	(108,218,437	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.11		$	15.15		$	18.09		$	19.93		$	15.07		$	13.14
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.21			0.27			0.22			0.21			0.21
Net realized and unrealized gain (loss) on investments		(0.53	)		4.14			(1.42	)		0.52			4.77			1.84
Total from investment operations		(0.40	)		4.35			(1.15	)		0.74			4.98			2.05
Less Distributions
Distributions from net investment income		(0.24	)		(0.30	)		(0.24	)		(0.22	)		(0.12	)		(0.12	)
Distributions from net realized capital gains		(0.86	)		(1.09	)		(1.55	)		(2.36	)		0.00			0.00
Total distributions		(1.10	)		(1.39	)		(1.79	)		(2.58	)		(0.12	)		(0.12	)
Net Asset Value, End of Period	$	16.61		$	18.11		$	15.15		$	18.09		$	19.93		$	15.07
Total Return (%) (b)		(2.26	)(c)		30.86			(7.25	)		4.66			33.25			15.66
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(d)		0.83			0.82			0.82			0.83			0.84
Net ratio of expenses to average net assets (%) (e)		0.74	(d)		0.73			0.73			0.73			0.75			0.84
Ratio of net investment income to average net assets (%)		1.44	(d)		1.34			1.59			1.22			1.21			1.44
Portfolio turnover rate (%)		24	(c)		38			38			35			110			38
Net assets, end of period (in millions)	$	484.9		$	512.9		$	528.3		$	647.2		$	745.9		$	377.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	17.94		$	15.02		$	17.94		$	19.79		$	14.97		$	13.06
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.17			0.22			0.18			0.16			0.17
Net realized and unrealized gain (loss) on investments		(0.52	)		4.10			(1.39	)		0.50			4.74			1.83
Total from investment operations		(0.42	)		4.27			(1.17	)		0.68			4.90			2.00
Less Distributions
Distributions from net investment income		(0.20	)		(0.26	)		(0.20	)		(0.17	)		(0.08	)		(0.09	)
Distributions from net realized capital gains		(0.86	)		(1.09	)		(1.55	)		(2.36	)		0.00			0.00
Total distributions		(1.06	)		(1.35	)		(1.75	)		(2.53	)		(0.08	)		(0.09	)
Net Asset Value, End of Period	$	16.46		$	17.94		$	15.02		$	17.94		$	19.79		$	14.97
Total Return (%) (b)		(2.38	)(c)		30.51			(7.43	)		4.37			32.90			15.36
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.09	(d)		1.08			1.07			1.07			1.08			1.09
Net ratio of expenses to average net assets (%) (e)		0.99	(d)		0.98			0.98			0.98			1.00			1.09
Ratio of net investment income to average net assets (%)		1.19	(d)		1.10			1.34			1.00			0.90			1.18
Portfolio turnover rate (%)		24	(c)		38			38			35			110			38
Net assets, end of period (in millions)	$	36.7		$	38.5		$	29.5		$	32.6		$	31.0		$	25.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Small Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-15

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2017, the Portfolio had a payment of $113,677 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2017. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2017. The Portfolio’s average overdraft advances during the six months ended June 30, 2017 were not significant.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization

BHFTI-16

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, adjustments to prior period accumulated balances, distribution re-designations and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $ 9,613,875. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $11,157,971. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-17

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	40,030

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	618,055
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	13,735

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	9,383

‡ Averages are based on activity levels during the year.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities

BHFTI-18

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	124,832,536	$	0	$	138,655,479

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$2,028,185		0.800	%	First $100 million
		0.775	%	$100 million to $500 million
		0.750	%	$500 million to $1 billion
		0.725	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-19

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.075%	First $50 million
0.125%	$50 million to $100 million
0.100%	$100 million to $500 million
0.075%	$500 million to $1 billion
0.050%	Over $1 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$11,736,479	$	30,029,197	$	32,386,438	$	31,099,135	$	44,122,917	$	61,128,332

BHFTI-20

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$7,092,288	$	24,890,781	$	113,749,023	$	—	$	145,732,092

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-21

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
29,304,948		867,107		1,727,122

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		30,117,314		1,781,864
Robert Boulware		30,169,023		1,730,155
Susan C. Gause		30,214,805		1,684,373
Nancy Hawthorne		30,181,973		1,717,205
Barbara A. Nugent		30,210,728		1,688,450
John Rosenthal		30,156,419		1,742,759
Linda B. Strumpf		30,141,826		1,757,351
Dawn M. Vroegop		30,013,744		1,885,434

BHFTI-22

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Loomis Sayles Global Markets Portfolio returned 12.87% and 12.71%, respectively. The Portfolio’s benchmarks, the MSCI World Index¹ and the Citigroup World Government Bond Index (“WGBI”)², returned 10.66% and 4.49%, respectively. A blend of the MSCI World Index (60%) and the Citigroup WGBI (40%) returned 8.16%.

MARKET ENVIRONMENT / CONDITIONS

Global equity and credit markets posted mostly positive returns in the first half of 2017. Markets generally shrugged off geopolitical events, including the escalation of the Trump campaign investigation and a hung parliament in the United Kingdom (“U.K.”), though central bank comments did trigger some selling pressure at the end of the period. Reduced political risk in Europe, benign developed market inflation and favorable global earnings supported nearly all global asset markets and provided impetus for investors to look past a commodity price pullback, moderating global growth and continued uncertainty about U.S. policy and negotiations over the U.K.’s decision in June of 2016 to leave the European Union (“Brexit”).

Equity markets were strong over the period, with the majority of sectors posting positive returns, led by Technology and Healthcare. Sentiment for Healthcare stocks, particularly those in the biotechnology and pharmaceutical industries, began to improve as valuations came down and the likelihood of major changes in drug pricing this year diminished. Energy stood out as the weakest performing sector and declined with the fall in oil prices over the period. Sentiment for Healthcare stocks, particularly those in biotechnology and pharmaceuticals, began to improve as valuations came down and the likelihood of major changes in drug pricing this year diminished.

In fixed income markets, corporate credit continued to outpace government bonds during the first half of 2017. Excess liquidity, ongoing demand from income-seeking investors and reduced inflation expectations contributed to broad-based flattening of the yield curves globally. The Federal Reserve (the “Fed”) raised interest rates twice during the period, which was widely expected by the markets. Despite the rate increases, the U.S. dollar weakened versus most major currencies toward the end of the period. Disappointing progress on potentially dollar-supportive U.S. tax, spending and regulatory reforms also weighed on the U.S. dollar.

PORTFOLIO REVIEW / PERIOD END POSITIONING

In the global equity portion of the Portfolio, all sectors contributed to relative return. Strong stock selection in the Information Technology sector and limited exposure to the Energy sector helped boost performance in the period.

The Portfolio’s top individual equity contributors were Alibaba, Facebook, and Sherwin-Williams. While overall Technology sector performance was strong, shares of Alibaba, a Chinese e-commerce company, and Facebook, a social media company, outperformed the broader sector. Alibaba announced 2018 revenue guidance that far exceeded consensus expectations. We believe the company is well-positioned in a massive and rapidly growing market and remained one of the Portfolio’s largest positions at the close of the period. Facebook’s earnings results exceeded investors’ expectations, with revenue growth of over 50% year-over-year and meaningful margin expansion. We expect Facebook to continue growing its top line, benefiting from significant demand for online advertising and continued monetization of its non-Facebook-branded assets, such as Instagram and WhatsApp. Shares in Sherwin-Williams, a global coatings company, rose as the company reported better-than-expected results and raised guidance in both the first and second quarters. The company also completed its acquisition of Valspar, which we expect to drive intrinsic value growth.

The largest individual equity detractors in the Portfolio were AutoZone, TransDigm, and Schlumberger. Shares of AutoZone, an automobile replacement parts retailer, declined after the company announced underwhelming results in both the first and second quarters that were, in part, negatively impacted by delayed IRS rebates to the U.S. consumer. Shares were also pressured as fears about competition from Amazon resurfaced. We exited the stock over the period. TransDigm, a supplier of critical components to the aerospace and defense industry, weakened after an industry research report identified the company as a short-sale candidate and questioned the sustainability of its pricing model. We eliminated the position in the period over concerns about the potential slowing of organic growth and the potential impact on the company’s volumes from increased competition in the aftermarket parts and services business. In addition, we felt TransDigm’s high leverage levels could limit the company’s flexibility should fundamentals deteriorate. Shares in oil services company Schlumberger largely declined in concert with the oil services industry. We continued to hold a constructive view on the stock as we believe Schlumberger is one of the highest-quality companies in oil services and a technology leader with experience across geographies, offering clients a complete portfolio of services.

In the fixed income portion of the Portfolio, allocation to corporate credit was a strong driver of positive year-to-date return. The sector has continued to outpace Government bonds due to healthy profits and strong investor demand. Corporate holdings within Consumer Non-Cyclicals, Telecom, Basic Industry and U.S. and European Banking contributed to performance. Exposure to euro zone sovereigns, particularly those of Italy, France, and Spain, also added value. Over the period, the Portfolio’s exposure to high yield bonds was a contributor to results. Additionally, allocations to BBB-rated and high yield corporate bonds lifted results as they generally outpaced higher-grade names. Non-U.S.-dollar positions also contributed meaningfully to return. Euro-denominated positions had the greatest impact due to the euro’s appreciation relative to the U.S. dollar. In addition, local currency emerging market bonds from Brazil, Indonesia, Colombia and Mexico aided performance, due largely to higher yields and better-performing local bond markets.

BHFTI-1

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

At period end, the equity portion of the Portfolio found the most compelling opportunities across the Information Technology, Consumer Discretionary, and Financials sectors with minimal exposure to commodities. As of June 30, 2017, the Portfolio was not invested in the Real Estate, Utilities and Telecommunication Services sectors.

In the fixed income segment, we continued to favor opportunities in the corporate bond market, especially relative to U.S. or global developed market government bonds.

Overall, the Portfolio ended the period with an allocation of 67.5% equities, 17.5% U.S. fixed income, and 15% non-U.S. fixed income.

Dan Fuss

David Rolley

Eileen Riley

Lee Rosenbaum

Portfolio Managers

Loomis, Sayles & Company, L.P

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI WORLD INDEX & THE CITIGROUP WORLD GOVERNMENT BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Global Markets Portfolio
Class A		12.87		16.75		9.66		7.60
Class B		12.71		16.46		9.39		7.33
MSCI World Index		10.66		18.20		11.38		3.97
Citigroup World Government Bond Index		4.49		-4.14		-0.20		3.49

¹ The MSCI World Index is a capitalization weighted index that measures performance of stocks from developed countries around the world. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² The Citigroup World Government Bond Index is an index of bonds issued by governments in the U.S., Europe and Asia.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Equity Sectors

	% of Net Assets
Information Technology		15.2
Financials		15.0
Consumer Discretionary		10.7
Industrials		9.9
Consumer Staples		5.4

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		21.7
Foreign Government		6.7
Convertible Bonds		1.4
U.S. Treasury & Government Agencies		0.4
Municipals		0.2

BHFTI-3

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Loomis Sayles Global Markets Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A	Actual		0.78	%	$	1,000.00	$	1,128.70	$	4.12
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91
Class B	Actual		1.03	%	$	1,000.00	$	1,127.10	$	5.43
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTI-4

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—66.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.7%
Northrop Grumman Corp.		32,200	$	8,266,062
Thales S.A.		85,836		9,247,837
				17,513,899
Banks—3.6%
HDFC Bank, Ltd.		169,150		4,357,011
M&T Bank Corp.		39,367		6,375,486
Wells Fargo & Co.		117,455		6,508,181
				17,240,678
Beverages—1.2%
Anheuser-Busch InBev S.A.		53,876		5,961,655
Building Products—2.0%
Assa Abloy AB - Class B		273,658		6,015,504
Geberit AG		7,216		3,368,533
				9,384,037
Capital Markets—6.3%
FactSet Research Systems, Inc. (a)		25,171		4,182,917
Goldman Sachs Group, Inc. (The)		40,270		8,935,913
Intercontinental Exchange, Inc.		49,152		3,240,100
London Stock Exchange Group plc		133,982		6,367,866
S&P Global, Inc.		51,252		7,482,279
				30,209,075
Chemicals—4.0%
LyondellBasell Industries NV - Class A		63,937		5,395,643
Sherwin-Williams Co. (The)		39,583		13,892,050
				19,287,693
Energy Equipment & Services—0.4%
Schlumberger, Ltd.		27,746		1,826,797
Food Products—2.9%
McCormick & Co., Inc.		16,853		1,643,336
Nestle S.A.		142,819		12,440,963
				14,084,299
Health Care Equipment & Supplies—1.7%
Danaher Corp.		96,846		8,172,834
Health Care Providers & Services—2.2%
UnitedHealth Group, Inc.		56,474		10,471,409
Hotels, Restaurants & Leisure—2.6%
Marriott International, Inc. - Class A		122,616		12,299,611
Household Durables—1.8%
Newell Brands, Inc.		163,215		8,751,588
Household Products—1.2%
Colgate-Palmolive Co.		76,203		5,648,929
Industrial Conglomerates—2.8%
Roper Technologies, Inc.		58,014	$	13,431,982
Insurance—5.1%
AIA Group, Ltd.		1,700,600		12,429,923
Legal & General Group plc		2,889,736		9,726,238
Travelers Cos., Inc. (The)		18,792		2,377,752
				24,533,913
Internet & Direct Marketing Retail—3.1%
Amazon.com, Inc. (b)		6,814		6,595,952
Priceline Group, Inc. (The) (b)		4,444		8,312,591
				14,908,543
Internet Software & Services—10.3%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		128,317		18,079,865
Alphabet, Inc. - Class A (b)		11,322		10,525,837
Alphabet, Inc. - Class C (b)		6,940		6,306,586
Facebook, Inc. - Class A (b)		94,068		14,202,387
				49,114,675
IT Services—3.6%
Accenture plc - Class A		56,254		6,957,495
CGI Group, Inc. - Class A (b)		120,800		6,172,276
Nomura Research Institute, Ltd.		105,900		4,179,412
				17,309,183
Life Sciences Tools & Services—1.2%
Mettler-Toledo International, Inc. (b)		10,104		5,946,608
Machinery—1.5%
Atlas Copco AB - A Shares		186,912		7,198,839
Media—1.8%
Comcast Corp. - Class A		224,464		8,736,139
Oil, Gas & Consumable Fuels—0.9%
EOG Resources, Inc.		44,856		4,060,365
Semiconductors & Semiconductor Equipment—1.3%
Texas Instruments, Inc.		79,129		6,087,394
Specialty Retail—1.4%
Dufry AG (b)		39,333		6,472,419
Total Common Stocks (Cost $236,447,040)				318,652,564
Corporate Bonds & Notes—21.7%
Advertising—0.0%
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.250%, 02/15/22		25,000		25,906
5.875%, 03/15/25		55,000		57,613
				83,519

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
Embraer Netherlands Finance B.V. 5.050%, 06/15/25		395,000	$	411,787
5.400%, 02/01/27		90,000		94,050
TransDigm, Inc. 6.500%, 07/15/24		76,000		78,470
6.500%, 05/15/25		75,000		76,313
				660,620
Agriculture—0.0%
Kernel Holding S.A. 8.750%, 01/31/22 (144A)		200,000		214,240
Airlines—0.6%
Air Canada Pass-Through Trust 4.125%, 12/15/27 (144A)		166,561		173,607
American Airlines Pass-Through Trust 4.950%, 02/15/25		170,000		175,100
5.250%, 01/15/24		844,229		879,011
Delta Air Lines Pass-Through Trust 8.021%, 08/10/22		823,261		934,401
Latam Finance, Ltd. 6.875%, 04/11/24 (144A)		400,000		406,860
U.S. Airways Pass-Through Trust 5.900%, 10/01/24		60,045		67,250
8.000%, 10/01/19		28,675		30,934
United Continental Holdings, Inc. 6.375%, 06/01/18		305,000		316,056
				2,983,219
Auto Manufacturers—0.7%
Daimler Finance North America LLC 1.750%, 10/30/19 (144A)		210,000		208,636
FCE Bank plc 0.869%, 09/13/21 (EUR)		155,000		176,823
Ford Motor Co. 6.625%, 10/01/28		1,675,000		1,978,377
General Motors Co. 5.200%, 04/01/45		100,000		98,110
General Motors Financial Co., Inc. 3.450%, 04/10/22		100,000		101,640
5.250%, 03/01/26		295,000		318,633
Hyundai Capital America 2.750%, 09/27/26 (144A)		500,000		461,967
				3,344,186
Auto Parts & Equipment—0.3%
Delphi Automotive plc 1.600%, 09/15/28 (EUR)		100,000		109,306
Goodyear Tire & Rubber Co. (The) 7.000%, 03/15/28		1,228,000		1,353,870
Tupy Overseas S.A. 6.625%, 07/17/24 (144A)		200,000		205,000
				1,668,176
Banks—1.9%
Banco Nacional de Comercio Exterior SNC 3.800%, 08/11/26 (144A) (c)		210,000	$	209,475
Banco Santander Mexico S.A. 4.125%, 11/09/22 (144A)		150,000		156,600
Bank of Montreal 1.750%, 06/15/22 (144A)		255,000		249,441
Barclays plc 3.650%, 03/16/25		225,000		223,881
BNP Paribas S.A. 3.800%, 01/10/24 (144A)		200,000		208,284
4.625%, 03/13/27 (144A)		355,000		374,352
Canadian Imperial Bank of Commerce 1.600%, 09/06/19		300,000		297,162
Commerzbank AG 4.000%, 03/23/26 (EUR)		150,000		184,389
Commonwealth Bank of Australia 1.375%, 09/06/18 (144A)		300,000		298,717
2.250%, 03/10/20 (144A)		350,000		350,754
Cooperatieve Rabobank UA 4.375%, 08/04/25		350,000		367,032
Credit Agricole S.A. 4.375%, 03/17/25 (144A)		200,000		207,300
7.500%, 06/23/26 (GBP) (c)		160,000		233,920
Dexia Credit Local S.A. 2.250%, 02/18/20 (144A)		250,000		250,468
Goldman Sachs Group, Inc. (The) 3.375%, 02/01/18 (CAD)		300,000		233,745
HSBC Holdings plc 4.375%, 11/23/26 (a)		200,000		207,524
5.750%, 12/20/27 (GBP)		110,000		174,616
Industrial Bank of Korea 2.375%, 07/17/17 (144A)		300,000		300,029
ING Bank NV 1.650%, 08/15/19 (144A)		210,000		207,933
Intesa Sanpaolo S.p.A. 3.928%, 09/15/26 (EUR)		160,000		193,105
Lloyds Banking Group plc 4.500%, 11/04/24		200,000		208,271
Morgan Stanley 4.350%, 09/08/26		315,000		327,486
Royal Bank of Scotland Group plc 6.000%, 12/19/23		470,000		517,689
Santander UK Group Holdings plc 4.750%, 09/15/25 (144A)		200,000		207,171
Siam Commercial Bank PCL 3.500%, 04/07/19 (144A)		420,000		427,834
Societe Generale S.A. 4.000%, 01/12/27 (144A) (a)		465,000		480,560
4.750%, 11/24/25 (144A)		260,000		272,610
6.750%, 04/07/21 (EUR) (c)		195,000		243,930
Standard Chartered plc 4.000%, 10/21/25 (EUR) (c)		250,000		307,153
State Bank of India 4.125%, 08/01/17 (144A)		300,000		300,387
TC Ziraat Bankasi AS 4.250%, 07/03/19		210,000		211,698

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
UniCredit S.p.A. 5.861%, 06/19/32 (144A) (c)		250,000	$	256,678
Woori Bank 5.875%, 04/13/21 (144A)		200,000		220,095
				8,910,289
Beverages—0.1%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		345,000		355,443
Constellation Brands, Inc. 4.750%, 11/15/24		110,000		119,902
				475,345
Building Materials—0.4%
Atrium Windows & Doors, Inc. 7.750%, 05/01/19 (144A)		215,000		213,925
Cemex Finance LLC 6.000%, 04/01/24 (144A)		465,000		494,109
Cemex S.A.B. de C.V. 5.700%, 01/11/25 (144A)		200,000		212,250
CIMPOR Financial Operations B.V. 5.750%, 07/17/24 (144A)		410,000		347,290
Masco Corp. 6.500%, 08/15/32		8,000		9,787
7.750%, 08/01/29		94,000		126,053
Union Andina de Cementos S.A.A. 5.875%, 10/30/21 (144A)		450,000		467,325
				1,870,739
Chemicals—1.0%
Air Liquide Finance S.A. 1.375%, 09/27/19 (144A)		305,000		300,853
Braskem Finance, Ltd. 5.750%, 04/15/21 (144A) (a)		200,000		208,760
Chemours Co. (The) 6.625%, 05/15/23		25,000		26,438
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		85,496
INVISTA Finance LLC 4.250%, 10/15/19 (144A)		305,000		314,211
Israel Chemicals, Ltd. 4.500%, 12/02/24 (144A)		380,000		389,777
Kraton Polymers LLC / Kraton Polymers Capital Corp. 10.500%, 04/15/23 (144A)		880,000		1,016,400
Mexichem S.A.B. de C.V. 5.875%, 09/17/44 (144A)		280,000		280,420
OCP S.A. 4.500%, 10/22/25 (144A)		405,000		408,118
6.875%, 04/25/44 (144A)		245,000		275,966
				4,796,329
Commercial Services—0.0%
RR Donnelley & Sons Co. 7.000%, 02/15/22		20,000		20,925
Computers—0.3%
Dell International LLC / EMC Corp.
6.020%, 06/15/26 (144A)		165,000		181,749
8.100%, 07/15/36 (144A)		210,000		263,949
8.350%, 07/15/46 (144A)		150,000		193,587
Hewlett Packard Enterprise Co. 6.350%, 10/15/45		160,000		169,100
Western Digital Corp. 7.375%, 04/01/23 (144A)		435,000		477,956
				1,286,341
Cosmetics/Personal Care—0.0%
Avon Products, Inc. 8.950%, 03/15/43		40,000		35,650
Diversified Financial Services—1.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, 07/01/22		150,000		160,759
Ally Financial, Inc. 4.125%, 02/13/22		4,325,000		4,433,125
BOC Aviation Ltd. 3.000%, 03/30/20		200,000		201,187
International Lease Finance Corp. 5.875%, 08/15/22		150,000		169,344
Jefferies Group LLC 6.250%, 01/15/36		175,000		190,762
Navient Corp. 5.000%, 10/26/20		2,085,000		2,163,187
5.500%, 01/25/23 (a)		555,000		564,019
5.625%, 08/01/33 (e)		975,000		814,417
5.875%, 10/25/24		40,000		40,712
Quicken Loans, Inc. 5.750%, 05/01/25 (144A)		125,000		129,063
Springleaf Finance Corp. 7.750%, 10/01/21		165,000		184,594
8.250%, 10/01/23		65,000		72,638
				9,123,807
Electric—0.8%
AES Corp. 4.875%, 05/15/23		670,000		682,563
DPL, Inc. 6.750%, 10/01/19		52,000		54,340
EDP Finance B.V. 2.000%, 04/22/25 (EUR)		100,000		116,076
Electricite de France S.A. 4.125%, 01/22/22 (EUR) (c)		300,000		361,490
Emgesa S.A. E.S.P 8.750%, 01/25/21 (144A) (COP)		1,210,000,000		413,911
Empresas Publicas de Medellin E.S.P. 8.375%, 02/01/21 (144A) (COP)		1,610,000,000		543,678

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Engie Energia Chile S.A. 5.625%, 01/15/21 (144A)		250,000	$	272,592
Gas Natural Fenosa Finance B.V. 3.375%, 04/24/24 (EUR) (c)		300,000		349,471
Greenko Investment Co. 4.875%, 08/16/23		200,000		194,531
Perusahaan Listrik Negara PT 5.250%, 10/24/42 (144A)		220,000		220,000
Transelec S.A. 4.250%, 01/14/25 (144A)		460,000		475,745
				3,684,397
Engineering & Construction—0.0%
Sydney Airport Finance Co. Pty, Ltd. 3.375%, 04/30/25 (144A)		40,000		39,899
Food—0.4%
BRF S.A. 7.750%, 05/22/18 (144A) (BRL)		480,000		141,266
Danone S.A. 1.691%, 10/30/19 (144A)		225,000		223,203
SUPERVALU, Inc. 6.750%, 06/01/21 (a)		1,415,000		1,386,700
				1,751,169
Forest Products & Paper—0.1%
Inversiones CMPC S.A. 4.375%, 05/15/23 (144A)		400,000		414,242
Gas—0.1%
China Resources Gas Group, Ltd. 4.500%, 04/05/22 (144A)		200,000		212,138
NGL Energy Partners L.P. / NGL Energy Finance Corp. 6.125%, 03/01/25 (144A)		200,000		183,000
7.500%, 11/01/23 (144A)		40,000		39,450
				434,588
Healthcare-Services—1.9%
HCA, Inc. 7.050%, 12/01/27		80,000		89,600
7.500%, 11/06/33		5,060,000		5,724,125
7.580%, 09/15/25		375,000		430,312
7.750%, 07/15/36		1,420,000		1,604,600
Tenet Healthcare Corp. 5.000%, 03/01/19		215,000		225,774
6.875%, 11/15/31		910,000		837,200
				8,911,611
Holding Companies-Diversified—0.0%
Alfa S.A.B. de CV 6.875%, 03/25/44		200,000		218,000
Home Builders—0.4%
K Hovnanian Enterprises, Inc. 5.000%, 11/01/21 (e)		700,000		652,750
TRI Pointe Group, Inc. 4.875%, 07/01/21		1,355,000		1,426,138
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 4.375%, 06/15/19		30,000		30,726
				2,109,614
Home Furnishings—0.1%
Arcelik A/S 5.000%, 04/03/23 (144A)		300,000		304,471
Housewares—0.0%
Newell Brands, Inc. 4.000%, 12/01/24		150,000		155,839
Insurance—0.5%
AIA Group, Ltd. 3.200%, 03/11/25 (144A)		200,000		198,220
Allianz SE 2.241%, 07/07/45 (EUR) (c)		200,000		229,548
Assicurazioni Generali S.p.A. 4.125%, 05/04/26 (EUR)		200,000		246,899
Forethought Financial Group, Inc. 8.625%, 04/15/21 (144A) (e)		820,000		932,966
Genworth Holdings, Inc. 4.800%, 02/15/24		75,000		61,875
4.900%, 08/15/23		55,000		45,650
Old Mutual plc 8.000%, 06/03/21 (GBP)		280,000		420,920
Old Republic International Corp. 4.875%, 10/01/24		175,000		187,191
				2,323,269
Internet—0.1%
Baidu, Inc. 3.250%, 08/06/18		600,000		607,154
Iron/Steel—0.3%
United States Steel Corp. 6.650%, 06/01/37		85,000		76,500
7.375%, 04/01/20		235,000		254,129
7.500%, 03/15/22 (a)		290,000		297,250
Vale S.A. 5.625%, 09/11/42 (a)		690,000		655,500
				1,283,379
Machinery-Diversified—0.0%
Cleaver-Brooks, Inc. 8.750%, 12/15/19 (144A)		65,000		67,031
Media—0.6%
COX Communications, Inc. 4.800%, 02/01/35 (144A)		5,000		4,890

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
DISH DBS Corp. 5.000%, 03/15/23		160,000	$	164,000
5.875%, 11/15/24		570,000		608,173
Grupo Televisa S.A.B. 5.000%, 05/13/45		205,000		197,206
7.250%, 05/14/43 (MXN)		6,000,000		259,885
Myriad International Holdings B.V. 4.850%, 07/06/27 (144A)		230,000		230,575
6.000%, 07/18/20 (144A)		200,000		216,000
Time Warner Cable LLC 4.500%, 09/15/42		45,000		42,817
5.250%, 07/15/42 (GBP)		115,000		178,820
5.500%, 09/01/41		30,000		32,240
Viacom, Inc. 4.375%, 03/15/43		10,000		8,889
5.250%, 04/01/44		135,000		135,192
5.850%, 09/01/43		50,000		53,995
Virgin Media Finance plc 4.500%, 01/15/25 (144A) (EUR)		160,000		190,426
Ziggo Bond Finance B.V. 6.000%, 01/15/27 (144A)		175,000		176,969
Ziggo Secured Finance B.V. 5.500%, 01/15/27 (144A)		150,000		153,187
				2,653,264
Mining—0.6%
Corp. Nacional del Cobre de Chile 4.500%, 09/16/25 (144A)		445,000		473,876
Freeport-McMoRan, Inc. 3.875%, 03/15/23 (a)		945,000		878,850
5.400%, 11/14/34		85,000		76,288
5.450%, 03/15/43		895,000		771,758
Glencore Finance Canada, Ltd. 5.550%, 10/25/42 (144A)		435,000		463,275
Hecla Mining Co. 6.875%, 05/01/21		320,000		332,000
				2,996,047
Multi-National—0.4%
Asian Development Bank 0.875%, 10/05/18		655,000		650,535
Banco Latinoamericano de Comercio Exterior S.A. 3.250%, 05/07/20 (144A)		280,000		287,000
International Bank for Reconstruction & Development 2.500%, 03/12/20 (AUD)		500,000		386,742
International Finance Corp. 7.800%, 06/03/19 (INR)		29,000,000		465,535
				1,789,812
Oil & Gas—1.9%
Antero Resources Corp. 5.125%, 12/01/22		155,000		155,338
5.375%, 11/01/21		70,000		70,700
Oil & Gas—(Continued)
BP Capital Markets plc 3.216%, 11/28/23		175,000		177,724
California Resources Corp. 8.000%, 12/15/22 (144A) (a)		545,000		344,712
Chesapeake Energy Corp. 4.875%, 04/15/22 (a)		2,145,000		1,994,850
5.750%, 03/15/23		130,000		117,000
6.125%, 02/15/21		200,000		196,000
6.625%, 08/15/20 (a)		75,000		75,188
Cimarex Energy Co. 4.375%, 06/01/24		675,000		707,567
Continental Resources, Inc. 3.800%, 06/01/24 (a)		180,000		164,812
4.500%, 04/15/23		195,000		186,225
5.000%, 09/15/22		35,000		34,344
Cosan Luxembourg S.A. 5.000%, 03/14/23 (144A)		200,000		197,750
Noble Energy, Inc. 5.625%, 05/01/21		127,000		130,640
Oasis Petroleum, Inc. 6.875%, 01/15/23 (a)		45,000		43,538
Petrobras Global Finance B.V. 4.375%, 05/20/23		545,000		513,935
6.250%, 12/14/26 (GBP)		200,000		264,646
Petroleos Mexicanos 5.625%, 01/23/46		265,000		234,922
7.470%, 11/12/26 (MXN)		5,600,000		275,206
Raizen Fuels Finance S.A. 5.300%, 01/20/27 (144A)		200,000		202,750
Range Resources Corp. 4.875%, 05/15/25		130,000		123,500
5.000%, 08/15/22 (144A)		190,000		186,675
5.000%, 03/15/23 (144A) (a)		115,000		112,412
Sinopec Group Overseas Development, Ltd. 2.375%, 04/12/20 (144A)		300,000		300,152
Tengizchevroil Finance Co. International, Ltd. 4.000%, 08/15/26 (144A)		200,000		192,604
Thai Oil PCL 3.625%, 01/23/23 (144A)		350,000		358,498
Whiting Petroleum Corp. 5.000%, 03/15/19		370,000		367,687
5.750%, 03/15/21 (a)		160,000		150,400
YPF S.A. 8.750%, 04/04/24 (144A) (a)		590,000		672,541
16.500%, 05/09/22 (144A) (ARS)		5,400,000		324,642
				8,876,958
Oil & Gas Services—0.1%
FTS International, Inc. 6.250%, 05/01/22		85,000		68,850
Oceaneering International, Inc. 4.650%, 11/15/24		575,000		567,065
				635,915

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—0.4%
Owens-Brockway Glass Container, Inc. 5.375%, 01/15/25 (144A)		1,230,000	$	1,311,487
Sealed Air Corp. 4.875%, 12/01/22 (144A)		10,000		10,650
5.500%, 09/15/25 (144A)		280,000		305,900
Silgan Holdings, Inc. 3.250%, 03/15/25 (144A) (EUR)		100,000		116,644
				1,744,681
Pharmaceuticals—1.0%
AbbVie, Inc. 2.500%, 05/14/20		4,330,000		4,380,197
Teva Pharmaceutical Finance Co. LLC 6.150%, 02/01/36 (a)		155,000		182,182
				4,562,379
Pipelines—0.6%
Enbridge Energy Partners L.P. 7.375%, 10/15/45		215,000		273,808
Enbridge, Inc. 2.900%, 07/15/22		125,000		124,750
EnLink Midstream Partners L.P. 4.150%, 06/01/25		230,000		227,128
MPLX L.P. 4.500%, 07/15/23		10,000		10,616
4.875%, 06/01/25		40,000		42,416
ONEOK Partners L.P. 6.200%, 09/15/43		10,000		11,487
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.000%, 10/01/22		440,000		471,903
5.500%, 04/15/23		95,000		98,325
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 6.750%, 03/15/24		530,000		569,750
Transcontinental Gas Pipe Line Co. LLC 7.850%, 02/01/26		560,000		720,470
Transportadora de Gas del Sur S.A. 9.625%, 05/14/20 (144A)		263,674		288,723
				2,839,376
Real Estate—0.2%
Goodman Australia Industrial Fund Bond Issuer Pty, Ltd. 3.400%, 09/30/26 (144A)		215,000		211,197
Vonovia Finance B.V. 1.500%, 06/10/26 (EUR)		500,000		568,893
				780,090
Real Estate Investment Trusts—0.4%
iStar, Inc. 4.875%, 07/01/18		70,000		70,440
5.000%, 07/01/19		1,730,000		1,747,300
				1,817,740
Retail—1.2%
J.C. Penney Corp., Inc. 7.625%, 03/01/97 (a)		155,000		105,400
New Albertsons, Inc. 7.450%, 08/01/29		5,740,000		5,567,800
8.000%, 05/01/31		225,000		222,750
TRU Taj LLC / TRU Taj Finance, Inc. 12.000%, 08/15/21 (144A) (a)		92,000		85,790
				5,981,740
Semiconductors—0.1%
Micron Technology, Inc. 5.250%, 08/01/23 (144A)		170,000		176,545
5.500%, 02/01/25		104,000		109,720
				286,265
Shipbuilding—0.0%
Huntington Ingalls Industries, Inc. 5.000%, 11/15/25 (144A)		180,000		193,275
Software—0.1%
Nuance Communications, Inc. 1.000%, 12/15/35 (a)		595,000		573,431
Telecommunications—2.1%
America Movil S.A.B. de C.V. 2.125%, 03/10/28 (EUR)		235,000		272,950
CenturyLink, Inc. 6.875%, 01/15/28		45,000		44,663
7.600%, 09/15/39		475,000		441,750
7.650%, 03/15/42		185,000		171,819
Cincinnati Bell, Inc. 7.000%, 07/15/24 (144A) (a)		170,000		177,684
Colombia Telecomunicaciones S.A. E.S.P. 5.375%, 09/27/22 (144A)		250,000		254,375
KT Corp. 2.500%, 07/18/26 (144A)		210,000		198,553
Level 3 Communications, Inc. 5.750%, 12/01/22		60,000		62,250
Level 3 Financing, Inc. 5.625%, 02/01/23		380,000		395,200
Millicom International Cellular S.A. 4.750%, 05/22/20 (144A)		225,000		230,204
MTN Mauritius Investments, Ltd. 4.755%, 11/11/24 (144A)		400,000		385,480
Qwest Capital Funding, Inc. 7.750%, 02/15/31		1,445,000		1,373,155
Sprint Capital Corp. 6.875%, 11/15/28		1,250,000		1,389,462
8.750%, 03/15/32		350,000		441,000
Sprint Communications, Inc. 7.000%, 08/15/20		1,500,000		1,650,000
11.500%, 11/15/21		2,000,000		2,560,000
				10,048,545

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—0.0%
FedEx Corp. 1.000%, 01/11/23 (EUR)		130,000	$	149,310
Total Corporate Bonds & Notes (Cost $97,293,742)				103,706,876
Foreign Government—6.7%
Banks—0.0%
Korea Development Bank (The) 4.500%, 11/22/19 (AUD)		200,000		159,120
Diversified Financial Services—0.1%
CPPIB Capital, Inc. 0.375%, 06/20/24 (144A) (EUR)		250,000		281,276
Provincial—0.6%
Province of Ontario Canada 1.875%, 05/21/20		3,000,000		2,995,815
Sovereign—6.0%
Argentine Bonos del Tesoro 15.500%, 10/17/26 (ARS)		5,300,000		366,683
18.200%, 10/03/21 (ARS)		5,250,000		347,621
21.200%, 09/19/18 (ARS)		5,065,000		325,532
Argentine Republic Government International Bonds 6.875%, 04/22/21		150,000		160,500
7.125%, 06/28/17 (144A)		360,000		326,700
7.625%, 04/22/46 (a)		530,000		542,455
Bonos de la Tesoreria de la Republica en pesos 4.500%, 03/01/21 (CLP)		225,000,000		354,605
Brazil Notas do Tesouro Nacional 10.000%, 01/01/19 (BRL)		1,000,000		291,752
10.000%, 01/01/21 (BRL)		6,815,000		1,960,467
10.000%, 01/01/25 (BRL)		2,635,000		738,421
Brazilian Government International Bonds 8.500%, 01/05/24 (BRL)		350,000		105,172
Canadian Government Bonds 1.750%, 09/01/19 (CAD)		2,360,000		1,843,686
Chile Government International Bonds 3.125%, 01/21/26		200,000		203,990
5.500%, 08/05/20 (CLP)		130,000,000		207,557
Colombia Government International Bonds 3.875%, 04/25/27 (a)		200,000		201,800
Colombian TES 7.500%, 08/26/26 (COP)		1,880,000,000		659,037
Dominican Republic International Bonds 5.500%, 01/27/25 (144A)		530,000		547,225
5.950%, 01/25/27 (144A)		185,000		193,325
8.625%, 04/20/27 (144A) (f)		200,000		237,414
Export-Import Bank of Korea 3.000%, 05/22/18 (144A) (NOK)		1,700,000		206,700
France Government Bond OAT 4.250%, 10/25/23 (EUR)		1,110,000		1,595,344
Sovereign—(Continued)
Hungary Government International Bonds 5.750%, 11/22/23 (a)		410,000		468,812
Indonesia Government International Bonds 2.875%, 07/08/21 (144A) (EUR)		220,000		269,390
4.125%, 01/15/25 (144A) (a)		200,000		206,216
4.750%, 01/08/26 (144A)		200,000		214,671
Indonesia Treasury Bonds 7.000%, 05/15/22 (IDR)		9,800,000,000		744,881
8.250%, 07/15/21 (IDR)		14,200,000,000		1,121,936
8.375%, 03/15/24 (IDR)		5,900,000,000		480,598
11.500%, 09/15/19 (IDR)		2,901,000,000		239,204
Kommunalbanken AS 1.750%, 09/15/20 (144A)		200,000		199,647
Mexican Bonos 6.500%, 06/10/21 (MXN)		7,621,100		418,291
7.500%, 06/03/27 (MXN)		27,430,400		1,590,650
10.000%, 11/20/36 (MXN)		21,416,700		1,536,433
Mexico Government International Bonds 4.000%, 03/15/15 (EUR)		100,000		101,149
4.125%, 01/21/26		335,000		348,233
New Zealand Government Bonds 3.000%, 09/20/30 (NZD) (f)		1,195,000		1,022,515
5.000%, 03/15/19 (NZD)		1,015,000		779,764
Norwegian Government Bonds 2.000%, 05/24/23 (144A) (NOK)		5,567,000		695,565
Romanian Government International Bonds 2.875%, 05/26/28 (144A) (EUR)		125,000		147,200
Russian Federal Bonds - OFZ 7.500%, 02/27/19 (RUB)		20,000,000		337,099
8.150%, 02/03/27 (RUB)		22,000,000		388,110
South Africa Government Bonds 7.000%, 02/28/31 (ZAR)		10,810,000		675,859
Spain Government Bonds 0.750%, 07/30/21 (EUR)		390,000		457,665
1.600%, 04/30/25 (144A) (EUR)		180,000		212,926
4.300%, 10/31/19 (144A) (EUR)		640,000		807,553
4.400%, 10/31/23 (144A) (EUR)		525,000		736,509
Sweden Government Bonds 5.000%, 12/01/20 (SEK)		2,650,000		371,796
Thailand Government Bonds 2.125%, 12/17/26 (THB)		25,000,000		707,808
Turkey Government Bonds 11.000%, 03/02/22 (TRY)		1,240,000		359,124
United Kingdom Gilt 2.000%, 09/07/25 (GBP)		875,000		1,223,806
Uruguay Government International Bonds 9.875%, 06/20/22 (144A) (UYU)		5,075,000		183,749
				28,463,145
Total Foreign Government (Cost $32,753,529)				31,899,356

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Convertible Bonds—1.4%

Security Description	Principal Amount*		Value
Apparel—0.0%
Iconix Brand Group, Inc. 1.500%, 03/15/18		115,000	$	111,334
Chemicals—0.0%
RPM International, Inc. 2.250%, 12/15/20 (a)		20,000		23,600
Home Builders—0.1%
CalAtlantic Group, Inc. 0.250%, 06/01/19		70,000		66,238
KB Home 1.375%, 02/01/19		345,000		368,934
				435,172
Insurance—0.5%
Old Republic International Corp. 3.750%, 03/15/18 (a)		1,790,000		2,265,469
Internet—0.1%
Priceline Group, Inc. (The) 0.900%, 09/15/21		595,000		681,275
Media—0.2%
DISH Network Corp. 3.375%, 08/15/26		735,000		891,187
Miscellaneous Manufacturing—0.0%
Trinity Industries, Inc. 3.875%, 06/01/36		45,000		56,391
Oil & Gas—0.0%
Chesapeake Energy Corp. 5.500%, 09/15/26		15,000		14,025
Semiconductors—0.5%
Intel Corp. 3.250%, 08/01/39		1,155,000		1,908,638
Rovi Corp. 0.500%, 03/01/20 (a)		485,000		476,209
				2,384,847
Telecommunications—0.0%
CalAmp Corp. 1.625%, 05/15/20		5,000		5,094
Ciena Corp. 3.750%, 10/15/18		20,000		26,925
				32,019
Total Convertible Bonds (Cost $5,263,109)				6,895,319
U.S. Treasury & Government Agencies—0.4%
Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—0.4%
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/22 (f)		1,115,950		1,110,624
U.S. Treasury Notes 1.500%, 08/15/26		380,000		355,493
1.750%, 11/30/21		355,000		354,071
Total U.S. Treasury & Government Agencies (Cost $1,843,728)				1,820,188
Municipals—0.2%
Tobacco Settlement Financing Corp. 6.706%, 06/01/46 (Cost $984,747)		985,000		860,870
Mortgage-Backed Securities—0.1%
Commercial Mortgage-Backed Securities—0.1%
GS Mortgage Securities Trust 5.979%, 08/10/45 (c)		27,974		28,198
Institutional Mortgage Securities Canada, Inc. 2.616%, 07/12/47 (144A) (CAD)		555,000		430,592
Total Mortgage-Backed Securities (Cost $544,750)				458,790
Convertible Preferred Stocks—0.1%
Aerospace & Defense—0.0%
Arconic, Inc. 5.375%, 10/01/17		1,115		39,917
Oil, Gas & Consumable Fuels—0.1%
Chesapeake Energy Corp. 5.000%, 12/31/49		694		43,028
5.750%, 12/31/49 (144A)		20		11,500
5.750%, 12/31/49		393		243,660
5.750%, 12/31/49 (144A) (Callable)		17		10,062
				308,250
Total Convertible Preferred Stocks (Cost $302,565)				348,167
Floating Rate Loan (g)—0.0%
Multi-Utilities—0.0%
PowerTeam Services LLC 2nd Lien Term Loan, 8.546%, 11/06/20 (Cost $60,000)		60,000		59,100

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investments—2.2%

Security Description	Principal Amount*		Value
Repurchase Agreement—1.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $6,230,843 on 07/03/17, collateralized by $6,365,000 U.S. Treasury Note at 1.125% due 06/15/18 with a value of $6,359,730.		6,230,781	$	6,230,781
U.S. Treasury—0.9%
U.S. Treasury Bills 0.772%, 07/13/17 (a) (h)		1,000,000		999,785
1.001%, 10/05/17 (h)		3,380,000		3,371,043
				4,370,828
Total Short-Term Investments (Cost $10,601,538)				10,601,609
Securities Lending Reinvestments (i)—6.6%
Certificates of Deposit—2.8%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		248,954		249,475
Bank of Montreal 1.130%, 07/07/17		500,000		499,995
Bank of Montreal Chicago 1.276%, 09/06/17 (c)		500,000		500,092
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		201,851		200,222
1.602%, 11/16/17 (c)		1,000,000		1,000,976
BNP Paribas New York 1.524%, 08/04/17 (c)		1,000,000		1,000,119
Canadian Imperial Bank 1.630%, 10/27/17 (c)		300,000		300,338
Chiba Bank, Ltd., New York 1.170%, 07/11/17		1,000,000		999,988
Credit Suisse AG New York 1.366%, 10/06/17 (c)		500,000		500,124
DNB NOR Bank ASA 1.412%, 07/28/17 (c)		100,000		100,013
KBC Bank NV 1.220%, 07/26/17		1,100,000		1,100,000
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (c)		300,000		300,182
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (c)		200,000		199,993
1.610%, 08/02/17 (c)		200,000		200,061
National Australia Bank London 1.480%, 11/09/17 (c)		1,100,000		1,100,891
Norinchukin Bank New York 1.584%, 08/21/17 (c)		1,500,000		1,500,553
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (c)		1,400,000		1,399,873
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (c)		500,000		499,963
1.377%, 10/11/17 (c)		200,000		200,141
1.466%, 10/26/17 (c)		500,000		500,128
1.552%, 08/16/17 (c)		100,000		100,030
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.467%, 03/13/18 (c)		1,000,000		1,000,743
UBS, Stamford 1.722%, 07/31/17 (c)		100,102		100,057
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (c)		100,000		100,089
				13,654,046
Commercial Paper—1.0%
Barton Capital S.A. 1.210%, 07/10/17		1,495,261		1,499,511
Commonwealth Bank Australia 1.391%, 03/01/18		1,000,000		1,000,779
ING Funding LLC 1.277%, 11/13/17 (c)		500,000		499,964
LMA S.A. & LMA Americas 1.170%, 07/20/17		249,301		249,841
Sheffield Receivables Co. 1.190%, 07/28/17		1,495,339		1,498,590
Westpac Banking Corp. 1.506%, 10/20/17 (c)		200,000		200,199
				4,948,884
Repurchase Agreements—2.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $854,520 on 07/03/17, collateralized by $889,461 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $871,533.		854,443		854,443
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,011,875 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,500,138 on 07/03/17, collateralized by $1,494,235 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,530,000.		1,500,000		1,500,000
Deutsche Bank AG, London
Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $1,800,180 on 07/03/17, collateralized by $1,830,120 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $1,836,006.		1,800,000		1,800,000

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (i)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $750,581 on 07/03/17, collateralized by $163 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $833,868.		750,000	$	750,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $400,042 on 07/03/17, collateralized by $360,673 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $408,266.		400,000		400,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $101,620 on 10/02/17, collateralized by various Common Stock with a value of $110,000.		100,000		100,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		2,000,000
				9,404,443
Time Deposits—0.8%
Australia New Zealand Bank 1.150%, 07/03/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		1,000,000		1,000,000
Shinkin Central Bank 1.330%, 07/25/17		1,200,000		1,200,000
Standard Chartered plc 1.200%, 07/03/17		700,000		700,000
				3,900,000
Total Securities Lending Reinvestments (Cost $31,902,201)				31,907,373
Total Investments—106.0% (Cost $417,996,949) (j)				507,210,212
Other assets and liabilities (net)—(6.0)%				(28,760,911	)
Net Assets—100.0%			$	478,449,301

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $30,518,952 and the collateral received consisted of cash in the amount of $31,895,253. 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 June 30, 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 June 30, 2017, these securities represent 0.3% of net assets.
(e)	Illiquid security. As of June 30, 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 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 June 30, 2017.
(j)	As of June 30, 2017, the aggregate cost of investments was $417,996,949. The aggregate unrealized appreciation and depreciation of investments were $94,978,822 and $(5,765,559), respectively, resulting in net unrealized appreciation of $89,213,263.
(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 June 30, 2017, the market value of 144A securities was $33,466,312, which is 7.0% 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.
(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLP)—	Chilean Peso
(COP)—	Colombian Peso
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(THB)—	Thai Baht
(TRY)—	Turkish Lira
(UYU)—	Uruguayan Peso
(ZAR)—	South African Rand

Country Diversification as of June 30, 2017 (Unaudited)	% of Net Assets
United States		60.3
Switzerland		4.8
United Kingdom		4.2
China		4.0
France		2.9
Sweden		2.8
Hong Kong		2.6
Canada		2.6
Mexico		1.4
Brazil		1.3

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	9,785,000	Morgan Stanley & Co.		09/20/17		USD	11,022,411	$	198,527
GBP	545,000	UBS AG		09/21/17		USD	696,505		15,026
JPY	1,274,000,000	Credit Suisse International		09/20/17		USD	11,631,463		(266,798	)
Contracts to Deliver
AUD	716,000	Credit Suisse International		09/20/17		USD	538,497		(11,291	)
BRL	11,345,000	Bank of America N.A.		09/20/17		USD	3,390,109		18,588
CAD	1,455,000	UBS AG		09/20/17		USD	1,079,325		(44,036	)
EUR	425,000	Morgan Stanley & Co.		09/20/17		USD	481,906		(5,462	)
EUR	225,000	Morgan Stanley & Co.		09/20/17		USD	253,460		(4,558	)
IDR	18,200,000,000	Credit Suisse International		09/20/17		USD	1,355,680		2,520
MXN	46,000,000	UBS AG		09/20/17		USD	2,493,657		(10,568	)
NOK	1,065,000	UBS AG		09/20/17		USD	125,603		(2,153	)
NZD	2,430,000	Credit Suisse International		09/20/17		USD	1,747,685		(30,516	)
SEK	3,275,000	UBS AG		09/20/17		USD	377,559		(12,867	)
ZAR	9,695,000	UBS AG		09/20/17		USD	754,880		23,299
Cross Currency Contracts to Buy
EUR	615,509	Credit Suisse International		09/20/17		NOK	5,900,000		(1,920	)
Net Unrealized Depreciation								$	(132,209	)

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(SEK)—	Swedish Krona
(ZAR)—	South African Rand

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	8,266,062	$	9,247,837	$	—	$	17,513,899
Banks		17,240,678		—		—		17,240,678
Beverages		—		5,961,655		—		5,961,655
Building Products		—		9,384,037		—		9,384,037
Capital Markets		23,841,209		6,367,866		—		30,209,075
Chemicals		19,287,693		—		—		19,287,693
Energy Equipment & Services		1,826,797		—		—		1,826,797
Food Products		1,643,336		12,440,963		—		14,084,299
Health Care Equipment & Supplies		8,172,834		—		—		8,172,834
Health Care Providers & Services		10,471,409		—		—		10,471,409
Hotels, Restaurants & Leisure		12,299,611		—		—		12,299,611
Household Durables		8,751,588		—		—		8,751,588
Household Products		5,648,929		—		—		5,648,929
Industrial Conglomerates		13,431,982		—		—		13,431,982
Insurance		2,377,752		22,156,161		—		24,533,913
Internet & Direct Marketing Retail		14,908,543		—		—		14,908,543
Internet Software & Services		49,114,675		—		—		49,114,675
IT Services		13,129,771		4,179,412		—		17,309,183
Life Sciences Tools & Services		5,946,608		—		—		5,946,608
Machinery		—		7,198,839		—		7,198,839
Media		8,736,139		—		—		8,736,139
Oil, Gas & Consumable Fuels		4,060,365		—		—		4,060,365
Semiconductors & Semiconductor Equipment		6,087,394		—		—		6,087,394
Specialty Retail		—		6,472,419		—		6,472,419
Total Common Stocks		235,243,375		83,409,189		—		318,652,564
Corporate Bonds & Notes
Advertising		—		83,519		—		83,519
Aerospace/Defense		—		660,620		—		660,620
Agriculture		—		214,240		—		214,240
Airlines		—		2,983,219		—		2,983,219
Auto Manufacturers		—		3,344,186		—		3,344,186
Auto Parts & Equipment		—		1,668,176		—		1,668,176
Banks		—		8,910,289		—		8,910,289
Beverages		—		475,345		—		475,345
Building Materials		—		1,870,739		—		1,870,739
Chemicals		—		3,306,439		1,489,890		4,796,329
Commercial Services		—		20,925		—		20,925
Computers		—		1,286,341		—		1,286,341

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Cosmetics/Personal Care	$	—	$	35,650		$	—	$	35,650
Diversified Financial Services		—		9,123,807			—		9,123,807
Electric		—		3,684,397			—		3,684,397
Engineering & Construction		—		39,899			—		39,899
Food		—		1,751,169			—		1,751,169
Forest Products & Paper		—		414,242			—		414,242
Gas		—		434,588			—		434,588
Healthcare-Services		—		8,911,611			—		8,911,611
Holding Companies-Diversified		—		218,000			—		218,000
Home Builders		—		2,109,614			—		2,109,614
Home Furnishings		—		304,471			—		304,471
Housewares		—		155,839			—		155,839
Insurance		—		2,323,269			—		2,323,269
Internet		—		607,154			—		607,154
Iron/Steel		—		1,283,379			—		1,283,379
Machinery-Diversified		—		67,031			—		67,031
Media		—		2,653,264			—		2,653,264
Mining		—		2,996,047			—		2,996,047
Multi-National		—		1,789,812			—		1,789,812
Oil & Gas		—		8,876,958			—		8,876,958
Oil & Gas Services		—		635,915			—		635,915
Packaging & Containers		—		1,744,681			—		1,744,681
Pharmaceuticals		—		4,562,379			—		4,562,379
Pipelines		—		2,839,376			—		2,839,376
Real Estate		—		780,090			—		780,090
Real Estate Investment Trusts		—		1,817,740			—		1,817,740
Retail		—		5,981,740			—		5,981,740
Semiconductors		—		286,265			—		286,265
Shipbuilding		—		193,275			—		193,275
Software		—		573,431			—		573,431
Telecommunications		—		10,048,545			—		10,048,545
Transportation		—		149,310			—		149,310
Total Corporate Bonds & Notes		—		102,216,986			1,489,890		103,706,876
Total Foreign Government*		—		31,899,356			—		31,899,356
Total Convertible Bonds*		—		6,895,319			—		6,895,319
Total U.S. Treasury & Government Agencies*		—		1,820,188			—		1,820,188
Total Municipals		—		860,870			—		860,870
Total Mortgage-Backed Securities*		—		458,790			—		458,790
Convertible Preferred Stocks
Aerospace & Defense		39,917		—			—		39,917
Oil, Gas & Consumable Fuels		—		308,250			—		308,250
Total Convertible Preferred Stocks		39,917		308,250			—		348,167
Total Floating Rate Loan*		—		59,100			—		59,100
Total Short-Term Investments*		—		10,601,609			—		10,601,609
Total Securities Lending Reinvestments*		—		31,907,373			—		31,907,373
Total Investments	$	235,283,292	$	270,437,030		$	1,489,890	$	507,210,212
Collateral for Securities Loaned (Liability)	$	—	$	(31,895,253	)	$	—	$	(31,895,253	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	257,960		$	—	$	257,960
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(390,169	)		—		(390,169	)
Total Forward Contracts	$	—	$	(132,209	)	$	—	$	(132,209	)

* 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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	507,210,212
Cash		1,274
Cash denominated in foreign currencies (c)		1,198,786
Unrealized appreciation on forward foreign currency exchange contracts		257,960
Receivable for:
Investments sold		3,919,926
Fund shares sold		225,840
Dividends and interest		2,749,885
Total Assets		515,563,883
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		390,169
Collateral for securities loaned		31,895,253
Payables for:
Investments purchased		3,852,024
Fund shares redeemed		252,146
Foreign taxes		16,307
Accrued Expenses:
Management fees		277,133
Distribution and service fees		66,472
Deferred trustees’ fees		156,318
Other expenses		208,760
Total Liabilities		37,114,582
Net Assets	$	478,449,301
Net Assets Consist of:
Paid in surplus	$	375,392,918
Undistributed net investment income		4,074,145
Accumulated net realized gain		9,901,853
Unrealized appreciation on investments and foreign currency transactions (d)		89,080,385
Net Assets	$	478,449,301
Net Assets
Class A	$	157,383,597
Class B		321,065,704
Capital Shares Outstanding*
Class A		9,472,966
Class B		19,478,123
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.61
Class B		16.48

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $417,996,949.
(b)	Includes securities loaned at value of $30,518,952.
(c)	Identified cost of cash denominated in foreign currencies was $1,190,536.
(d)	Includes foreign capital gains tax of $16,307.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	2,682,888
Interest (b)		4,105,567
Securities lending income		118,098
Total investment income		6,906,553
Expenses
Management fees		1,626,668
Administration fees		7,459
Custodian and accounting fees		64,633
Distribution and service fees—Class B		391,628
Audit and tax services		31,924
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		22,990
Insurance		1,573
Miscellaneous		12,751
Total expenses		2,204,328
Less broker commission recapture		(4,748	)
Net expenses		2,199,580
Net Investment Income		4,706,973
Net Realized and Unrealized Gain
Net realized gain on:
Investments		10,042,183
Foreign currency transactions		171,428
Net realized gain		10,213,611
Net change in unrealized appreciation on:
Investments (c)		41,249,297
Foreign currency transactions		80,376
Net change in unrealized appreciation		41,329,673
Net realized and unrealized gain		51,543,284
Net Increase in Net Assets From Operations	$	56,250,257

(a)	Net of foreign withholding taxes of $126,924.
(b)	Net of foreign withholding taxes of $13,380.
(c)	Includes change in foreign capital gains tax of $(13,656).

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	4,706,973		$	9,781,911
Net realized gain (loss)		10,213,611			(523,809	)
Net change in unrealized appreciation		41,329,673			12,632,750
Increase in net assets from operations		56,250,257			21,890,852
From Distributions to Shareholders
Net investment income
Class A		(2,514,083	)		(2,900,456	)
Class B		(4,426,752	)		(5,178,793	)
Net realized capital gains
Class A		(670,422	)		(4,774,901	)
Class B		(1,385,766	)		(9,907,256	)
Total distributions		(8,997,023	)		(22,761,406	)
Decrease in net assets from capital share transactions		(18,304,864	)		(22,289,990	)
Total increase (decrease) in net assets		28,948,370			(23,160,544	)
Net Assets
Beginning of period		449,500,931			472,661,475
End of period	$	478,449,301		$	449,500,931
Undistributed net investment income
End of period	$	4,074,145		$	6,308,007

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		146,105		$	2,358,281			175,896		$	2,607,531
Reinvestments		192,069			3,184,505			530,432			7,675,357
Redemptions		(565,519	)		(9,111,604	)		(1,390,095	)		(20,787,212	)
Net decrease		(227,345	)	$	(3,568,818	)		(683,767	)	$	(10,504,324	)
Class B
Sales		480,716		$	7,597,918			1,896,722		$	27,940,815
Reinvestments		353,130			5,812,518			1,049,830			15,086,049
Redemptions		(1,764,677	)		(28,146,482	)		(3,702,329	)		(54,812,530	)
Net decrease		(930,831	)	$	(14,736,046	)		(755,777	)	$	(11,785,666	)
Decrease derived from capital shares transactions				$	(18,304,864	)				$	(22,289,990	)

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.02		$	15.07		$	15.12		$	14.92		$	13.06		$	11.42
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.34			0.27			0.29			0.35			0.36
Net realized and unrealized gain (loss) on investments		1.76			0.38			(0.04	)		0.26			1.87			1.59
Total from investment operations		1.93			0.72			0.23			0.55			2.22			1.95
Less Distributions
Distributions from net investment income		(0.27	)		(0.29	)		(0.28	)		(0.35	)		(0.36	)		(0.31	)
Distributions from net realized capital gains		(0.07	)		(0.48	)		0.00			0.00			0.00			0.00
Total distributions		(0.34	)		(0.77	)		(0.28	)		(0.35	)		(0.36	)		(0.31	)
Net Asset Value, End of Period	$	16.61		$	15.02		$	15.07		$	15.12		$	14.92		$	13.06
Total Return (%) (b)		12.87	(c)		5.03			1.47			3.76			17.34			17.24
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.78	(d)		0.78			0.78			0.78			0.78			0.79
Ratio of net investment income to average net assets (%)		2.20	(d)		2.30			1.76			1.91			2.53			2.93
Portfolio turnover rate (%)		17	(c)		38			40			45			59			33
Net assets, end of period (in millions)	$	157.4		$	145.7		$	156.5		$	171.1		$	181.4		$	173.7
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	14.89		$	14.94		$	14.99		$	14.80		$	12.95		$	11.33
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.30			0.23			0.25			0.31			0.33
Net realized and unrealized gain (loss) on investments		1.74			0.38			(0.04	)		0.25			1.86			1.58
Total from investment operations		1.89			0.68			0.19			0.50			2.17			1.91
Less Distributions
Distributions from net investment income		(0.23	)		(0.25	)		(0.24	)		(0.31	)		(0.32	)		(0.29	)
Distributions from net realized capital gains		(0.07	)		(0.48	)		0.00			0.00			0.00			0.00
Total distributions		(0.30	)		(0.73	)		(0.24	)		(0.31	)		(0.32	)		(0.29	)
Net Asset Value, End of Period	$	16.48		$	14.89		$	14.94		$	14.99		$	14.80		$	12.95
Total Return (%) (b)		12.71	(c)		4.78			1.23			3.47			17.13			16.93
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.03	(d)		1.03			1.03			1.03			1.03			1.04
Ratio of net investment income to average net assets (%)		1.94	(d)		2.05			1.51			1.65			2.26			2.67
Portfolio turnover rate (%)		17	(c)		38			40			45			59			33
Net assets, end of period (in millions)	$	321.1		$	303.8		$	316.2		$	344.4		$	352.9		$	242.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Global Markets Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a pricing service to value securities principally traded in these foreign

BHFTI-21

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 its 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 NAV 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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income

BHFTI-22

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, premium amortization adjustment, broker commission recapture, real estate investment trust (“REIT”) adjustments, contingent payment debt instrument adjustments, convertible preferred stock and paydown transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value. As of June 30, 2017, the Portfolio had no when-issued and delayed-delivery securities.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

BHFTI-23

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $6,230,781. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $9,404,443. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned

BHFTI-24

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(20,286,464	)	$	—	$	—	$	—	$	(20,286,464	)
Convertible Bonds		(2,126,766	)		—		—		—		(2,126,766	)
Corporate Bonds & Notes		(7,260,251	)		—		—		—		(7,260,251	)
Foreign Government		(1,199,036	)		—		—		—		(1,199,036	)
U.S. Treasury		(1,022,736	)		—		—		—		(1,022,736	)
Total	$	(31,895,253	)	$	—	$	—	$	—	$	(31,895,253	)
Total Borrowings	$	(31,895,253	)	$	—	$	—	$	—	$	(31,895,253	)
Gross amount of recognized liabilities for securities lending transactions										$	(31,895,253	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

BHFTI-25

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	257,960	Unrealized depreciation on forward foreign currency exchange contracts	$	390,169

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of America N.A.	$	18,588	$	—		$	—	$	18,588
Credit Suisse International		2,520		(2,520	)		—		—
Morgan Stanley & Co.		198,527		(10,020	)		—		188,507
UBS AG		38,325		(38,325	)		—		—
	$	257,960	$	(50,865	)	$	—	$	207,095

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Credit Suisse International	$	310,525	$	(2,520	)	$	—	$	308,005
Morgan Stanley & Co.		10,020		(10,020	)		—		—
UBS AG		69,624		(38,325	)		—		31,299
	$	390,169	$	(50,865	)	$	—	$	339,304

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	138,003
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	33,257

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	40,106,141

‡ Averages are based on activity levels during the period.

BHFTI-26

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

BHFTI-27

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$4,097,910	$	72,091,020	$	8,419,403	$	97,149,149

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$1,626,668		0.700	%	First $ 500 million
		0.650	%	$ 500 million to $1 billion
		0.600	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTI-28

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$8,079,249	$	8,434,726	$	14,682,157	$	—	$	22,761,406	$	8,434,726

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$7,124,530	$	1,913,229	$	46,908,025	$	—	$	55,945,784

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-29

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	27,232,299		699,435		1,808,435

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		27,849,951		1,890,218
Robert Boulware		27,838,061		1,902,108
Susan C. Gause		27,853,462		1,886,707
Nancy Hawthorne		27,864,705		1,875,465
Barbara A. Nugent		27,859,374		1,880,795
John Rosenthal		27,847,460		1,892,709
Linda B. Strumpf		27,828,939		1,911,230
Dawn M. Vroegop		27,801,818		1,938,351

BHFTI-30

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Managed by Brighthouse Investment Advisers, LLC and MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the MetLife Multi-Index Targeted Risk Portfolio returned 7.96%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equity prices started 2017 strong, mainly driven by solid employment figures and expectations of pro-growth policies including regulatory reductions, infrastructure spending, and tax reform. Equities erased some gains in March and April as investors started to question the likelihood and timing of the U.S. Congress passing these business-friendly policies. In addition there were growing concerns around geopolitical risks such as the French presidential election, war in Syria and North Korean missile tests which contributed to the sell-offs. In April, global equities resumed the upward march as Macron’s victory as the new French president relieved concerns of another populist victory and strong economic figures and solid earnings reports reinforced the move. A disappointing U.S. Consumer Price Index (CPI) report briefly interrupted the move, but the drop was short-lived as bullish comments from central bankers on upcoming monetary policies restored investor’s optimism in the global economy and pushed equity markets higher.

The U.S. equity market performed well, with the major indices up for the six months ending in June. Large-capitalization stocks, as represented by the S&P 500 Index, returned 9.3%, and outperformed mid and small capitalization stocks, as represented by S&P Mid Cap 400 Index and Russell 2000 Index, which returned 6.0% and 5.0%, respectively. Developed markets international equities, represented by the MSCI EAFE Index, reached an all-time high, and closed the period up 13.8%. U.S. fixed income asset prices, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 2.3% driven by falling interest rates and tightening credit spreads.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is composed of two segments. The first segment (the “Base Sleeve”) is approximately 75% of the Portfolio’s assets and invests in a variety of the Brighthouse Funds Trust II index portfolios to achieve and maintain a broad asset allocation of approximately 40% fixed income and 35% equity. The Investment Committee of Brighthouse Investment Advisers, LLC manages the asset allocation of the Base Sleeve. The second segment (the “Overlay Sleeve”) is approximately 25% of the Portfolio’s assets. The Overlay Sleeve invests in equity derivatives used to keep the Portfolio’s volatility level within a desired range by changing the Portfolio’s total equity exposure; interest rate derivatives used to increase duration exposure; and cash and money market instruments which served as the collateral for derivative instruments.

The Portfolio utilized a quantitative model to rebalance the Portfolio risk based on market signals driven by realized equity price volatility. The Portfolio targeted an equity contribution to volatility within an 8% to 12% band, subject to a maximum equity allocation of 70%. The Portfolio began the period with low realized volatility at 6.5% and full equity allocation. Volatility remained below the lower band for the entire period, hitting a low in mid-April of 4.7%.

The Portfolio benefited by the Overlay Sleeve’s volatility management process as low realized volatility kept the equity allocation above the benchmark weight during the equity rally for the period. The interest rate overlay (an interest rate swap on the 10-year U.S. Treasury) also had a positive impact to Portfolio returns and outperformed the benchmark due to a greater exposure to interest rates, relative to the index, as interest rates fell during the period.

Derivatives were a significant component of the Portfolio, which used both equity futures and interest rate swaps to manage total market exposures. Equity futures may be used to either increase or decrease equity exposure. The Portfolio used S&P 500 e-mini and S&P 400 e-mini contracts from the Chicago Mercantile Exchange and the Russell 2000 mini and mini MSCI EAFE contracts from the Intercontinental Exchange. The futures contracts were held in proportion with the Base Sleeve equity exposure to represent a broad market exposure. During the first half year of 2017, equity futures were used to increase equity allocations. The exposure from the equity derivatives in this period’s broadly rising equity markets environment contributed to overall Portfolio performance. Interest rate swaps were used to add additional diversification and balance the sources of risk in the Portfolio. The interest rate swaps added to Portfolio returns as U.S. swap rates fell during the period. During the period, both the equity futures and the interest rate swaps facilitated the total Portfolio return by providing a cost-effective and liquid access to the desired market exposures.

As of June 30, 2017, the Portfolio was allocated 69.3% to equity and 38.9% to fixed income.

BHFTI-1

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Managed by Brighthouse Investment Advisers, LLC and MetLife Investment Advisors, LLC

Portfolio Manager Commentary*—(Continued)

The equity exposure was distributed across domestic and international equity indices as follows: 35.5% in U.S. Large Cap as represented by the S&P 500 Index, 9.2% in U.S. Mid Cap as represented by the S&P Mid Cap 400 Index, 3.5% in U.S. Small Cap as represented by the Russell 2000 Index, and 21.3% in foreign equity as represented by the MSCI EAFE Index. The fixed income exposure was invested in an index portfolio that tracks the performance of the Bloomberg Barclays U.S. Aggregate Bond Index.

The Base Sleeve is managed by:

Investment Committee

Brighthouse Investment Advisers, LLC

The Overlay Sleeve is managed by:

Chris Johnson

Portfolio Manager

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		Since Inception2
MetLife Multi-Index Targeted Risk Portfolio
Class B		7.96		9.05		7.43
Dow Jones Moderate Index		7.27		10.35		7.54

¹ The Dow Jones Moderate Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 11/5/2012. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
MetLife Aggregate Bond Index Portfolio (Class A)		38.9
MetLife Stock Index Portfolio (Class A)		18.3
MetLife MSCI EAFE Index Portfolio (Class A)		10.8
MetLife Mid Cap Stock index Portfolio (Class A)		4.6
MetLife Russell 2000 Index Portfolio (Class A)		1.8

Top Sectors

	% of Net Assets
Mutual Funds		74.4
Cash and Cash Equivalents		25.7

BHFTI-3

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Multi-Index Targeted Risk Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.64	%	$	1,000.00	$	1,079.60	$	3.30
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTI-4

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of June 30, 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)		68,648,499	$	740,030,823
MetLife Mid Cap Stock Index Portfolio (Class A) (a)		4,785,092		88,428,497
MetLife MSCI EAFE Index Portfolio (Class A) (a)		15,412,475		205,140,038
MetLife Russell 2000 Index Portfolio (Class A) (a)		1,656,268		33,340,681
MetLife Stock Index Portfolio (Class A) (a)		7,267,010		348,671,128
Total Mutual Funds (Cost $1,382,638,486)				1,415,611,167
Short-Term Investments—25.7%
Discount Notes—17.5%
Fannie Mae 0.649%, 07/05/17 (b)		21,500,000		21,498,796
0.757%, 07/19/17 (b)		6,000,000		5,997,336
Federal Home Loan Bank 0.749%, 07/07/17 (b)		9,000,000		8,999,001
0.771%, 07/12/17 (b)		38,000,000		37,990,500
0.783%, 07/17/17 (b)		35,000,000		34,986,385
0.796%, 07/14/17 (b)		16,000,000		15,995,104
0.808%, 07/25/17 (b)		18,000,000		17,989,002
0.812%, 07/19/17 (b)		10,000,000		9,995,560
0.834%, 07/26/17 (b)		16,000,000		15,989,776
0.852%, 08/02/17 (b)		7,500,000		7,493,625
0.893%, 08/04/17 (b)		7,000,000		6,993,651
0.896%, 07/18/17 (b)		31,000,000		30,987,073
0.906%, 08/03/17 (b)		4,000,000		3,996,488
0.909%, 07/21/17 (b)		52,000,000		51,974,000
0.925%, 08/09/17 (b)		14,700,000		14,684,595
0.929%, 08/15/17 (b) (c)		17,000,000		16,979,294
0.935%, 08/11/17 (b) (c)		29,000,000		28,967,955
0.939%, 08/16/17 (b)		2,000,000		1,997,506
				333,515,647
U.S. Treasury—8.1%
U.S. Treasury Bills 0.544%, 07/20/17 (b)		30,000,000		29,988,930
0.657%, 08/03/17 (b) (d)		55,000,000		54,959,630
0.952%, 10/19/17 (b)		35,000,000		34,891,780
0.954%, 08/31/17 (b)		1,000,000		998,488
0.986%, 10/26/17 (b)		33,000,000		32,890,341
				153,729,169
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $917,268 on 07/03/17, collateralized by $940,000 Federal Home Loan Bank zero coupon due 11/03/17 with a value of $936,480.		917,259		917,259
Total Short-Term Investments (Cost $488,186,323)				488,162,075
Total Investments—100.1% (Cost $1,870,824,809) (e)				1,903,773,242
Other assets and liabilities (net)—(0.1)%				(1,826,236	)
Net Assets—100.0%			$	1,901,947,006

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	The rate shown represents current yield to maturity.
(c)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $26,211,845.
(d)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2017, the market value of securities pledged was $28,179,301.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,870,824,809. The aggregate unrealized appreciation and depreciation of investments were $53,243,231 and $(20,294,798), respectively, resulting in net unrealized appreciation of $32,948,433.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Depreciation
MSCI EAFE Index Mini Futures		09/15/17		2,106		USD	199,248,913	$	(274,033	)
Russell 2000 Index Mini Futures		09/15/17		464		USD	33,007,225		(195,464	)
S&P 500 Index E-Mini Futures		09/15/17		2,691		USD	326,731,640		(999,545	)
S&P Midcap 400 Index E-Mini Futures		09/15/17		491		USD	86,273,092		(539,582	)
Net Unrealized Depreciation								$	(2,008,624	)

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of June 30, 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		2.160	%		09/05/27		USD	81,000,000	$	(1,200,047	)
Pay		3M LIBOR		2.230	%		07/19/27		USD	81,000,000		(408,644	)
Pay		3M LIBOR		2.340	%		08/03/27		USD	81,000,000		350,178
Pay		3M LIBOR		2.370	%		04/04/27		USD	82,000,000		604,829
Pay		3M LIBOR		2.400	%		05/10/27		USD	80,000,000		787,959
Pay		3M LIBOR		2.610	%		06/15/27		USD	81,000,000		2,612,328
Net Unrealized Appreciation											$	2,746,603

(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	1,415,611,167		$	—		$	—	$	1,415,611,167
Short-Term Investments
Discount Notes		—			333,515,647			—		333,515,647
U.S. Treasury		—			153,729,169			—		153,729,169
Repurchase Agreement		—			917,259			—		917,259
Total Short-Term Investments		—			488,162,075			—		488,162,075
Total Investments	$	1,415,611,167		$	488,162,075		$	—	$	1,903,773,242
Futures Contracts
Futures Contracts (Unrealized Depreciation)		(2,008,624	)		—			—		(2,008,624	)
Total Futures Contracts	$	(2,008,624	)	$	—		$	—	$	(2,008,624	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	4,355,294		$	—	$	4,355,294
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(1,608,691	)		—		(1,608,691	)
Total Centrally Cleared Swap Contracts	$	—		$	2,746,603		$	—	$	2,746,603

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	488,162,075
Affiliated investments at value (b)		1,415,611,167
Cash		213
Receivable for:
Affiliated investments sold		99,796
Fund shares sold		59,662
Variation margin on futures contracts		252,125
Total Assets		1,904,185,038
Liabilities
Payables for:
Fund shares redeemed		297,390
Variation margin on centrally cleared swap contracts		1,090,355
Accrued Expenses:
Management fees		271,577
Distribution and service fees		393,819
Deferred trustees’ fees		86,492
Other expenses		98,399
Total Liabilities		2,238,032
Net Assets	$	1,901,947,006
Net Assets Consist of:
Paid in surplus	$	1,778,402,575
Undistributed net investment income		32,005,746
Accumulated net realized gain		57,852,273
Unrealized appreciation on investments, affiliated investments, futures contracts and swap contracts		33,686,412
Net Assets	$	1,901,947,006
Net Assets
Class B	$	1,901,947,006
Capital Shares Outstanding*
Class B		153,468,701
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	12.39

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $488,186,323.
(b)	Identified cost of affiliated investments was $1,382,638,486.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Affiliated Underlying Portfolios	$	34,751,705
Interest		1,546,926
Total investment income		36,298,631
Expenses
Management fees		1,579,181
Administration fees		15,720
Custodian and accounting fees		26,649
Distribution and service fees—Class B		2,302,984
Audit and tax services		17,613
Legal		18,481
Trustees’ fees and expenses		26,453
Shareholder reporting		6,448
Insurance		1,511
Miscellaneous		5,087
Total expenses		4,000,127
Net Investment Income		32,298,504
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(1,308	)
Affiliated investments		4,621,727
Futures contracts		53,871,046
Swap contracts		(23,084,672	)
Capital gain distributions from Affiliated Underlying Portfolios		16,574,450
Net realized gain		51,981,243
Net change in unrealized appreciation (depreciation) on:
Investments		(5,592	)
Affiliated investments		22,118,434
Futures contracts		4,340,355
Swap contracts		30,467,071
Net change in unrealized appreciation		56,920,268
Net realized and unrealized gain		108,901,511
Net Increase in Net Assets From Operations	$	141,200,015

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	32,298,504		$	25,352,301
Net realized gain		51,981,243			73,486,189
Net change in unrealized appreciation (depreciation)		56,920,268			(23,012,709	)
Increase in net assets from operations		141,200,015			75,825,781
From Distributions to Shareholders
Net investment income
Class B		(27,987,343	)		(22,095,549	)
Net realized capital gains
Class B		(50,966,424	)		0
Total distributions		(78,953,767	)		(22,095,549	)
Increase in net assets from capital share transactions		38,837,852			291,970,232
Total increase in net assets		101,084,100			345,700,464
Net Assets
Beginning of period		1,800,862,906			1,455,162,442
End of period	$	1,901,947,006		$	1,800,862,906
Undistributed net investment income
End of period	$	32,005,746		$	27,694,585

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		4,226,548		$	52,931,546			31,098,722		$	363,158,593
Reinvestments		6,336,578			78,953,767			1,878,873			22,095,549
Redemptions		(7,480,728	)		(93,047,461	)		(7,857,256	)		(93,283,910	)
Net increase		3,082,398		$	38,837,852			25,120,339		$	291,970,232
Increase derived from capital shares transactions				$	38,837,852					$	291,970,232

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012(a)
Net Asset Value, Beginning of Period	$	11.97		$	11.62		$	12.24		$	11.24		$	10.16		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.22			0.18			0.18			0.14			0.06			(0.01	)
Net realized and unrealized gain (loss) on investments		0.74			0.32			(0.31	)		0.90			1.26			0.17
Total from investment operations		0.96			0.50			(0.13	)		1.04			1.32			0.16
Less Distributions
Distributions from net investment income		(0.19	)		(0.15	)		(0.15	)		0.00			(0.03	)		0.00
Distributions from net realized capital gains		(0.35	)		0.00			(0.34	)		(0.04	)		(0.21	)		0.00
Total distributions		(0.54	)		(0.15	)		(0.49	)		(0.04	)		(0.24	)		0.00
Net Asset Value, End of Period	$	12.39		$	11.97		$	11.62		$	12.24		$	11.24		$	10.16
Total Return (%) (c)		7.96	(d)		4.36			(1.21	)		9.26			12.94			1.60	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.43	(f)		0.43			0.44			0.47			0.54			9.45	(f)
Net ratio of expenses to average net assets (%) (e)		0.43	(f)		0.43			0.44			0.47	(g)		0.54	(g)		0.60	(f)(g)
Ratio of net investment income (loss) to average net assets (%) (h)		1.61	(f)(i)		1.50			1.44			1.21			0.50			(0.57	)(f)
Portfolio turnover rate (%)		2	(d)		4			0	(j)		1			0	(j)		0	(d)(k)
Net assets, end of period (in millions)	$	1,901.9		$	1,800.9		$	1,455.2		$	953.3		$	485.1		$	23.9

(a)	Commencement of operations was November 5, 2012.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(f)	Computed on an annualized basis.
(g)	Includes the effects of expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).
(h)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(i)	The income earned by the Portfolio through the investments in Underlying Portfolios is not annualized.
(j)	Rounds to less than 1%.
(k)	There were no long term sale transactions during the period ended December 31, 2012.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Multi-Index Targeted Risk Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 75% of its assets (the “Base Portion”) in other Portfolios of the Brighthouse Funds Trust II (“Underlying Portfolios”) and approximately 25% of its assets (the “Overlay Portion”) in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures and interest rate swaps.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”) on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses for such Underlying Portfolios.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 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.

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-10

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017—(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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to swap transactions and distributions received from underlying portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

BHFTI-11

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $917,259, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from

BHFTI-12

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	4,355,294	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	1,608,691
Equity				Unrealized depreciation on futures contracts (a) (c)		2,008,624
Total		$	4,355,294		$	3,617,315

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity		Total
Futures contracts	$	—		$	53,871,046	$	53,871,046
Swap contracts		(23,084,672	)		—		(23,084,672	)
	$	(23,084,672	)	$	53,871,046	$	30,786,374
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity		Total
Futures contracts	$	—		$	4,340,355	$	4,340,355
Swap contracts		30,467,071			—		30,467,071
	$	30,467,071		$	4,340,355	$	34,807,426

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	320,767
Swap contracts		486,000,000

‡ Averages are based on activity levels during the year.

BHFTI-13

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

BHFTI-14

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	67,582,832	$	0	$	31,958,403

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by Brighthouse Investment Advisers (Overlay Portion managed by MIA) for the six months ended June 30, 2017	% per annum			Average Daily Net Assets of the Overlay Portion
$1,162,086		0.500	%	First $250 million
		0.485	%	$250 million to $500 million
		0.470	%	$500 million to $1 billion
		0.450	%	Over $1 billion
Management Fees earned by Brighthouse Investment Advisers (Base Portion managed by the Adviser) for the six months ended June 30, 2017	% per annum			Average Daily Net Assets of the Base Portion
$417,095		0.070	%	First $500 million
		0.060	%	$500 million to $1 billion
		0.050	%	Over $1 billion

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays the Adviser a management fee through its investment in the Underlying Portfolios.

For providing subadvisory services to the Portfolio, the Adviser has agreed to pay MIA an investment subadvisory fee based upon annual rates applied to the Overlay Portion of the Portfolio’s average daily net assets as follows:

% per annum	Average Daily Net Assets
0.200%	First $250 million
0.185%	$250 million to $500 million
0.170%	$500 million to $1 billion
0.150%	Over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2017 were $454,771.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

BHFTI-15

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Underlying Portfolios

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2017 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
MetLife Aggregate Bond Index Portfolio		65,214,856			3,435,975		(2,332	)		68,648,499
MetLife Mid Cap Stock Index Portfolio		4,614,630			367,423		(196,961	)		4,785,092
MetLife MSCI EAFE Index Portfolio		15,984,973			418,308		(990,806	)		15,412,475
MetLife Russell 2000 Index Portfolio		1,634,097			88,891		(66,720	)		1,656,268
MetLife Stock Index Portfolio		7,230,266			332,602		(295,858	)		7,267,010
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
MetLife Aggregate Bond Index Portfolio	$	(1,795	)	$	—	$	21,462,920		$	740,030,823
MetLife Mid Cap Stock Index Portfolio		503,468			5,522,756		1,211,556			88,428,497
MetLife MSCI EAFE Index Portfolio		675,708			—		5,484,371			205,140,038
MetLife Russell 2000 Index Portfolio		92,484			1,323,612		403,521			33,340,681
MetLife Stock Index Portfolio		3,351,862			9,728,082		6,189,337			348,671,128
	$	4,621,727		$	16,574,450	$	34,751,705		$	1,415,611,167

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-16

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$22,095,549	$	29,829,837	$	—	$	17,121,920	$	22,095,549	$	46,951,757

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$52,629,901	$	25,801,372	$	(17,060,759	)	$	—	$	61,370,514

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

During the year ended December 31, 2016 the Portfolio utilized $6,123,832 of accumulated capital losses.

As of December 31, 2016, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-17

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
135,678,009		5,679,329		9,613,275

To Approve a Subadvisory Agreement between the Manager and MetLife Investment Advisors, LLC

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
134,924,825		5,959,658		10,086,130

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		139,334,944		11,635,669
Robert Boulware		139,491,330		11,479,283
Susan C. Gause		139,544,049		11,426,565
Nancy Hawthorne		139,591,337		11,379,276
Barbara A. Nugent		139,543,663		11,426,950
John Rosenthal		139,324,570		11,646,043
Linda B. Strumpf		139,346,464		11,624,149
Dawn M. Vroegop		139,356,665		11,613,948

BHFTI-18

Brighthouse Funds Trust I

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the MFS Research International Portfolio returned 16.55%, 16.42%, and 16.46%, respectively. The Portfolio’s benchmarks, the MSCI EAFE Index¹ and the MSCI All Country World ex-U.S. Index², returned 13.81% and 14.10%, respectively.

MARKET ENVIRONMENT/CONDITIONS

For the first time in many years, markets are experiencing synchronized global economic growth. The rebound in emerging markets (“EM”) economies has been more pronounced (despite the deceleration in Chinese growth at the end of the first half of 2017), helped by some larger economies (i.e., Brazil and Russia) emerging from recessions. At the same time, developed market (“DM”) economies continued to grow at or above potential. Market confidence increased in the U.S. after the presidential elections in November in anticipation of lower taxes, a lighter regulatory burden and increased infrastructure spending, boosting U.S. equities and corporate bond performance. While global inflation faded during the period as commodity prices, particularly oil, leveled off or declined, global growth remained relatively resilient. As a result, there have been more tightening signals and actions by DM central banks. The U.S. Federal Reserve increased interest rates by 25 basis points at the end of the period, bringing the total number of quarter-percent hikes in the federal funds rate to four since December 2015. The European Central Bank (the “ECB”) appears set on announcing Quantitative Easing (“QE”) tapering in the fall of 2017. The Bank of England may also begin reducing monetary accommodation. Markets have been comforted (along with central banks) by the decline in fears of a populist wave in Europe after establishment candidates won the Dutch and French elections. European growth has reflected the more constructive political economic backdrop.

The headwind of a stronger U.S. dollar faded during the period while U.S. consumer spending held up well amid a modest increase in real wages and relatively low gasoline prices. Demand for autos tapered off from near-record territory at the end of the period, while the housing market continued its recovery amid relatively low mortgage rates and tight inventories. Global trade, which was sluggish early in the period, showed signs of improvement, a positive indicator of global economic activity and prospects. Receding fears that President Trump would follow through on various campaign threats and promises that were judged to be detrimental to EM, helped EM markets resume their upward trajectory, powered by strong inflows throughout the first half of 2017.

PORTFOLIO REVIEW/PERIOD END POSITIONING

The Portfolio outperformed its benchmark during the first half of 2017. Strong stock selection in the Materials sector was a primary contributor to performance relative to the MSCI EAFE Index led by an overweight position in paint and specialty chemicals manufacturer Akzo Nobel (Netherlands).

A combination of strong stock selection and, to a lesser extent, an overweight allocation to the Information Technology sector also bolstered relative returns. Within this sector, the Portfolio’s positions in online and mobile commerce company Alibaba Group (China) and microchip and electronics manufacturer Samsung Electronics (South Korea) aided relative performance.

Security selection in both the Consumer Discretionary and Financials sectors further helped relative results. Within the Consumer Discretionary sector, the Portfolio’s avoidance of car maker Toyota Motors (Japan) and a position in restaurants and fast food chains operator Yum China (China) aided relative performance. Within the Financials sector, the Portfolio’s position in banking firm HDFC Bank (India), and overweight positions in banking and financial services firm Intesa Sanpaolo (Italy) and insurance company AIA Group (Hong Kong) bolstered relative returns.

Individual stocks that benefited relative returns included not owning shares of global energy and petrochemicals company Royal Dutch Shell (United Kingdom) and an overweight position in pharmaceutical company Bayer (Germany).

Stock selection in the Industrials sector held back relative results led by overweight positions in information management solutions provider Brambles (Australia) and household fixture manufacturer Toto (Japan). Security selection in the Energy sector also weakened relative returns. Here, an overweight position in oil and natural gas producer Eni (Italy) and holdings of independent oil and gas exploration firm Cairn Energy (United Kingdom) detracted from relative returns.

Elsewhere, not owning shares of consumer goods company Unilever (United Kingdom) hurt relative performance. Additionally, the Portfolio’s holdings of financial services firm Element Fleet Management (Canada) and overweight positions in advertising and marketing firm WPP Group (United Kingdom), automotive lighting systems manufacturer Koito Manufacturing (Japan) and financial group Barclays (United Kingdom) also dampened relative returns.

During the reporting period, the Portfolio’s relative currency exposure, resulting primarily from differences between the Portfolio’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was another detractor from relative performance. All of MFS’ investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.

Towards the end of the period we witnessed a moderation in the outperformance of cyclical names that had persisted since the second half of 2016 in Industrial Goods & Services. Many of the heavy equipment businesses that sell into commodity-sensitive sectors suffered as key commodity prices pulled back on growing concerns around the reflation narrative. The impact of top-down macro forces

BHFTI-1

Brighthouse Funds Trust I

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

are significant in this sector but our positioning in the higher quality business models with sustainable earnings profiles helped dampen macro related volatility.

Retailing has been the source of much disruption as consumers are experiencing a huge shift in how they buy their products. Traditional brick and mortar fashion and food retail formats are witnessing more and more competition from online players. We remained highly selective to seek businesses where we believe the disintermediation or disruption risk is lower because there already is a significant online presence or the businesses are just not suitable for online.

The Consumer Staples sector performed broadly in line with the market, but the story remained one of lacklustre price inflation in developed markets and minimal sales growth in emerging markets, pushing management to focus on self-help and M&A for margin improvement and access to growth categories. The market is factoring in some earnings accretion from on-going deals, and renewed focus on margin improvement and shareholder returns. At the end of the period, the Portfolio held a modest underweight position within Consumer Staples.

In Energy, oil prices started the period on stronger footing, however, by the end of the period it had fallen back, as evidence of sustained inventory draws failed to mount, U.S. shale production began to rise faster than anticipated, and Organization of Petroleum Exporting Countries (“OPEC”) commitment to production cuts came into focus with a decision not to deepen quota restrictions at the May meeting. During the period, oil-leveraged names performed poorly, particularly the oilfield services subsector.

In Financials, European banks performed remarkably well over the period. Comments from the ECB and ECB President, Mario Draghi, that the quantitative easing actions they took have probably been effective, raised the prospect that the program will either be curtailed or scaled back. This in turn opened the door for interest rates to normalize over the medium term, benefitting the banks. While we do not forecast rates nor do we position the Portfolio on the basis of where interest rates might be heading, in the event the resumption of credit growth and rates becoming a tail wind would benefit earnings of better capitalized banks owned in the Portfolio. Our bank positions are based on their clean balance sheets and strong capital positions and not based on a view of the direction of interest rates.

In Healthcare, our investment thesis remained intact at the end of the period, and our positioning and views were largely unchanged. We remained confident in the names owned in the Portfolio, which in our view, consisted of durable businesses trading at relatively attractive valuations.

Within Information Technology, low expectations from tech specialists were coming into 2017 on a slowdown in demand for smartphone units and moribund demand for personal computers, which accounted for around 60% of semiconductor demand. As the year progressed, expectations increased as investors recognized internet companies had become better appreciated for their sustainable long term growth and the winner-take-all aspects of these businesses. Semiconductors performed well as evidenced by surprisingly high demand for memory, driven by hyperscale and data centers.

In Telecommunications, the Portfolio’s exposure continued to be dominated by Japanese holdings.

Jose Luis Garcia

Thomas Melendez

Victoria Higley

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

MFS Research International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX & THE MSCI AC WORLD (EX-U.S.) INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
MFS Research International Portfolio
Class A		16.55		19.49		7.57		1.54
Class B		16.42		19.27		7.31		1.28
Class E		16.46		19.29		7.43		1.38
MSCI EAFE Index		13.81		20.27		8.69		1.03
MSCI AC World (ex-U.S.) Index		14.10		20.45		7.22		1.13

¹ The MSCI Europe, Australasia and Far East Index (“MSCI EAFE Index”) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

² The MSCI AC World (ex-U.S.) Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Nestle S.A.		3.6
Roche Holding AG		3.1
Bayer AG		2.8
Novartis AG		2.3
Schneider Electric SE		2.0
UBS Group AG		2.0
AIA Group, Ltd.		1.8
Reckitt Benckiser Group plc		1.7
Danone S.A.		1.7
Akzo Nobel NV		1.7

Top Countries

	% of Net Assets
Japan		18.4
Switzerland		15.8
United Kingdom		13.2
Germany		8.5
France		8.4
United States		5.5
Australia		3.9
Hong Kong		3.5
Italy		3.3
Spain		2.1

BHFTI-3

Brighthouse Funds Trust I

MFS Research International Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Research International Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.68	%	$	1,000.00	$	1,165.50	$	3.65
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class B(a)	Actual		0.93	%	$	1,000.00	$	1,164.20	$	4.99
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66
Class E(a)	Actual		0.83	%	$	1,000.00	$	1,164.60	$	4.45
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Australia—3.9%
AMP, Ltd.		3,599,387	$	14,343,917
APA Group		1,385,418		9,757,138
Brambles, Ltd.		3,058,133		22,870,770
Caltex Australia, Ltd.		378,409		9,183,281
Oil Search, Ltd.		1,902,602		9,974,991
Orica, Ltd.		682,455		10,834,082
				76,964,179
Austria—0.5%
Erste Group Bank AG (a)		265,982		10,202,588
Belgium—1.3%
KBC Groep NV		348,232		26,434,689
Brazil—0.5%
Ambev S.A. (ADR)		1,602,203		8,796,095
Canada—1.7%
Dollarama, Inc.		111,654		10,668,605
Enbridge, Inc. (b)		334,795		13,337,068
Ritchie Bros Auctioneers, Inc.		294,289		8,455,589
				32,461,262
China—1.8%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		105,975		14,931,877
China Resources Gas Group, Ltd.		3,154,424		10,793,086
JD.com, Inc. (ADR) (a)		239,498		9,393,112
				35,118,075
Denmark—0.4%
Jyske Bank A/S		137,335		7,960,242
France—8.4%
BNP Paribas S.A.		423,323		30,789,078
Danone S.A.		442,030		33,227,120
L’Oreal S.A.		125,543		26,165,433
Legrand S.A.		163,370		11,442,455
LVMH Moet Hennessy Louis Vuitton SE		98,550		24,722,442
Schneider Electric SE (a)		501,649		38,612,894
				164,959,422
Germany—8.5%
Bayer AG		430,101		55,648,206
GEA Group AG		454,704		18,659,069
Grand City Properties S.A.		758,696		15,207,854
LEG Immobilien AG		291,725		27,445,543
Linde AG		167,895		31,891,013
Scout24 AG		53,687		1,976,603
Symrise AG		226,804		16,069,836
				166,898,124
Hong Kong—3.5%
AIA Group, Ltd.		4,948,828		36,171,676
CLP Holdings, Ltd.		1,243,000		13,151,872
Esprit Holdings, Ltd. (a)		4,241,897		2,260,261
Hong Kong—(Continued)
Techtronic Industries Co., Ltd.		3,520,000		16,186,181
				67,769,990
India—0.8%
HDFC Bank, Ltd.		388,923		10,017,982
HDFC Bank, Ltd. (ADR) (b)		57,172		4,972,249
				14,990,231
Ireland—0.6%
Paddy Power Betfair plc		103,965		11,080,868
Israel—1.2%
Check Point Software Technologies, Ltd. (a)		126,125		13,757,715
Mellanox Technologies, Ltd. (a) (b)		240,916		10,431,663
				24,189,378
Italy—3.3%
Cerved Information Solutions S.p.A.		500,257		5,366,035
Enel S.p.A.		3,838,210		20,669,052
Eni S.p.A.		1,082,787		16,340,297
Intesa Sanpaolo S.p.A.		7,271,186		23,195,972
				65,571,356
Japan—18.4%
AEON Financial Service Co., Ltd.		1,112,899		23,602,758
Daikin Industries, Ltd.		246,600		25,220,380
Japan Tobacco, Inc.		653,431		22,966,635
KDDI Corp.		1,029,500		27,273,604
Koito Manufacturing Co., Ltd.		334,200		17,263,147
Kubota Corp.		1,634,800		27,549,056
Mitsui Fudosan Co., Ltd.		696,400		16,649,140
Nippon Paint Holdings Co., Ltd.		373,000		14,152,227
Nomura Research Institute, Ltd.		269,400		10,632,046
Ryohin Keikaku Co., Ltd.		37,600		9,397,947
Santen Pharmaceutical Co., Ltd.		1,705,600		23,165,055
Shionogi & Co., Ltd.		196,200		10,943,976
SoftBank Group Corp.		259,100		21,050,466
Sumitomo Mitsui Financial Group, Inc.		558,482		21,848,237
Sundrug Co., Ltd.		483,070		18,028,605
Terumo Corp.		241,700		9,527,941
TOTO, Ltd.		534,200		20,441,595
USS Co., Ltd.		1,262,100		25,108,819
Yamato Holdings Co., Ltd.		815,266		16,559,257
				361,380,891
Malaysia—0.4%
Malaysia Airports Holdings Bhd		3,875,300		7,727,991
Netherlands—1.8%
ABN AMRO Group NV		109,793		2,933,863
Akzo Nobel NV		373,525		32,426,048
				35,359,911

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Norway—0.9%
DNB ASA		1,045,130	$	17,836,853
Portugal—0.7%
Galp Energia SGPS S.A.		911,978		13,852,201
South Africa—0.3%
Clicks Group, Ltd. (b)		465,970		4,990,258
South Korea—1.2%
NAVER Corp.		17,994		13,141,407
Samsung Electronics Co., Ltd.		5,063		10,504,624
				23,646,031
Spain—2.1%
Aena S.A.		39,128		7,645,386
Amadeus IT Group S.A.		304,146		18,194,612
Cellnex Telecom S.A.		719,847		14,881,987
				40,721,985
Sweden—1.0%
Com Hem Holding AB		566,559		7,881,464
Telefonaktiebolaget LM Ericsson - B Shares		1,637,522		11,810,510
				19,691,974
Switzerland—15.8%
Julius Baer Group, Ltd. (a)		341,545		18,000,075
Nestle S.A.		815,740		71,059,111
Novartis AG		531,910		44,419,253
Roche Holding AG		235,234		60,063,725
Schindler Holding AG (Participation Certificate)		97,579		20,654,923
Sika AG		2,932		18,874,671
Swiss Re AG		159,221		14,586,442
UBS Group AG (a)		2,263,250		38,420,143
Zurich Insurance Group AG		83,613		24,347,478
				310,425,821
Taiwan—1.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		2,951,468		20,140,642
Thailand—0.6%
Advanced Info Service PCL		2,286,900		11,949,507
United Kingdom—13.2%
Barclays plc		7,504,448		19,859,130
BP plc		4,173,678		24,111,576
Cairn Energy plc (a)		2,663,245		5,979,557
Croda International plc		445,147		22,534,784
GKN plc		5,464,858		23,229,326
Hiscox, Ltd.		855,561		14,124,316
Just Eat plc (a)		1,152,066		9,835,609
Lloyds Banking Group plc		29,352,003		25,334,503
United Kingdom—(Continued)
Reckitt Benckiser Group plc		334,883		33,978,090
RELX NV		1,423,560		29,293,664
Rio Tinto plc		545,590		23,004,084
Vodafone Group plc		2,331,630		6,616,677
WPP plc		964,236		20,287,560
				258,188,876
United States—5.2%
Aon plc (b)		145,311		19,319,098
Broadcom, Ltd.		48,667		11,341,844
Cognizant Technology Solutions Corp. - Class A		419,948		27,884,547
EPAM Systems, Inc. (a)		146,975		12,359,128
MasterCard, Inc. - Class A		183,295		22,261,178
Schlumberger, Ltd.		140,991		9,282,847
				102,448,642
Total Common Stocks (Cost $1,668,759,296)				1,941,758,082
Short-Term Investment—0.3%
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $6,587,745 on 07/03/17, collateralized by $6,720,000 U.S. Government Agency Obligations at 1.125% maturity dates ranging from 04/25/18 - 06/15/18, with a value of $6,724,366.		6,587,679		6,587,679
Total Short-Term Investments (Cost $6,587,679)				6,587,679
Securities Lending Reinvestments (c)—2.4%
Certificates of Deposit—1.2%
ABN AMRO Bank NV Zero Coupon, 09/05/17		1,493,726		1,496,850
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (d)		2,000,000		2,001,952
Canadian Imperial Bank 1.630%, 10/27/17 (d)		250,000		250,281
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.314%, 11/07/17 (d)		1,500,000		1,500,121
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		400,000		400,050
KBC Bank NV 1.220%, 07/27/17		5,500,000		5,500,000
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		1,500,000		1,499,310

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
National Australia Bank London 1.480%, 11/09/17 (d)		1,000,000	$	1,000,810
Natixis New York 1.287%, 11/13/17 (d)		1,000,000		999,890
Norinchukin Bank New York 1.687%, 07/12/17 (d)		1,000,000		1,000,121
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		1,000,000		999,909
Sumitomo Mitsui Trust Bank, Ltd., New York 1.466%, 10/26/17 (d)		2,500,000		2,500,640
1.552%, 08/16/17 (d)		1,000,000		1,000,301
UBS, Stamford 1.722%, 07/31/17 (d)		200,204		200,114
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		750,000		750,671
				23,101,064
Commercial Paper—0.4%
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		2,200,000		2,200,128
ING Funding LLC 1.277%, 11/13/17 (d)		500,000		499,964
Ridgefield Funding Co. LLC 1.180%, 07/31/17		2,991,150		2,996,781
Westpac Banking Corp. 1.506%, 10/20/17 (d)		1,500,000		1,501,495
				7,198,368
Repurchase Agreements—0.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $590,763 on 07/03/17, collateralized by $614,919 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $602,524.		590,710		590,710
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $505,938 on 10/02/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $400,037 on 07/03/17, collateralized by $398,463 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $408,000.		400,000		400,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $500,050 on 07/03/17, collateralized by $508,367 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $510,002.		500,000		500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $2,752,131 on 07/03/17, collateralized by $598 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $3,057,515.		2,750,000		2,750,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $711,338 on 10/02/17, collateralized by various Common Stock with a value of $770,000.		700,000		700,000
				5,440,710
Time Deposits—0.5%
Australia New Zealand Bank 1.150%, 07/03/17		138,000		138,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		400,000		400,000
Nordea Bank New York 1.050%, 07/03/17		500,000		500,000
Shinkin Central Bank 1.330%, 07/25/17		7,350,000		7,350,000
Standard Chartered plc 1.200%, 07/03/17		1,100,000		1,100,000
				9,488,000
Total Securities Lending Reinvestments (Cost $45,222,672)				45,228,142
Total Investments—101.7% (Cost $1,720,569,647) (e)				1,993,573,903
Other assets and liabilities (net)—(1.7)%				(32,636,819	)
Net Assets—100.0%			$	1,960,937,084

*	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 June 30, 2017, the market value of securities loaned was $41,796,589 and the collateral received consisted of cash in the amount of $45,213,791. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(e)	As of June 30, 2017, the aggregate cost of investments was $1,720,569,647. The aggregate unrealized appreciation and depreciation of investments were $322,472,147 and $(49,467,891), respectively, resulting in net unrealized appreciation of $273,004,256.
(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 June 30, 2017 (Unaudited)	% of Net Assets
Banks		10.3
Pharmaceuticals		9.9
Chemicals		7.5
Insurance		5.5
Food Products		5.3
Oil, Gas & Consumable Fuels		4.7
IT Services		4.7
Wireless Telecommunication Services		3.4
Machinery		3.4
Real Estate Management & Development		3.0

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	76,964,179		$	—	$	76,964,179
Austria		—		10,202,588			—		10,202,588
Belgium		—		26,434,689			—		26,434,689
Brazil		8,796,095		—			—		8,796,095
Canada		32,461,262		—			—		32,461,262
China		24,324,989		10,793,086			—		35,118,075
Denmark		—		7,960,242			—		7,960,242
France		—		164,959,422			—		164,959,422
Germany		—		166,898,124			—		166,898,124
Hong Kong		—		67,769,990			—		67,769,990
India		14,990,231		—			—		14,990,231
Ireland		—		11,080,868			—		11,080,868
Israel		24,189,378		—			—		24,189,378
Italy		—		65,571,356			—		65,571,356
Japan		—		361,380,891			—		361,380,891
Malaysia		—		7,727,991			—		7,727,991
Netherlands		—		35,359,911			—		35,359,911
Norway		—		17,836,853			—		17,836,853
Portugal		—		13,852,201			—		13,852,201
South Africa		—		4,990,258			—		4,990,258
South Korea		—		23,646,031			—		23,646,031
Spain		—		40,721,985			—		40,721,985
Sweden		—		19,691,974			—		19,691,974
Switzerland		—		310,425,821			—		310,425,821
Taiwan		—		20,140,642			—		20,140,642
Thailand		11,949,507		—			—		11,949,507
United Kingdom		—		258,188,876			—		258,188,876
United States		102,448,642		—			—		102,448,642
Total Common Stocks		219,160,104		1,722,597,978			—		1,941,758,082
Total Short-Term Investment*		—		6,587,679			—		6,587,679
Total Securities Lending Reinvestments*		—		45,228,142			—		45,228,142
Total Investments	$	219,160,104	$	1,774,413,799		$	—	$	1,993,573,903
Collateral for Securities Loaned (Liability)	$	—	$	(45,213,791	)	$	—	$	(45,213,791	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

MFS Research International Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,993,573,903
Cash denominated in foreign currencies (c)		2,114,864
Receivable for:
Investments sold		16,347,806
Fund shares sold		115,194
Dividends and interest		9,172,881
Total Assets		2,021,324,648
Liabilities
Collateral for securities loaned		45,213,791
Payables for:
Investments purchased		11,198,283
Fund shares redeemed		1,976,603
Foreign taxes		94,832
Accrued Expenses:
Management fees		1,032,186
Distribution and service fees		135,191
Deferred trustees’ fees		115,782
Other expenses		620,896
Total Liabilities		60,387,564
Net Assets	$	1,960,937,084
Net Assets Consist of:
Paid in surplus	$	1,873,523,171
Undistributed net investment income		25,724,140
Accumulated net realized loss		(211,235,302	)
Unrealized appreciation on investments and foreign currency transactions (d)		272,925,075
Net Assets	$	1,960,937,084
Net Assets
Class A	$	1,308,336,640
Class B		644,174,164
Class E		8,426,280
Capital Shares Outstanding*
Class A		112,766,035
Class B		55,978,889
Class E		728,675
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.60
Class B		11.51
Class E		11.56

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,720,569,647.
(b)	Includes securities loaned at value of $41,796,589.
(c)	Identified cost of cash denominated in foreign currencies was $2,118,192.
(d)	Includes foreign capital gains tax of $94,431.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	34,715,463
Interest		2,859
Securities lending income		247,682
Total investment income		34,966,004
Expenses
Management fees		6,624,632
Administration fees		30,288
Custodian and accounting fees		217,112
Distribution and service fees—Class B		783,380
Distribution and service fees—Class E		6,097
Audit and tax services		25,244
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		64,730
Insurance		6,318
Miscellaneous		41,926
Total expenses		7,844,429
Less management fee waiver		(589,026	)
Less broker commission recapture		(2,522	)
Net expenses		7,252,881
Net Investment Income		27,713,123
Net Realized and Unrealized Gain
Net realized gain on:
Investments (b)		28,947,796
Foreign currency transactions		183,626
Net realized gain		29,131,422
Net change in unrealized appreciation on:
Investments (c)		235,892,342
Foreign currency transactions		337,882
Net change in unrealized appreciation		236,230,224
Net realized and unrealized gain		265,361,646
Net Increase in Net Assets From Operations	$	293,074,769

(a)	Net of foreign withholding taxes of $3,949,106.
(b)	Net of foreign capital gains tax of $4,803.
(c)	Includes change in foreign capital gains tax of $94,431.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

MFS Research International Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	27,713,123		$	37,223,821
Net realized gain (loss)		29,131,422			(62,383,827	)
Net change in unrealized appreciation		236,230,224			13,240,604
Increase (decrease) in net assets from operations		293,074,769			(11,919,402	)
From Distributions to Shareholders
Net investment income
Class A		(25,561,765	)		(27,293,206	)
Class B		(11,140,246	)		(12,317,440	)
Class E		(154,784	)		(166,089	)
Total distributions		(36,856,795	)		(39,776,735	)
Decrease in net assets from capital share transactions		(114,513,009	)		(33,277,675	)
Total increase (decrease) in net assets		141,704,965			(84,973,812	)
Net Assets
Beginning of period		1,819,232,119			1,904,205,931
End of period	$	1,960,937,084		$	1,819,232,119
Undistributed net investment income
End of period	$	25,724,140		$	34,867,812

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		723,299		$	7,880,046			3,409,534		$	33,694,404
Reinvestments		2,213,140			25,561,765			2,802,177			27,293,206
Redemptions		(9,449,485	)		(106,903,008	)		(5,633,341	)		(57,554,729	)
Net increase (decrease)		(6,513,046	)	$	(73,461,197	)		578,370		$	3,432,881
Class B
Sales		1,084,377		$	11,696,469			3,185,293		$	31,550,565
Reinvestments		972,098			11,140,246			1,275,097			12,317,440
Redemptions		(5,748,121	)		(63,450,920	)		(7,990,187	)		(80,196,116	)
Net decrease		(3,691,646	)	$	(40,614,205	)		(3,529,797	)	$	(36,328,111	)
Class E
Sales		22,487		$	247,496			49,208		$	480,185
Reinvestments		13,448			154,784			17,105			166,089
Redemptions		(76,022	)		(839,887	)		(103,131	)		(1,028,719	)
Net decrease		(40,087	)	$	(437,607	)		(36,818	)	$	(382,445	)
Decrease derived from capital shares transactions				$	(114,513,009	)				$	(33,277,675	)

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

MFS Research International Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.15		$	10.46		$	10.93		$	12.01		$	10.34		$	9.03
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.21	(b)		0.22			0.34			0.23			0.25
Net realized and unrealized gain (loss) on investments		1.52			(0.29	)		(0.35	)		(1.13	)		1.75			1.27
Total from investment operations		1.68			(0.08	)		(0.13	)		(0.79	)		1.98			1.52
Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.34	)		(0.29	)		(0.31	)		(0.21	)
Total distributions		(0.23	)		(0.23	)		(0.34	)		(0.29	)		(0.31	)		(0.21	)
Net Asset Value, End of Period	$	11.60		$	10.15		$	10.46		$	10.93		$	12.01		$	10.34
Total Return (%) (c)		16.55	(d)		(0.67	)		(1.50	)		(6.74	)		19.58			16.97
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(e)		0.74			0.76			0.76			0.75			0.75
Net ratio of expenses to average net assets (%) (f)		0.68	(e)		0.68			0.70			0.70			0.70			0.70
Ratio of net investment income to average net assets (%)		2.99	(e)		2.11	(b)		1.95			2.89			2.08			2.59
Portfolio turnover rate (%)		14	(d)		37			35			28			34			36
Net assets, end of period (in millions)	$	1,308.3		$	1,211.1		$	1,241.2		$	1,332.2		$	1,733.3		$	1,800.5
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.06		$	10.36		$	10.83		$	11.90		$	10.25		$	8.95
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.19	(b)		0.19			0.30			0.20			0.22
Net realized and unrealized gain (loss) on investments		1.50			(0.29	)		(0.35	)		(1.11	)		1.73			1.26
Total from investment operations		1.65			(0.10	)		(0.16	)		(0.81	)		1.93			1.48
Less Distributions
Distributions from net investment income		(0.20	)		(0.20	)		(0.31	)		(0.26	)		(0.28	)		(0.18	)
Total distributions		(0.20	)		(0.20	)		(0.31	)		(0.26	)		(0.28	)		(0.18	)
Net Asset Value, End of Period	$	11.51		$	10.06		$	10.36		$	10.83		$	11.90		$	10.25
Total Return (%) (c)		16.42	(d)		(0.88	)		(1.77	)		(6.95	)		19.26			16.71
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.99	(e)		0.99			1.01			1.01			1.00			1.00
Net ratio of expenses to average net assets (%) (f)		0.93	(e)		0.93			0.95			0.95			0.95			0.95
Ratio of net investment income to average net assets (%)		2.73	(e)		1.88	(b)		1.70			2.56			1.81			2.29
Portfolio turnover rate (%)		14	(d)		37			35			28			34			36
Net assets, end of period (in millions)	$	644.2		$	600.3		$	654.6		$	708.9		$	824.6		$	774.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

MFS Research International Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.11		$	10.41		$	10.89		$	11.96		$	10.30		$	8.99
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.20	(b)		0.20			0.31			0.21			0.23
Net realized and unrealized gain (loss) on investments		1.51			(0.29	)		(0.36	)		(1.11	)		1.74			1.27
Total from investment operations		1.66			(0.09	)		(0.16	)		(0.80	)		1.95			1.50
Less Distributions
Distributions from net investment income		(0.21	)		(0.21	)		(0.32	)		(0.27	)		(0.29	)		(0.19	)
Total distributions		(0.21	)		(0.21	)		(0.32	)		(0.27	)		(0.29	)		(0.19	)
Net Asset Value, End of Period	$	11.56		$	10.11		$	10.41		$	10.89		$	11.96		$	10.30
Total Return (%) (c)		16.46	(d)		(0.76	)		(1.76	)		(6.83	)		19.36			16.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(e)		0.89			0.91			0.91			0.90			0.90
Net ratio of expenses to average net assets (%) (f)		0.83	(e)		0.83			0.85			0.85			0.85			0.85
Ratio of net investment income to average net assets (%)		2.82	(e)		1.98	(b)		1.80			2.67			1.92			2.42
Portfolio turnover rate (%)		14	(d)		37			35			28			34			36
Net assets, end of period (in millions)	$	8.4		$	7.8		$	8.4		$	9.4		$	11.6		$	11.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Research International Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-14

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, broker commission recapture, foreign capital gain tax and passive foreign investment companies (“PFICs”). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-15

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $6,587,679. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $5,440,710. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

BHFTI-16

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	267,742,784	$	0	$	395,333,031

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $1,541,748 in purchases and $561,960 in sales of investments, which are included above, and resulted in realized gains of $137,758.

BHFTI-17

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2017	% per annum			Average daily net assets
$6,624,632		0.800	%	First $200 million
		0.750	%	$200 million to $500 million
		0.700	%	$500 million to $1 billion
		0.650	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%	First $200 million
0.050%	$200 million to $250 million
0.100%	$250 million to $500 million
0.050%	$500 million to $2 billion
0.100%	Over $2 billion

An identical agreement was in place for the period December 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee.

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Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$39,776,735	$	58,810,818	$	—	$	—	$	39,776,735	$	58,810,818

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$36,720,944	$	—	$	17,825,469	$	(160,705,604	)	$	(62,543,049	)	$	(168,702,240	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had post-enactment long-term accumulated capital losses of $62,543,049. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/18		Total
$138,525,793	$	22,179,811	$	160,705,604

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	162,271,162		5,095,082		11,807,161

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		165,655,435		13,517,970
Robert Boulware		165,628,451		13,544,955
Susan C. Gause		168,947,387		10,226,019
Nancy Hawthorne		166,041,791		13,131,614
Barbara A. Nugent		169,036,788		10,136,617
John Rosenthal		168,470,828		10,702,577
Linda B. Strumpf		165,854,850		13,318,555
Dawn M. Vroegop		165,740,831		13,432,574

BHFTI-20

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Managed by Morgan Stanley Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Morgan Stanley Mid Cap Growth Portfolio returned 28.11%, 27.84%, and 27.88%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 11.40%.

MARKET ENVIRONMENT / CONDITIONS

In the six-month reporting period, U.S. stocks rallied strongly on expectations for stimulative and business-friendly fiscal policy from the new presidential administration. With the Republicans controlling both Congress and the White House, President Trump’s promises to cut taxes, increase infrastructure spending and relax regulations were initially anticipated to be enacted wholesale, which sent stocks soaring in the month following the election. However, early policy stumbles and emerging political scandals cast doubt about the ability to pass these reforms.

Although some of the post-election optimism dimmed and economic data were mixed, stock prices continued to rise and volatility remained relatively low over this reporting period. U.S. companies reported increasing profits, and the economy continued its restrained pace of growth. The Federal Reserve’s (the “Fed”) recent interest rate hikes were also perceived as a vote of confidence on the health of the economy.

Within the Russell Midcap Growth Index, the Health Care, Information Technology (“IT”) and Financials sectors led, while Energy, Telecommunication Services and Utilities were the weakest-performing sectors in the six-month reporting period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The long-term investment horizon and conviction-weighted investment approach embraced by the team since 1998 can result in periods of performance deviation from the benchmark and peers. The Portfolio outperformed the Index this reporting period primarily due to favorable stock selection and sector allocations.

The IT sector led the Portfolio’s outperformance, driven by gains from both stock selection and an overweight in the sector. Workday, which provides proprietary human capital management and financial management enterprise software over the cloud, was the sector’s largest contributor and the second greatest contributor in the Portfolio. The shares rebounded after a weak fourth quarter on news that the company has signed deals with two large enterprises. We are attracted to Workday as its cloud-based offering provides enterprises an easy to implement, cost effective, and scalable solution.

Stock selection and an overweight allocation in the Health Care sector also delivered relative gains. Performance in the sector was led by Intuitive Surgical, a leading maker of surgical robots. The company has been executing well and in May 2017 announced strong results, an upbeat outlook, and the expected launch of a new product, the da Vinci X, which is expected to drive an upgrade cycle among its customers.

The Portfolio benefited to a lesser extent from stock selection in the Consumer Discretionary sector, with modest help from underweight exposure to the sector. Electric car maker Tesla was the top contributor both in the sector and across the Portfolio, due to positive investor sentiment regarding the upcoming launch of its mass market offering, the Model 3, as well as continued progress in the build out of its lithium-ion battery factory. However, relative outperformance within the sector was somewhat offset by weak performance from the Portfolio’s holdings in Michael Kors and Under Armour. Each company has been experiencing weaker-than-expected fundamentals. Sales growth at Michael Kors has been adversely affected by weak consumer traffic trends in North America and in Europe, due to a secular shift away from malls and department stores as well as generally less tourism. We eliminated the Portfolio’s position in Michael Kors during the period. Under Armour has been facing slower-than-expected top-line growth, due in part to heightened promotional activity and increasing competition from Adidas.

There were no relative detractors on a sector basis, while Utilities, Materials, Real Estate, and Telecommunication Services each had a negligible impact on the Portfolio’s relative performance in the reporting period. Michael Kors and Under Armour were the Portfolio’s largest detracting holdings (as described in the discussion of the Consumer Discretionary sector).

Our team continued its focus on bottom-up stock selection and the long-term outlook for companies owned in the Portfolio; accordingly, we have had very little turnover in the Portfolio to date, as our ongoing work reaffirms our assessment of quality and competitive advantage in the names we own. At the end of the period, the Portfolio’s largest sector weights were in IT, Health Care and Consumer

BHFTI-1

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Managed by Morgan Stanley Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

Discretionary, with no exposure to the Consumer Staples, Energy, Telecommunication Services, Real Estate or Utilities sectors.

Dennis P. Lynch

David S. Cohen

Sam G. Chainani

Alexander T. Norton

Jason C. Yeung

Armistead Nash

Portfolio Managers

Morgan Stanley Investment Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Morgan Stanley Mid Cap Growth Portfolio
Class A		28.11		25.84		10.05		7.01		—
Class B		27.84		25.48		9.78		6.75		—
Class E		27.88		25.56		9.87		—		9.54
Russell Midcap Growth Index		11.40		17.05		14.19		7.87		—

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and higher forecasted growth values.

² Inception dates of the Class A, Class B and Class E shares are 5/1/2001, 2/12/2001 and 4/27/2010, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
athenahealth, Inc.		6.7
Illumina, Inc.		6.7
Veeva Systems, Inc. - Class A		5.3
Expedia, Inc.		5.0
ServiceNow, Inc.		4.9
Intuitive Surgical, Inc.		4.9
Zillow Group, Inc. - Class C		4.8
Workday, Inc.- Class A		4.7
Gartner, Inc.		3.9
Twitter, Inc.		3.8

Top Sectors

	% of Net Assets
Information Technology		38.6
Health Care		26.3
Consumer Discretionary		12.7
Industrials		11.0
Financials		8.3

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Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Morgan Stanley Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.67	%	$	1,000.00	$	1,281.10	$	3.79
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36
Class B(a)	Actual		0.92	%	$	1,000.00	$	1,278.40	$	5.20
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.23	$	4.61
Class E(a)	Actual		0.82	%	$	1,000.00	$	1,278.80	$	4.63
	Hypothetical*		0.82	%	$	1,000.00	$	1,020.73	$	4.11

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—94.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.6%
TransDigm Group, Inc.		141,725	$	38,105,601
Automobiles—1.5%
Tesla, Inc. (a) (b)		43,631		15,777,406
Biotechnology—1.2%
Alnylam Pharmaceuticals, Inc. (a) (b)		78,332		6,247,760
Intrexon Corp. (a) (b)		131,879		3,176,965
Juno Therapeutics, Inc. (a) (b)		107,153		3,202,803
				12,627,528
Capital Markets—7.4%
MSCI, Inc.		388,221		39,982,881
S&P Global, Inc.		267,081		38,991,155
				78,974,036
Consumer Finance—0.9%
LendingClub Corp. (a)		1,758,587		9,689,814
Electronic Equipment, Instruments & Components—0.5%
Cognex Corp.		60,515		5,137,723
Health Care Equipment & Supplies—6.4%
DexCom, Inc. (a) (b)		225,773		16,515,295
Intuitive Surgical, Inc. (a)		55,421		51,839,141
				68,354,436
Health Care Technology—12.0%
athenahealth, Inc. (a) (b)		505,051		70,984,918
Veeva Systems, Inc. - Class A (a) (b)		924,781		56,698,323
				127,683,241
Hotels, Restaurants & Leisure—2.3%
Dunkin’ Brands Group, Inc. (b)		437,050		24,090,196
Internet & Direct Marketing Retail—5.0%
Expedia, Inc.		355,542		52,957,981
Internet Software & Services—15.1%
Angie’s List, Inc. (a)		3,015,100		38,563,129
Dropbox, Inc. (a) (c) (d)		460,161		3,750,312
MercadoLibre, Inc.		98,091		24,609,070
SurveyMonkey, Inc. (a) (c) (d)		303,799		2,074,948
Twitter, Inc. (a) (b)		2,291,530		40,949,641
Zillow Group, Inc. - Class C (a) (b)		1,042,915		51,113,264
				161,060,364
IT Services—3.9%
Gartner, Inc. (a)		338,357		41,790,473
Life Sciences Tools & Services—6.7%
Illumina, Inc. (a)		407,959		70,789,046
Multiline Retail—2.3%
Dollar Tree, Inc. (a)		341,933		23,907,955
Professional Services—7.4%
IHS Markit, Ltd. (a)		885,509		38,997,817
Verisk Analytics, Inc. (a)		470,344		39,682,923
				78,680,740
Software—16.7%
Atlassian Corp. plc - Class A (a)		289,017		10,167,618
ServiceNow, Inc. (a) (b)		493,834		52,346,404
Snap, Inc. - Class A (a) (b)		200,121		3,556,150
Splunk, Inc. (a) (b)		615,939		35,040,770
Take-Two Interactive Software, Inc. (a)		371,060		27,228,383
Workday, Inc. - Class A (a) (b)		511,725		49,637,325
				177,976,650
Textiles, Apparel & Luxury Goods—1.1%
Under Armour, Inc. - Class C (a) (b)		595,181		11,998,849
Total Common Stocks (Cost $806,146,541)				999,602,039
Convertible Preferred Stock – 1.9%
Internet Software & Services—1.9%
Airbnb, Inc. - Series D (a) (c) (d) (Cost $7,659,587)		188,136		20,262,247
Preferred Stocks – 1.0%
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—0.3%
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
Purchased Option – 0.0%
Currency Option—0.0%
USD Call/CNY Put, Strike Price CNY 7.40 Expires 11/22/17 (Counterparty - Royal Bank of Scotland plc) (e) (Cost $531,896)		158,415,582		97,901

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—3.3%

Security Description	Principal Amount*		Value
Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $35,116,752 on 07/03/17, collateralized by $35,885,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $35,821,412.		35,116,401	$	35,116,401
Total Short-Term Investments (Cost $35,116,401)				35,116,401
Securities Lending Reinvestments (f) – 23.8%
Certificates of Deposit—13.9%
ABN AMRO Bank NV Zero Coupon, 09/05/17		7,468,632		7,484,250
Bank of America N.A. 1.507%, 07/11/17 (g)		7,500,000		7,501,321
Bank of Montreal 1.130%, 07/07/17		6,000,000		5,999,940
Bank of Montreal Chicago 1.276%, 09/06/17 (g)		5,500,000		5,501,012
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		2,926,843		2,903,219
1.602%, 11/16/17 (g)		2,000,000		2,001,952
BNP Paribas New York 1.372%, 02/15/18 (g)		1,000,000		1,000,160
Canadian Imperial Bank 1.630%, 10/27/17 (g)		1,500,000		1,501,688
Cooperative Rabobank UA New York 1.555%, 10/13/17 (g)		2,500,000		2,502,882
1.558%, 10/13/17 (g)		2,000,000		2,002,713
Credit Industriel et Commercial 1.125%, 07/03/17		3,000,000		3,000,066
Credit Suisse AG New York 1.366%, 10/06/17 (g)		5,000,000		5,001,240
1.377%, 10/11/17 (g)		7,000,000		7,001,372
DG Bank New York 1.140%, 07/03/17		5,000,000		4,999,950
DNB NOR Bank ASA 1.412%, 07/28/17 (g)		2,200,000		2,200,275
KBC Bank NV Zero Coupon, 09/08/17		996,562		997,810
1.200%, 07/18/17		4,000,000		4,000,000
1.220%, 07/27/17		7,500,000		7,500,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		7,000,000		6,999,930
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (g)		1,000,000		1,000,023
1.367%, 10/11/17 (g)		6,000,000		6,001,344
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (g)		4,000,000		3,999,868
1.400%, 11/27/17 (g)		3,000,000		2,998,620
1.469%, 10/18/17 (g)		4,250,000		4,249,711
1.610%, 08/02/17 (g)		1,000,000		1,000,305
Certificates of Deposit—(Continued)
Natixis New York 1.287%, 11/13/17 (g)		5,000,000		4,999,450
1.506%, 08/03/17 (g)		3,900,000		3,901,178
Norinchukin Bank New York 1.377%, 10/13/17 (g)		3,000,000		3,002,062
1.584%, 08/21/17 (g)		2,500,000		2,500,922
1.687%, 07/12/17 (g)		5,000,000		5,000,605
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		3,532,317		3,500,805
Sumitomo Mitsui Banking Corp., New York 1.357%, 10/12/17 (g)		4,000,000		4,001,124
1.551%, 08/01/17 (g)		2,800,000		2,801,089
Sumitomo Mitsui Trust Bank, Ltd., New York 1.377%, 10/11/17 (g)		4,000,000		4,002,818
1.466%, 10/26/17 (g)		4,500,000		4,501,152
Toronto Dominion Bank New York 1.467%, 03/13/18 (g)		8,000,000		8,005,944
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (g)		2,200,000		2,201,967
				147,768,767
Commercial Paper—4.5%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		5,982,255		5,997,828
Barton Capital S.A. 1.210%, 07/10/17		3,488,942		3,498,859
Commonwealth Bank Australia 1.522%, 10/23/17 (g)		4,000,000		4,004,217
Erste Abwicklungsanstalt 1.379%, 07/18/17 (g)		9,000,000		9,000,522
ING Funding LLC 1.234%, 12/07/17 (g)		6,000,000		6,002,072
1.277%, 11/13/17 (g)		2,500,000		2,499,817
LMA S.A. & LMA Americas 1.150%, 07/07/17		1,499,665		1,499,808
1.180%, 07/11/17		2,991,150		2,999,004
Ridgefield Funding Co. LLC 1.180%, 07/31/17		2,991,150		2,996,781
1.434%, 09/07/17 (g)		1,500,000		1,500,600
Sheffield Receivables Co. 1.230%, 07/07/17		3,987,563		3,999,064
Westpac Banking Corp. 1.506%, 10/20/17 (g)		3,800,000		3,803,789
				47,802,361
Repurchase Agreements—3.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $223,812 on 07/03/17, collateralized by $232,964 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $228,268.		223,792		223,792

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $6,100,559 on 07/03/17, collateralized by $6,076,556 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $6,222,001.		6,100,000	$	6,100,000
Deutsche Bank AG, London
Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $9,750,975 on 07/03/17, collateralized by $9,913,150 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $9,945,030.		9,750,000		9,750,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $11,008,525 on 07/03/17, collateralized by $2,391 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $12,230,059.		11,000,000		11,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $5,024,225 on 09/29/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,540,494 on 10/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $5,038,238 on 10/02/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
				39,573,792
Time Deposits—1.7%
ABN AMRO Bank NV 1.180%, 07/07/17		4,000,000		4,000,000
Australia New Zealand Bank 1.150%, 07/03/17		1,100,000		1,100,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.330%, 07/25/17		6,900,000		6,900,000
Repurchase Agreements—(Continued)
Standard Chartered plc 1.200%, 07/03/17		2,000,000		2,000,000
				18,000,000
Total Securities Lending Reinvestments (Cost $253,098,008)				253,144,920
Total Investments—124.0% (Cost $1,108,167,336) (h)				1,319,225,360
Other assets and liabilities (net)—(24.0)%				(255,164,822	)
Net Assets—100.0%			$	1,064,060,538

*	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 June 30, 2017, the market value of securities loaned was $248,221,301 and the collateral received consisted of cash in the amount of $253,088,870. 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 June 30, 2017, these securities represent 3.5% 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 June 30, 2017, the market value of restricted securities was $37,089,359, which is 3.5% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Illiquid security. As of June 30, 2017, these securities represent 0.0% of net assets.
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)	As of June 30, 2017, the aggregate cost of investments was $1,108,167,336. The aggregate unrealized appreciation and depreciation of investments were $265,902,588 and $(54,844,564), respectively, resulting in net unrealized appreciation of $211,058,024.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Restricted Securities	Acquisition Date		Shares		Cost		Value
Airbnb, Inc. - Series D		04/16/14		188,136	$	7,659,587	$	20,262,247
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		2,074,948
							$	37,089,359

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	38,105,601	$	—		$	—	$	38,105,601
Automobiles		15,777,406		—			—		15,777,406
Biotechnology		12,627,528		—			—		12,627,528
Capital Markets		78,974,036		—			—		78,974,036
Consumer Finance		9,689,814		—			—		9,689,814
Electronic Equipment, Instruments & Components		5,137,723		—			—		5,137,723
Health Care Equipment & Supplies		68,354,436		—			—		68,354,436
Health Care Technology		127,683,241		—			—		127,683,241
Hotels, Restaurants & Leisure		24,090,196		—			—		24,090,196
Internet & Direct Marketing Retail		52,957,981		—			—		52,957,981
Internet Software & Services		155,235,104		—			5,825,260		161,060,364
IT Services		41,790,473		—			—		41,790,473
Life Sciences Tools & Services		70,789,046		—			—		70,789,046
Multiline Retail		23,907,955		—			—		23,907,955
Professional Services		78,680,740		—			—		78,680,740
Software		177,976,650		—			—		177,976,650
Textiles, Apparel & Luxury Goods		11,998,849		—			—		11,998,849
Total Common Stocks		993,776,779		—			5,825,260		999,602,039
Total Convertible Preferred Stock*		—		—			20,262,247		20,262,247
Total Preferred Stocks*		—		—			11,001,852		11,001,852
Total Purchased Option*		—		97,901			—		97,901
Total Short-Term Investment*		—		35,116,401			—		35,116,401
Total Securities Lending Reinvestments*		—		253,144,920			—		253,144,920
Total Investments	$	993,776,779	$	288,359,222		$	37,089,359	$	1,319,225,360
Collateral for Securities Loaned (Liability)	$	—	$	(253,088,870	)	$	—	$	(253,088,870	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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 June 30, 2017		Change in Unrealized Appreciation/ (Depreciaton) from Investments Still Held at June 30, 2017
Common Stocks
Internet Software & Services	$	6,364,897	$	(539,637	)	$	5,825,260	$	(539,637	)
Convertible Preferred Stocks
Internet Software & Services		19,771,212		491,035			20,262,247		491,035
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	$	1,871,940		$	37,089,359	$	1,871,940

	Fair Value at June 30, 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
		2,074,948	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		5.5x			5.5x			5.5x		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		20,262,247	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		9.7x			9.7x			9.7x		Increase
				Discount for Lack of Marketability		20.00	%		20.00	%		20.00	%	Decrease

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,319,225,360
Receivable for:
Investments sold		2,317,548
Fund shares sold		163,815
Dividends and interest		5,693
Total Assets		1,321,712,416
Liabilities
Collateral for securities loaned		253,088,870
Payables for:
Fund shares redeemed		3,547,151
Accrued Expenses:
Management fees		555,936
Distribution and service fees		83,093
Deferred trustees’ fees		119,662
Other expenses		257,166
Total Liabilities		257,651,878
Net Assets	$	1,064,060,538
Net Assets Consist of:
Paid in surplus	$	804,880,497
Distributions in excess of net investment income		(1,881,595	)
Accumulated net realized gain		50,003,612
Unrealized appreciation on investments		211,058,024
Net Assets	$	1,064,060,538
Net Assets
Class A	$	660,856,077
Class B		389,569,001
Class E		13,635,460
Capital Shares Outstanding*
Class A		35,901,879
Class B		22,031,042
Class E		759,850
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.41
Class B		17.68
Class E		17.94

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,108,167,336.
(b)	Includes securities loaned at value of $248,221,301.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	1,083,721
Interest		8,747
Securities lending income		947,848
Total investment income		2,040,316
Expenses
Management fees		3,206,367
Administration fees		15,767
Custodian and accounting fees		23,799
Distribution and service fees—Class B		455,321
Distribution and service fees—Class E		9,339
Audit and tax services		22,938
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		94,154
Insurance		3,061
Miscellaneous		8,812
Total expenses		3,884,260
Less management fee waiver		(86,419	)
Less broker commission recapture		(71,497	)
Net expenses		3,726,344
Net Investment Loss		(1,686,028	)
Net Realized and Unrealized Gain
Net realized gain on investments		108,139,756
Net change in unrealized appreciation on investments		136,311,074
Net realized and unrealized gain		244,450,830
Net Increase in Net Assets From Operations	$	242,764,802

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(1,686,028	)	$	2,842,856
Net realized gain (loss)		108,139,756			(57,889,873	)
Net change in unrealized appreciation (depreciation)		136,311,074			(25,881,396	)
Increase (decrease) in net assets from operations		242,764,802			(80,928,413	)
From Distributions to Shareholders
Net investment income
Class A		(2,276,102	)		0
Class B		(555,334	)		0
Class E		(30,621	)		0
Total distributions		(2,862,057	)		0
Decrease in net assets from capital share transactions		(59,370,321	)		(42,843,264	)
Total increase (decrease) in net assets		180,532,424			(123,771,677	)
Net Assets
Beginning of period		883,528,114			1,007,299,791
End of period	$	1,064,060,538		$	883,528,114
Accumulated undistributed net investment income (loss)
End of period	$	(1,881,595	)	$	2,666,490

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		510,688		$	8,433,174			1,252,031		$	17,952,256
Reinvestments		124,581			2,276,102			0			0
Redemptions		(2,677,773	)		(45,601,250	)		(3,375,719	)		(49,901,292	)
Net decrease		(2,042,504	)	$	(34,891,974	)		(2,123,688	)	$	(31,949,036	)
Class B
Sales		662,162		$	10,431,060			1,826,054		$	24,835,983
Reinvestments		31,643			555,334			0			0
Redemptions		(2,144,489	)		(35,077,761	)		(2,415,508	)		(34,573,322	)
Net decrease		(1,450,684	)	$	(24,091,367	)		(589,454	)	$	(9,737,339	)
Class E
Sales		47,761		$	777,186			35,438		$	493,384
Reinvestments		1,719			30,621			0			0
Redemptions		(72,967	)		(1,194,787	)		(116,082	)		(1,650,273	)
Net decrease		(23,487	)	$	(386,980	)		(80,644	)	$	(1,156,889	)
Decrease derived from capital shares transactions				$	(59,370,321	)				$	(42,843,264	)

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	14.43		$	15.72		$	16.51		$	16.31		$	11.81		$	10.78
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		0.06	(b)		(0.04	)		(0.01	)		0.02			0.12
Net realized and unrealized gain (loss) on investments		4.06			(1.35	)		(0.75	)		0.22			4.59			0.91
Total from investment operations		4.04			(1.29	)		(0.79	)		0.21			4.61			1.03
Less Distributions
Distributions from net investment income		(0.06	)		0.00			0.00			(0.01	)		(0.11	)		0.00
Total distributions		(0.06	)		0.00			0.00			(0.01	)		(0.11	)		0.00
Net Asset Value, End of Period	$	18.41		$	14.43		$	15.72		$	16.51		$	16.31		$	11.81
Total Return (%) (c)		28.11	(d)		(8.27	)		(4.78	)		1.29			39.30			9.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(e)		0.70			0.68			0.69			0.69			0.72
Net ratio of expenses to average net assets (%) (f)		0.67	(e)		0.69			0.67			0.68			0.68			0.71
Ratio of net investment income (loss) to average net assets (%)		(0.25	)(e)		0.40	(b)		(0.25	)		(0.04	)		0.17			1.07
Portfolio turnover rate (%)		24	(d)		42			23			42			56			36
Net assets, end of period (in millions)	$	660.9		$	547.4		$	629.9		$	816.5		$	930.3		$	649.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.85		$	15.13		$	15.93		$	15.77		$	11.42		$	10.45
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.04	)		0.02	(b)		(0.08	)		(0.05	)		(0.01	)		0.09
Net realized and unrealized gain (loss) on investments		3.90			(1.30	)		(0.72	)		0.21			4.44			0.88
Total from investment operations		3.86			(1.28	)		(0.80	)		0.16			4.43			0.97
Less Distributions
Distributions from net investment income		(0.03	)		0.00			0.00			0.00			(0.08	)		0.00
Total distributions		(0.03	)		0.00			0.00			0.00			(0.08	)		0.00
Net Asset Value, End of Period	$	17.68		$	13.85		$	15.13		$	15.93		$	15.77		$	11.42
Total Return (%) (c)		27.84	(d)		(8.46	)		(5.02	)		1.01			39.02			9.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94	(e)		0.95			0.93			0.94			0.94			0.97
Net ratio of expenses to average net assets (%) (f)		0.92	(e)		0.94			0.92			0.93			0.93			0.96
Ratio of net investment income (loss) to average net assets (%)		(0.50	)(e)		0.15	(b)		(0.49	)		(0.29	)		(0.08	)		0.80
Portfolio turnover rate (%)		24	(d)		42			23			42			56			36
Net assets, end of period (in millions)	$	389.6		$	325.1		$	364.1		$	404.7		$	421.9		$	315.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	14.06		$	15.34		$	16.14		$	15.96		$	11.56		$	10.56
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		0.04	(b)		(0.06	)		(0.03	)		0.00	(g)		0.10
Net realized and unrealized gain (loss) on investments		3.95			(1.32	)		(0.74	)		0.21			4.49			0.90
Total from investment operations		3.92			(1.28	)		(0.80	)		0.18			4.49			1.00
Less Distributions
Distributions from net investment income		(0.04	)		0.00			0.00			0.00			(0.09	)		0.00
Total distributions		(0.04	)		0.00			0.00			0.00			(0.09	)		0.00
Net Asset Value, End of Period	$	17.94		$	14.06		$	15.34		$	16.14		$	15.96		$	11.56
Total Return (%) (c)		27.88	(d)		(8.34	)		(4.96	)		1.13			39.06			9.47
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(e)		0.85			0.83			0.84			0.84			0.87
Net ratio of expenses to average net assets (%) (f)		0.82	(e)		0.84			0.82			0.83			0.83			0.86
Ratio of net investment income (loss) to average net assets (%)		(0.40	)(e)		0.25	(b)		(0.39	)		(0.18	)		0.03			0.87
Portfolio turnover rate (%)		24	(d)		42			23			42			56			36
Net assets, end of period (in millions)	$	13.6		$	11.0		$	13.3		$	15.5		$	17.6		$	15.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Morgan Stanley Mid Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-15

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization

BHFTI-16

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, expired capital loss carry forwards and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $35,116,401. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $39,573,792. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

BHFTI-17

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Investments at market value (a)	$	97,901

(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

BHFTI-18

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Received†		Net Amount*
Royal Bank of Scotland plc	$	97,901	$	—	$	—	$	97,901

*	Net amount represents the net amount receivable from the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Investments (a)	$	(469,704	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Investments (a)	$	(392,673	)
	$	(392,673	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	129,329,215

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

BHFTI-19

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.    Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	233,761,575	$	0	$	319,250,188

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$3,206,367		0.700	%	First $200 million
		0.650	%	$200 million to $500 million
		0.625	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Morgan Stanley Investment Management Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-20

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period November 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	First $	200 million
0.050%	Over $	850 million

Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

Affiliated Broker - During the six months ended June 30, 2017 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Morgan Stanley	$	1,048

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$—	$	—	$	—	$	—	$	—	$	—

BHFTI-21

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$2,772,441	$	—	$	72,926,005	$	(56,315,195	)	$	19,383,251

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2016, $78,901,039 in pre-enactment capital loss carry forwards expired.

As of December 31, 2016, the Portfolio had short-term accumulated capital losses of $22,604,032 and long-term accumulated capital losses of $33,711,163.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-22

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	56,701,913		1,726,958		3,538,349

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		58,458,717		3,508,503
Robert Boulware		58,421,529		3,545,691
Susan C. Gause		58,571,914		3,395,307
Nancy Hawthorne		58,566,723		3,400,497
Barbara A. Nugent		58,598,630		3,368,591
John Rosenthal		58,497,887		3,469,334
Linda B. Strumpf		58,441,358		3,525,862
Dawn M. Vroegop		58,443,328		3,523,893

BHFTI-23

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Managed by OppenheimerFunds, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Oppenheimer Global Equity Portfolio returned 20.17%, 20.00%, and 20.08%, respectively. The Portfolio’s benchmark, the MSCI All Country World Index¹, returned 11.48%.

MARKET ENVIRONMENT / CONDITIONS

The first quarter of 2017 continued the market strength that began post the 2016 U.S. presidential election. Dissipating political uncertainty and improving economic growth around the world helped global stocks to continue rising through the second quarter, supported by encouraging economic updates and healthy corporate earnings. In addition, reassuring news in the French election supported sentiment. Investors saw a more hawkish tone emerging from the U.S. Federal Reserve, but interest rates remain at levels rarely if ever observed. As such, we believe there remains ample opportunity for the economy to expand without interest rates interfering.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark during the first half of 2017. Top performing holdings this reporting period included DLF, Ltd. (Real Estate) (India), S&P Global, Inc. (Financials) (United States) and Alphabet, Inc. (Information Technology) (United States). DLF is an Indian real estate owner/operator in the midst of a restructuring. In the first quarter of 2017, the company took several steps to strengthen its financial condition. In addition, among the reforms introduced by the Modi government has been the approval of real estate investment trusts (“REITs”). We believe this should allow for the still fragmented Indian real estate market to consolidate and DLF is likely to be a beneficiary. S&P Global continued to have strong business momentum. The core ratings business has been thriving due to an upswing in syndicated bank loan issuance, in particular. Additionally, the S&P indices have been beneficiaries of strong ETF demand, where they earn royalty streams. Alphabet continued to monetize its rich asset base steadily and thoughtfully. The company is a leader in online ad spending, online video, location-based services, cloud services, and has the largest mobile operating system in the world. We believe these assets all still have significant capacity to grow the company’s monetization rates and its end markets.

Top detractors from performance included TechnipFMC plc (Energy), International Game Technology plc (Consumer Discretionary) and Goldman Sachs Group, Inc. (Financials), which are all based in the United States. TechnipFMC is the global leader in offshore oil infrastructure equipment and services. Its share weakness was related to a softer commodity environment. International Game Technology is a global leader in the management of lotteries and slot/gaming machines. Recent share weakness is related to some troubles in the slot/gaming business. Goldman Sachs Group corrected in March after its share price rose by 80% in the prior eight months. Over the past several years, the firm’s investment management business has become a priority. Investment management is a fairly stable, high-return-on-capital business that is well suited to the current regulatory environment.

At period end, the Portfolio had its largest overweight positions in Information Technology, Consumer Discretionary, Health Care and Industrials. The Portfolio had its largest underweight positions in Energy, Materials, Consumer Staples and Utilities. On a country basis, the Portfolio had its largest overweight positions in Japan, Germany and France, with its most significant underweight positions in the United States, Canada and Australia. Despite being underweight the United States relative to the benchmark index, the Portfolio had its largest allocation to that country on an absolute basis at period end.

Rajeev Bhaman

John Delano

Portfolio Managers

OppenheimerFunds, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-1

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Oppenheimer Global Equity Portfolio
Class A		20.17		31.12		13.63		5.70
Class B		20.00		30.77		13.34		5.42
Class E		20.08		30.91		13.46		5.54
MSCI ACWI (All Country World Index)		11.48		18.78		10.54		3.71

¹ The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Citigroup, Inc.		3.0
Airbus SE		3.0
Alphabet, Inc. - Class C		2.8
LVMH Moet Hennessy Louis Vuitton SE		2.8
Alphabet, Inc. - Class A		2.8
Aetna, Inc.		2.5
Murata Manufacturing Co., Ltd.		2.4
Colgate-Palmolive Co.		2.4
S&P Global, Inc.		2.3
Facebook, Inc. - Class A		2.3

Top Countries

	% of Net Assets
United States		47.0
Japan		14.5
France		9.3
Germany		9.2
United Kingdom		5.8
India		3.5
Switzerland		2.9
Spain		2.8
China		2.2
Sweden		1.4

BHFTI-2

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Oppenheimer Global Equity Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.60	%	$	1,000.00	$	1,201.70	$	3.28
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01
Class B(a)	Actual		0.85	%	$	1,000.00	$	1,200.00	$	4.64
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26
Class E(a)	Actual		0.75	%	$	1,000.00	$	1,200.80	$	4.09
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.76

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-3

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—97.2% of Net Assets

Security Description	Shares		Value
China—2.2%
Baidu, Inc. (ADR) (a)		36,780	$	6,578,471
JD.com, Inc. (ADR) (a) (b)		630,828		24,741,074
				31,319,545
Denmark—0.5%
FLSmidth & Co. A/S		102,012		6,449,611
France—9.3%
Airbus SE		514,762		42,414,646
Kering		87,844		30,076,883
LVMH Moet Hennessy Louis Vuitton SE		157,597		39,535,085
Societe Generale S.A.		366,649		19,934,972
				131,961,586
Germany—7.4%
Allianz SE		131,627		25,939,582
Bayer AG		150,865		19,519,524
Linde AG		71,685		13,616,291
SAP SE		304,868		31,864,544
Siemens AG		102,798		14,134,433
				105,074,374
India—3.5%
DLF, Ltd. (a)		9,666,863		28,516,522
ICICI Bank, Ltd. (ADR)		1,396,439		12,526,058
Zee Entertainment Enterprises, Ltd.		1,091,731		8,306,211
				49,348,791
Italy—0.6%
Brunello Cucinelli S.p.A. (b)		195,099		5,128,660
Tod’s S.p.A.		65,636		4,093,151
				9,221,811
Japan—14.5%
Dai-ichi Life Holdings, Inc.		1,046,100		18,994,441
FANUC Corp.		57,700		11,142,094
KDDI Corp.		720,200		19,079,601
Keyence Corp.		68,200		30,019,492
Kyocera Corp.		293,500		17,016,048
Murata Manufacturing Co., Ltd.		227,400		34,648,565
Nidec Corp.		286,600		29,430,331
Nintendo Co., Ltd.		41,400		13,856,174
Renesas Electronics Corp. (a)		446,100		3,903,018
Sumitomo Mitsui Financial Group, Inc.		107,400		4,201,569
Suzuki Motor Corp.		282,100		13,407,010
TDK Corp.		163,700		10,801,341
				206,499,684
Spain—2.8%
Banco Bilbao Vizcaya Argentaria S.A.		1,101,218		9,203,788
Industria de Diseno Textil S.A.		783,668		30,178,536
				39,382,324
Sweden—1.4%
Assa Abloy AB - Class B		925,154		20,336,579
Switzerland—2.9%
Credit Suisse Group AG (a)		639,442		9,265,067
Roche Holding AG		32,901		8,400,812
UBS Group AG (a)		1,407,841		23,899,018
				41,564,897
United Kingdom—5.8%
Circassia Pharmaceuticals plc (a) (b)		2,218,564		2,628,602
Earthport plc (a)		6,014,217		1,625,368
International Consolidated Airlines Group S.A.		1,180,830		9,403,551
Prudential plc		1,169,763		26,873,444
TechnipFMC plc (a)		480,794		13,071,662
Unilever plc		529,533		28,683,044
				82,285,671
United States—46.3%
3M Co.		106,050		22,078,550
ACADIA Pharmaceuticals, Inc. (a) (b)		331,890		9,256,412
Adobe Systems, Inc. (a)		209,320		29,606,221
Aetna, Inc.		238,380		36,193,235
Alphabet, Inc. - Class A (a)		42,030		39,074,450
Alphabet, Inc. - Class C (a)		43,588		39,609,723
Anthem, Inc.		150,300		28,275,939
Biogen, Inc. (a)		50,620		13,736,243
BioMarin Pharmaceutical, Inc. (a)		74,840		6,796,969
Bluebird Bio, Inc. (a) (b)		72,440		7,609,822
Blueprint Medicines Corp. (a)		113,730		5,762,699
Centene Corp. (a)		112,890		9,017,653
Citigroup, Inc.		636,510		42,569,789
Colgate-Palmolive Co.		462,770		34,305,140
Emerson Electric Co.		111,950		6,674,459
Facebook, Inc. - Class A (a)		216,600		32,702,268
FNF Group		319,190		14,309,288
Gilead Sciences, Inc.		183,760		13,006,533
Goldman Sachs Group, Inc. (The)		102,010		22,636,019
International Game Technology plc		457,591		8,373,915
Intuit, Inc.		204,350		27,139,724
Ionis Pharmaceuticals, Inc. (a) (b)		202,840		10,318,471
Loxo Oncology, Inc. (a)		48,890		3,920,489
MacroGenics, Inc. (a) (b)		265,390		4,646,979
Maxim Integrated Products, Inc.		593,400		26,643,660
PayPal Holdings, Inc. (a)		277,770		14,907,916
S&P Global, Inc.		228,530		33,363,095
Sage Therapeutics, Inc. (a)		122,790		9,778,996
Shire plc		135,036		7,439,746
Tiffany & Co. (b)		207,660		19,493,044
Twitter, Inc. (a) (b)		528,860		9,450,728
United Parcel Service, Inc. - Class B (b)		137,380		15,192,854
Walt Disney Co. (The)		208,620		22,165,875
Whole Foods Market, Inc. (b)		279,310		11,761,744
Zimmer Biomet Holdings, Inc.		151,750		19,484,700
				657,303,348
Total Common Stocks (Cost $965,410,768)				1,380,748,221

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Preferred Stock—1.8%

Security Description	Shares/ Principal Amount*		Value
Germany—1.8%
Bayerische Motoren Werke (BMW) AG (Cost $20,603,285)		309,237	$	25,515,662
Short-Term Investment—0.7%
Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $10,460,432 on 07/03/17, collateralized by $10,680,000 U.S. Treasury Note at 0.875% due 03/31/18 with a value of $10,673,880.		10,460,328		10,460,328
Total Short-Term Investments (Cost $10,460,328)				10,460,328
Securities Lending Reinvestments (c)—3.9%
Certificates of Deposit—2.5%
Bank of America N.A. 1.507%, 07/11/17 (d)		1,000,000		1,000,176
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (d)		1,000,000		1,000,976
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		500,000		500,577
1.558%, 10/13/17 (d)		500,000		500,678
Credit Industriel et Commercial 1.125%, 07/03/17		3,000,000		3,000,066
Credit Suisse AG New York 1.377%, 10/11/17 (d)		2,000,000		2,000,392
1.432%, 10/16/17 (d)		2,000,000		2,000,428
DG Bank New York 1.140%, 07/03/17		2,000,000		1,999,980
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		600,000		600,075
KBC Bank NV Zero Coupon, 09/08/17		498,281		498,905
1.200%, 07/18/17		1,500,000		1,500,000
1.220%, 07/27/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		1,500,000		1,499,985
Mizuho Bank, Ltd., New York 1.469%, 10/18/17 (d)		3,500,000		3,499,762
National Australia Bank London 1.480%, 11/09/17 (d)		1,000,000		1,000,810
Natixis New York 1.287%, 11/13/17 (d)		1,500,000		1,499,835
1.506%, 08/03/17 (d)		1,100,000		1,100,332
Norinchukin Bank New York 1.584%, 08/21/17 (d)		1,000,000		1,000,369
1.687%, 07/12/17 (d)		2,500,000		2,500,302
Certificates of Deposit—(Continued)
Royal Bank of Canada New York 1.555%, 10/13/17 (d)		500,000		500,506
Sumitomo Mitsui Banking Corp., New York 1.357%, 10/12/17 (d)		2,000,000		2,000,562
Sumitomo Mitsui Trust Bank, Ltd., New York 1.466%, 10/26/17 (d)		3,000,000		3,000,768
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		700,000		700,626
				34,907,235
Commercial Paper—0.6%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		997,043		999,638
Barton Capital S.A. 1.210%, 07/10/17		1,495,261		1,499,511
Commonwealth Bank Australia 1.522%, 10/23/17 (d)		1,500,000		1,501,581
ING Funding LLC 1.234%, 12/07/17 (d)		1,500,000		1,500,518
LMA S.A. & LMA Americas 1.150%, 07/07/17		749,832		749,904
1.180%, 07/11/17		498,525		499,834
Sheffield Receivables Co. 1.230%, 07/07/17		996,891		999,766
Westpac Banking Corp. 1.506%, 10/20/17 (d)		1,000,000		1,000,997
				8,751,749
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $664,450 on 07/03/17, collateralized by $691,619 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $677,679.		664,390		664,390
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $2,226,125 on 10/02/17, 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 06/15/17 at 1.550% to be repurchased at $50,039 on 07/03/17, collateralized by $11 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $55,591.		50,000		50,000

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,219,437 on 10/02/17, collateralized by various Common Stock with a value of $1,320,000.		1,200,000	$	1,200,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $2,015,295 on 10/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $4,000,447 on 07/03/17, collateralized by $7,976,247 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $4,080,475.		4,000,000		4,000,000
				10,114,390
Time Deposits—0.1%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		500,000		500,000
Standard Chartered plc 1.200%, 07/03/17		600,000		600,000
				1,200,000
Total Securities Lending Reinvestments (Cost $54,962,129)				54,973,374
Total Investments—103.6% (Cost $1,051,436,510) (e)				1,471,697,585
Other assets and liabilities (net)—(3.6)%				(51,317,827	)
Net Assets—100.0%			$	1,420,379,758

*	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 June 30, 2017, the market value of securities loaned was $53,349,683 and the collateral received consisted of cash in the amount of $54,950,223. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,051,436,510. The aggregate unrealized appreciation and depreciation of investments were $447,097,122 and $(26,836,047), respectively, resulting in net unrealized appreciation of $420,261,075.
(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 June 30, 2017 (Unaudited)	% of Net Assets
Internet Software & Services		9.0
Software		7.2
Biotechnology		6.7
Electronic Equipment, Instruments & Components		6.5
Capital Markets		6.3
Banks		6.2
Insurance		6.1
Textiles, Apparel & Luxury Goods		5.5
Health Care Providers & Services		5.2
Specialty Retail		3.5

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
China	$	31,319,545	$	—		$	—	$	31,319,545
Denmark		—		6,449,611			—		6,449,611
France		—		131,961,586			—		131,961,586
Germany		—		105,074,374			—		105,074,374
India		12,526,058		36,822,733			—		49,348,791
Italy		—		9,221,811			—		9,221,811
Japan		—		206,499,684			—		206,499,684
Spain		—		39,382,324			—		39,382,324
Sweden		—		20,336,579			—		20,336,579
Switzerland		—		41,564,897			—		41,564,897
United Kingdom		—		82,285,671			—		82,285,671
United States		649,863,602		7,439,746			—		657,303,348
Total Common Stocks		693,709,205		687,039,016			—		1,380,748,221
Total Preferred Stock*		—		25,515,662			—		25,515,662
Total Short-Term Investment*		—		10,460,328			—		10,460,328
Total Securities Lending Reinvestments*		—		54,973,374			—		54,973,374
Total Investments	$	693,709,205	$	777,988,380		$	—	$	1,471,697,585
Collateral for Securities Loaned (Liability)	$	—	$	(54,950,223	)	$	—	$	(54,950,223	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,471,697,585
Cash denominated in foreign currencies (c)		630,474
Receivable for:
Investments sold		4,504,470
Fund shares sold		186,031
Dividends and interest		1,957,640
Total Assets		1,478,976,200
Liabilities
Collateral for securities loaned		54,950,223
Payables for:
Fund shares redeemed		2,288,783
Foreign taxes		113,428
Accrued Expenses:
Management fees		661,415
Distribution and service fees		83,694
Deferred trustees’ fees		134,956
Other expenses		363,943
Total Liabilities		58,596,442
Net Assets	$	1,420,379,758
Net Assets Consist of:
Paid in surplus	$	943,046,314
Undistributed net investment income		6,130,494
Accumulated net realized gain		51,032,727
Unrealized appreciation on investments and foreign currency transactions (d)		420,170,223
Net Assets	$	1,420,379,758
Net Assets
Class A	$	1,009,115,589
Class B		387,951,067
Class E		23,313,102
Capital Shares Outstanding*
Class A		44,052,759
Class B		17,006,507
Class E		1,020,711
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	22.91
Class B		22.81
Class E		22.84

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,051,436,510.
(b)	Includes securities loaned at value of $53,349,683.
(c)	Identified cost of cash denominated in foreign currencies was $632,668.
(d)	Includes foreign capital gains tax of $113,428.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	14,231,573
Interest		4,686
Securities lending income		317,896
Total investment income		14,554,155
Expenses
Management fees		4,546,187
Administration fees		21,817
Custodian and accounting fees		106,389
Distribution and service fees—Class B		467,275
Distribution and service fees—Class E		16,636
Audit and tax services		25,244
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		51,236
Insurance		4,414
Miscellaneous		24,145
Total expenses		5,308,045
Less management fee waiver		(698,980	)
Net expenses		4,609,065
Net Investment Income		9,945,090
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments (b)		71,072,301
Foreign currency transactions		(66,149	)
Net realized gain		71,006,152
Net change in unrealized appreciation on:
Investments (c)		170,909,979
Foreign currency transactions		89,192
Net change in unrealized appreciation		170,999,171
Net realized and unrealized gain		242,005,323
Net Increase in Net Assets From Operations	$	251,950,413

(a)	Net of foreign withholding taxes of $1,422,276.
(b)	Net of foreign capital gains tax of $25,530.
(c)	Includes change in foreign capital gains tax of $206,672.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	9,945,090		$	14,604,127
Net realized gain (loss)		71,006,152			(17,012,466	)
Net change in unrealized appreciation		170,999,171			12,484,974
Increase in net assets from operations		251,950,413			10,076,635
From Distributions to Shareholders
Net investment income
Class A		(11,323,590	)		(10,805,117	)
Class B		(3,474,759	)		(3,267,233	)
Class E		(229,424	)		(224,399	)
Net realized capital gains
Class A		0			(44,990,271	)
Class B		0			(17,932,653	)
Class E		0			(1,111,638	)
Total distributions		(15,027,773	)		(78,331,311	)
Increase (decrease) in net assets from capital share transactions		(116,729,977	)		89,900,099
Total increase in net assets		120,192,663			21,645,423
Net Assets
Beginning of period		1,300,187,095			1,278,541,672
End of period	$	1,420,379,758		$	1,300,187,095
Undistributed net investment income
End of period	$	6,130,494		$	11,213,177

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		365,922		$	7,855,164			6,612,047		$	125,637,728
Reinvestments		498,837			11,323,590			3,150,502			55,795,388
Redemptions		(4,809,334	)		(103,943,224	)		(3,965,358	)		(75,196,317	)
Net increase (decrease)		(3,944,575	)	$	(84,764,470	)		5,797,191		$	106,236,799
Class B
Sales		356,777		$	7,693,704			1,267,429		$	23,567,086
Reinvestments		153,682			3,474,759			1,201,807			21,199,886
Redemptions		(1,959,499	)		(41,988,155	)		(3,070,079	)		(57,871,292	)
Net decrease		(1,449,040	)	$	(30,819,692	)		(600,843	)	$	(13,104,320	)
Class E
Sales		39,436		$	844,079			60,544		$	1,131,182
Reinvestments		10,138			229,424			75,653			1,336,037
Redemptions		(103,309	)		(2,219,318	)		(303,927	)		(5,699,599	)
Net decrease		(53,735	)	$	(1,145,815	)		(167,730	)	$	(3,232,380	)
Increase (decrease) derived from capital shares transactions				$	(116,729,977	)				$	89,900,099

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013(a)			2012
Net Asset Value, Beginning of Period	$	19.28		$	20.49		$	20.34		$	20.73		$	16.63		$	13.91
Income (Loss) from Investment Operations
Net investment income (b)		0.16			0.23	(c)		0.24			0.30			0.24			0.26
Net realized and unrealized gain (loss) on investments		3.73			(0.24	)		0.64			0.14			4.24			2.71
Total from investment operations		3.89			(0.01	)		0.88			0.44			4.48			2.97
Less Distributions
Distributions from net investment income		(0.26	)		(0.23	)		(0.26	)		(0.21	)		(0.38	)		(0.25	)
Distributions from net realized capital gains		0.00			(0.97	)		(0.47	)		(0.62	)		0.00			0.00
Total distributions		(0.26	)		(1.20	)		(0.73	)		(0.83	)		(0.38	)		(0.25	)
Net Asset Value, End of Period	$	22.91		$	19.28		$	20.49		$	20.34		$	20.73		$	16.63
Total Return (%) (d)		20.17	(e)		0.46			4.10			2.30			27.32			21.52
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.70	(f)		0.71			0.71			0.74			0.71			0.62
Net ratio of expenses to average net assets (%) (g)		0.60	(f)		0.63			0.65			0.70			0.69			0.62
Ratio of net investment income to average net assets (%)		1.52	(f)		1.23	(c)		1.14			1.48			1.27			1.74
Portfolio turnover rate (%)		4	(e)		19			19			22			11			13
Net assets, end of period (in millions)	$	1,009.1		$	925.5		$	864.8		$	775.0		$	484.4		$	411.0
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013(a)			2012
Net Asset Value, Beginning of Period	$	19.18		$	20.38		$	20.23		$	20.63		$	16.54		$	13.83
Income (Loss) from Investment Operations
Net investment income (b)		0.13			0.19	(c)		0.19			0.24			0.18			0.22
Net realized and unrealized gain (loss) on investments		3.70			(0.24	)		0.63			0.15			4.23			2.70
Total from investment operations		3.83			(0.05	)		0.82			0.39			4.41			2.92
Less Distributions
Distributions from net investment income		(0.20	)		(0.18	)		(0.20	)		(0.17	)		(0.32	)		(0.21	)
Distributions from net realized capital gains		0.00			(0.97	)		(0.47	)		(0.62	)		0.00			0.00
Total distributions		(0.20	)		(1.15	)		(0.67	)		(0.79	)		(0.32	)		(0.21	)
Net Asset Value, End of Period	$	22.81		$	19.18		$	20.38		$	20.23		$	20.63		$	16.54
Total Return (%) (d)		20.00	(e)		0.20			3.86			2.03			27.01			21.17
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.95	(f)		0.96			0.96			0.99			0.96			0.87
Net ratio of expenses to average net assets (%) (g)		0.85	(f)		0.88			0.90			0.95			0.94			0.87
Ratio of net investment income to average net assets (%)		1.27	(f)		1.01	(c)		0.90			1.18			0.99			1.49
Portfolio turnover rate (%)		4	(e)		19			19			22			11			13
Net assets, end of period (in millions)	$	388.0		$	354.0		$	388.4		$	410.1		$	448.6		$	250.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013(a)			2012
Net Asset Value, Beginning of Period	$	19.21		$	20.41		$	20.26		$	20.66		$	16.56		$	13.85
Income (Loss) from Investment Operations
Net investment income (b)		0.15			0.21	(c)		0.21			0.26			0.20			0.24
Net realized and unrealized gain (loss) on investments		3.71			(0.24	)		0.63			0.15			4.25			2.69
Total from investment operations		3.86			(0.03	)		0.84			0.41			4.45			2.93
Less Distributions
Distributions from net investment income		(0.23	)		(0.20	)		(0.22	)		(0.19	)		(0.35	)		(0.22	)
Distributions from net realized capital gains		0.00			(0.97	)		(0.47	)		(0.62	)		0.00			0.00
Total distributions		(0.23	)		(1.17	)		(0.69	)		(0.81	)		(0.35	)		(0.22	)
Net Asset Value, End of Period	$	22.84		$	19.21		$	20.41		$	20.26		$	20.66		$	16.56
Total Return (%) (d)		20.08	(e)		0.31			3.94			2.13			27.19			21.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(f)		0.86			0.86			0.89			0.86			0.77
Net ratio of expenses to average net assets (%) (g)		0.75	(f)		0.78			0.80			0.85			0.84			0.77
Ratio of net investment income to average net assets (%)		1.38	(f)		1.12	(c)		1.01			1.28			1.07			1.60
Portfolio turnover rate (%)		4	(e)		19			19			22			11			13
Net assets, end of period (in millions)	$	23.3		$	20.6		$	25.4		$	29.6		$	34.7		$	11.3

(a)	At the close of business on April 26, 2013, the Portfolio acquired all the assets and liabilities of the Oppenheimer Global Equity Portfolio of the Metropolitan Series Fund (the “MSF Oppenheimer Global Equity Predecessor”). The MSF Oppenheimer Global Equity Predecessor was the accounting survivor of the merger for financial reporting purposes, therefore, the financial statements presented for the Portfolio reflect the historical results of MSF Oppenheimer Global Equity Predecessor prior to the acquisition and the combined results thereafter.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Oppenheimer Global Equity Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

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Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, foreign capital gain tax reclasses, distribution re-designations and passive foreign investment companies (“PFICs”). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

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Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $10,460,328. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $10,114,390. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

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Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	54,384,824	$	0	$	165,742,427

The Portfolio engaged in security transactions with other accounts managed by OppenheimerFunds, Inc., the subadviser to the Portfolio, that amounted to $914,446 in sales of investments, which are included above, and resulted in realized gains of $117,058.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$4,546,187		0.700	%	First $100 million
		0.680	%	$100 million to $250 million
		0.670	%	$250 million to $500 million
		0.660	%	$500 million to $750 million
		0.650	%	Over $750 million

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Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. OppenheimerFunds, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period January 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.110%	First $100 million
0.100%	$100 million to $250 million
0.090%	$250 million to $500 million
0.080%	$500 million to $600 million
0.090%	$600 million to $750 million
0.080%	$750 million to $800 million
0.110%	$800 million to $1.25 billion
0.130%	Over $1.25 billion

Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

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Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$17,561,320	$	15,011,595	$	60,769,991	$	29,626,547	$	78,331,311	$	44,638,142

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$14,883,491	$	—	$	243,867,140	$	(18,215,186	)	$	240,535,445

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	61,476,436		2,472,064		4,100,622

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		62,885,968		5,163,155
Robert Boulware		62,907,590		5,141,532
Susan C. Gause		63,097,045		4,952,077
Nancy Hawthorne		62,940,730		5,108,392
Barbara A. Nugent		63,132,551		4,916,571
John Rosenthal		62,997,496		5,051,626
Linda B. Strumpf		62,853,608		5,195,514
Dawn M. Vroegop		62,829,766		5,219,356

BHFTI-18

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Managed by PanAgora Asset Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the PanAgora Global Diversified Risk Portfolio returned 4.94%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

2017 began with global equities reaching new highs and investors moving their interest rate expectations up sharply. Better than expected U.S. non-farm payroll figures released in the first quarter paved the way for a widely expected rise in short-term interest rates in mid-March. U.S. equity markets barely reacted to the rate hike, yet the cautious approach communicated by the U.S. Federal Reserve (the “Fed”) was sufficient to trigger a reversal in the bond market where longer-term yields moved lower. The second quarter began with investors taking a break to reassess the sustainability of the Trump reflation trade. Concerns emerged when the failure to pass a healthcare bill in March raised doubts about the ability of the new Trump Administration to push its widely anticipated tax reform through. Other factors contributing to investors’ cautiousness included worries about the French presidential elections, anxiety caused by the U.S. air strike in Syria, and the escalating North Korean crisis. However, Emmanuel Macron’s eventual success in the first round of the French presidential election and the good start to earnings season in most developed markets triggered a sharp rise in risk-appetite towards the end of April, boosting the performance of global equities. The upward trend came to an abrupt halt, however, in May when speculation that President Trump may have interfered in the investigation of former National Security Advisor Michael Flynn caused a sharp drop in equity prices and a corresponding spike in implied volatilities. The scare proved short-lived though, with equities promptly regaining their previous levels and ending June significantly up across all regions. For the six-month period, the MSCI Emerging Markets Index led the way with a return of 18.4% while the MSCI World ex-U.S. Index (Hedged) gained 7.5%. Within the U.S., large cap equities topped small caps for the period with the S&P 500 Index climbing 9.3% versus 5.0% for the Russell 2000 Index.

After delivering mostly positive performance for the first half of the year, bonds disappointed towards the end of June and many segments of the market finished the last month of the period in negative territory. The decline in bond market performance was largely influenced by the actions of central banks in the U.S. and abroad. Despite lower inflation and less than convincing U.S. economic data, the Fed raised short-term interest rates again in June; marking the third increase since December 2016. While public debate continues as to whether a clear path to steady economic growth is yet to emerge, the strength of the jobs market and the unemployment rate dropping to 4.3% (lowest in over a decade) strongly factored into the rate hike by the Fed. The U.S. yield curve subsequently continued to flatten as yields on the policy-sensitive shorter-term Treasuries have increased to their highest levels since 2009, while longer-term yields have declined since the start of the year. Across the Atlantic, government bond yields rose much more dramatically and prices fell following comments from European Central Bank President Mario Draghi indicating that the central bank may announce a tapering of its quantitative easing program later this year. While the sell-off hit European government bonds the hardest, the spillover effect also negatively impacted U.S. government bond prices in the waning days of June. The Citigroup U.S. Treasury Index ultimately ended the first half of 2017 up 1.9%, while the Citigroup World Government Bond Index ex-U.S. (Hedged) declined by 0.4%. The decline in U.S. inflation since March, combined with the late June increase in yields, weighed on the performance of Treasury Inflation-Protected Securities (“TIPS”) as the Barclays World Government Inflation-Linked Bond Index (Hedged) gained a modest 0.3%. With the exception of a slightly down month in February, the Barclays U.S. Credit Index gained 3.7% for the six month period as spreads narrowed and investor demand persisted.

Commodities largely displayed negative performance during the first half of 2017 with the S&P Goldman Sachs Commodity Index declining by 10.6%. Commodity prices have declined notably since March despite a simultaneous decline of the U.S. dollar. Commodities tend to have an inverse relationship with a declining U.S. dollar; however, with the exception of a brief rally for commodity prices in mid-to-late June, this relationship did not hold true for much of the period. Energy and certain soft commodities were the bottom performers, while livestock and grains were the top performing commodity sectors.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The PanAgora Global Diversified Risk Portfolio’s investment philosophy is centered on the belief that risk diversification is the key to generating better risk-adjusted returns and avoiding risk concentration within a portfolio is the best way to achieve true diversification. PanAgora seeks to accomplish this by evaluating risk across and within asset classes using proprietary risk assessment and management techniques, including an approach to tactical risk management called Dynamic Risk Allocation. The Portfolio targets a neutral risk allocation of 40% equities, 40% nominal fixed income and 20% inflation protection.

Each of the three main asset classes used in the Portfolio contributed to positive absolute performance during the six month period. These include equities, nominal fixed income and inflation protected assets. Within equities, exposure to non-U.S. developed and emerging markets contributed the most, fueled in large part by the sharp rise in risk-appetite observed across the marketplace since late last year. Within nominal fixed income, investment grade credit and U.S. government debt were the top contributors. Investment grade credit, in particular, proved to be one fixed income asset class which managed to consistently generate positive performance throughout the first half of the year. In terms of inflation-protected assets, inflation-linked bonds contributed positively, while exposure to commodities modestly detracted. Although commodities in general have

BHFTI-1

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Managed by PanAgora Asset Management, Inc.

Portfolio Manager Commentary*—(Continued)

significantly declined so far this year, the Portfolio’s risk-balanced allocation to the asset class has detracted only slightly. Within commodities, the Portfolio’s structural underweight to Energy notably contributed relative to a cap-weighted approach as the sub-asset class has declined so far this year.

On average, the Portfolio maintained an overweight position in equities and inflation-protected investments, and an underweight position to nominal fixed income relative to the Portfolio’s strategic (neutral) risk targets. For the six month period, this active positioning positively contributed to overall Portfolio performance.

The Portfolio invests in derivatives, such as exchange-traded futures within the equity, fixed income and commodities asset classes, and swaps on futures within fixed income and commodities. The Portfolio invests in derivatives in order to gain exposure to certain asset classes and to enhance returns. All derivatives used during the period performed as expected.

At the end of the period, the Portfolio maintained an overweight position in equities and an underweight to nominal fixed income while inflation-protected assets moved closer in line with the Portfolio’s strategic risk targets.

Within equities, the Portfolio remained overweight U.S. small cap, developed non-U.S., and emerging markets equities and underweight U.S. large cap stocks. Within nominal fixed income, the Portfolio was underweight U.S. and international government debt and overweight investment grade credit. Within inflation-protected investments, at period end the Portfolio was slightly overweight inflation-linked bonds and commodities.

Edward Qian

Bryan Belton

Portfolio Managers

PanAgora Asset Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		Since Inception2
PanAgora Global Diversified Risk Portfolio
Class B		4.94		1.71		4.78
Dow Jones Moderate Index		7.27		10.35		5.61

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of Class B shares is 4/14/2014. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		154.6
Global Developed Equities		39.4
Commodities - Production Weighted		20.5
Global Inflation-Linked Bonds		18.1
Global Emerging Equities		10.5

* The percentages noted above are based on the notional amounts by asset class as a percentage of net assets.

BHFTI-3

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PanAgora Global Diversified Risk Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		1.17	%	$	1,000.00	$	1,049.40	$	5.95
	Hypothetical*		1.17	%	$	1,000.00	$	1,018.99	$	5.86

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects an expense limitation agreement between Brighthouse Investment Advisers, LLC and the Portfolio as described in Note 7 of the Notes to Consolidated Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Foreign Government—17.0% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Sovereign—17.0%
Deutsche Bundesrepublik Inflation Linked Bonds 0.100%, 04/15/23 (EUR) (a)		7,027,312	$	8,523,066
France Government Bond OAT 0.250%, 07/25/24 (EUR) (a)		8,785,855		10,797,403
Italy Buoni Poliennali Del Tesoro 2.350%, 09/15/24 (144A) (EUR) (a)		4,979,867		6,313,475
United Kingdom Gilt Inflation Linked Bonds 0.625%, 03/22/40 (GBP) (a)		8,746,850		18,325,819
Total Foreign Government (Cost $42,517,193)				43,959,763
Mutual Fund—13.5%
Investment Company Security—13.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF (Cost $34,424,185)		289,619		34,901,986
Common Stocks—12.4%
Aerospace & Defense—0.2%
Arconic, Inc.		741		16,784
Boeing Co. (The)		114		22,543
Bombardier, Inc. - Class B (b)		13,521		24,606
CAE, Inc.		2,768		47,727
Elbit Systems, Ltd.		530		65,434
General Dynamics Corp.		86		17,037
L3 Technologies, Inc.		98		16,374
Leonardo S.p.A.		1,580		26,393
Lockheed Martin Corp.		59		16,379
Northrop Grumman Corp.		68		17,456
Raytheon Co.		89		14,372
Rockwell Collins, Inc.		139		14,606
Safran S.A.		295		27,059
Thales S.A.		229		24,672
TransDigm Group, Inc.		104		27,962
United Technologies Corp.		153		18,683
				398,087
Air Freight & Logistics—0.0%
C.H. Robinson Worldwide, Inc.		211		14,492
Deutsche Post AG		876		32,871
Expeditors International of Washington, Inc.		329		18,582
FedEx Corp.		94		20,429
Yamato Holdings Co., Ltd.		800		16,249
				102,623
Airlines—0.1%
Alaska Air Group, Inc.		180		16,157
American Airlines Group, Inc.		353		17,763
Delta Air Lines, Inc.		247		13,274
International Consolidated Airlines Group S.A. - Class DI		2,843		22,608
Airlines—(Continued)
Ryanair Holdings plc (ADR) (b)		645		69,408
Singapore Airlines, Ltd.		4,000		29,409
Southwest Airlines Co.		310		19,263
United Continental Holdings, Inc. (b)		260		19,565
				207,447
Auto Components—0.1%
BorgWarner, Inc.		515		21,815
Delphi Automotive plc		206		18,056
GKN plc		6,802		28,872
Linamar Corp.		505		24,892
Magna International, Inc.		703		32,564
Nokian Renkaat Oyj		1,177		48,771
				174,970
Automobiles—0.0%
Daimler AG		344		24,955
Ferrari NV		523		45,067
Fiat Chrysler Automobiles NV (b)		2,298		24,242
General Motors Co.		445		15,544
				109,808
Banks—0.4%
ABN AMRO Group NV (144A)		1,069		28,566
Banco Bilbao Vizcaya Argentaria S.A.		3,372		28,183
Bank Hapoalim B.M.		6,281		42,337
Bank Leumi Le-Israel B.M.		8,506		41,307
Bank of America Corp.		1,000		24,260
Bank of East Asia, Ltd. (The)		6,400		27,502
Bank of Ireland (b)		120,655		31,917
Bank of Montreal		331		24,304
Bank of Nova Scotia (The)		409		24,604
Bankinter S.A.		3,025		27,992
BB&T Corp.		470		21,343
Canadian Imperial Bank of Commerce		295		23,974
Comerica, Inc.		279		20,434
Danske Bank A/S		1,272		49,101
DNB ASA		2,129		36,335
Erste Group Bank AG (b)		782		29,996
Fifth Third Bancorp		693		17,990
Fukuoka Financial Group, Inc.		5,000		23,817
Hang Seng Bank, Ltd.		1,500		31,374
Huntington Bancshares, Inc.		1,537		20,780
ING Groep NV		1,800		31,305
Intesa Sanpaolo S.p.A. - Risparmio Shares		6,879		20,502
Japan Post Bank Co., Ltd.		1,800		23,068
KBC Groep NV		400		30,364
KeyCorp		1,042		19,527
Mitsubishi UFJ Financial Group, Inc.		3,700		24,830
Mizrahi Tefahot Bank, Ltd.		2,557		46,537
Mizuho Financial Group, Inc.		11,700		21,443
People’s United Financial, Inc.		879		15,523
Raiffeisen Bank International AG (b)		1,007		25,485

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Regions Financial Corp.		1,465	$	21,448
Royal Bank of Canada		347		25,196
Sumitomo Mitsui Financial Group, Inc.		500		19,560
SunTrust Banks, Inc.		236		13,386
Suruga Bank, Ltd.		900		21,870
Toronto-Dominion Bank (The)		500		25,197
U.S. Bancorp		317		16,459
				977,816
Beverages—0.3%
Anheuser-Busch InBev S.A.		432		47,803
Asahi Group Holdings, Ltd.		600		22,590
Brown-Forman Corp. - Class B		512		24,883
Carlsberg A/S - Class B		505		54,060
Coca-Cola Amatil, Ltd.		5,567		39,457
Coca-Cola Co. (The)		653		29,287
Coca-Cola European Partners plc		856		34,765
Constellation Brands, Inc. - Class A		167		32,353
Diageo plc		882		26,073
Dr Pepper Snapple Group, Inc.		367		33,437
Heineken Holding NV		402		36,946
Heineken NV		359		34,973
Kirin Holdings Co., Ltd.		1,400		28,546
Molson Coors Brewing Co. - Class B		401		34,622
Monster Beverage Corp. (b)		660		32,789
PepsiCo, Inc.		226		26,101
Pernod-Ricard S.A.		257		34,453
Remy Cointreau S.A.		348		40,665
Suntory Beverage & Food, Ltd.		600		27,913
Treasury Wine Estates, Ltd.		3,976		40,183
				681,899
Biotechnology—0.1%
AbbVie, Inc.		271		19,650
Alexion Pharmaceuticals, Inc. (b)		119		14,479
Amgen, Inc.		95		16,362
Biogen, Inc. (b)		61		16,553
Celgene Corp. (b)		136		17,662
CSL, Ltd.		550		58,441
Genmab A/S (b)		125		26,761
Grifols S.A.		3,073		85,699
Regeneron Pharmaceuticals, Inc. (b)		31		15,225
Shire plc		597		32,892
				303,724
Building Products—0.0%
Allegion plc		164		13,304
Johnson Controls International plc		346		15,002
				28,306
Capital Markets—0.1%
Bank of New York Mellon Corp. (The)		286		14,592
CBOE Holdings, Inc.		217		19,834
CME Group, Inc.		155		19,412
Daiwa Securities Group, Inc.		3,000		17,826
Capital Markets—(Continued)
Deutsche Boerse AG		304		32,148
E*Trade Financial Corp. (b)		516		19,623
Intercontinental Exchange, Inc.		300		19,776
Invesco, Ltd.		554		19,495
Moody’s Corp.		95		11,560
Northern Trust Corp.		128		12,443
Raymond James Financial, Inc.		244		19,574
T. Rowe Price Group, Inc.		207		15,361
UBS Group AG (b)		1,106		18,775
				240,419
Chemicals—0.6%
Agrium, Inc.		521		47,219
Air Liquide S.A.		438		54,431
Air Products & Chemicals, Inc.		274		39,198
Air Water, Inc.		1,400		25,803
Akzo Nobel NV		674		58,511
Albemarle Corp.		342		36,095
Arkema S.A.		326		34,811
CF Industries Holdings, Inc.		1,387		38,781
Chr Hansen Holding A/S		1,268		92,205
Croda International plc		618		31,285
Dow Chemical Co. (The)		402		25,354
E.I. du Pont de Nemours & Co.		363		29,298
Eastman Chemical Co.		359		30,152
Ecolab, Inc.		287		38,099
EMS-Chemie Holding AG		59		43,643
FMC Corp.		390		28,489
Frutarom Industries, Ltd.		1,021		71,421
Givaudan S.A.		20		40,023
International Flavors & Fragrances, Inc.		298		40,230
Israel Chemicals, Ltd.		10,392		48,977
Johnson Matthey plc		683		25,548
JSR Corp.		1,400		24,173
K&S AG		1,183		30,319
Kaneka Corp.		3,000		22,905
Koninklijke DSM NV		655		47,853
Kuraray Co., Ltd.		1,200		21,802
LyondellBasell Industries NV - Class A		401		33,840
Mitsubishi Gas Chemical Co., Inc.		1,200		25,435
Monsanto Co.		303		35,863
Mosaic Co. (The)		1,738		39,679
Novozymes A/S - B Shares		1,581		69,237
PPG Industries, Inc.		292		32,108
Praxair, Inc.		274		36,319
Sherwin-Williams Co. (The)		95		33,341
Shin-Etsu Chemical Co., Ltd.		300		27,253
Sika AG		6		38,625
Solvay S.A.		361		48,471
Sumitomo Chemical Co., Ltd.		4,000		23,073
Symrise AG		638		45,204
Teijin, Ltd.		1,000		19,259
Toray Industries, Inc.		3,000		25,133
Umicore S.A.		717		49,955
Yara International ASA		1,903		71,527
				1,680,947

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—0.1%
Brambles, Ltd.		3,912	$	29,257
Cintas Corp.		159		20,040
ISS A/S		666		26,219
Republic Services, Inc.		355		22,624
Stericycle, Inc. (b)		397		30,299
Waste Management, Inc.		259		18,998
				147,437
Communications Equipment—0.1%
Cisco Systems, Inc.		486		15,212
F5 Networks, Inc. (b)		201		25,539
Harris Corp.		173		18,871
Juniper Networks, Inc.		468		13,048
Motorola Solutions, Inc.		189		16,394
Nokia Oyj		14,804		90,984
Telefonaktiebolaget LM Ericsson - B Shares		12,906		93,083
				273,131
Construction & Engineering—0.0%
Boskalis Westminster		622		20,211
Jacobs Engineering Group, Inc.		214		11,639
SNC-Lavalin Group, Inc.		718		31,044
				62,894
Construction Materials—0.1%
CRH plc		1,530		54,286
Fletcher Building, Ltd.		8,752		51,316
HeidelbergCement AG		313		30,288
Martin Marietta Materials, Inc.		154		34,277
Vulcan Materials Co.		291		36,864
				207,031
Consumer Finance—0.0%
Navient Corp.		875		14,569
Synchrony Financial		391		11,659
				26,228
Containers & Packaging—0.1%
Amcor, Ltd.		2,824		35,186
Avery Dennison Corp.		416		36,762
Ball Corp.		816		34,443
CCL Industries, Inc. - Class B		439		22,211
International Paper Co.		556		31,475
Sealed Air Corp.		757		33,883
WestRock Co.		609		34,506
				228,466
Distributors—0.0%
Genuine Parts Co.		133		12,337
Jardine Cycle & Carriage, Ltd.		1,400		45,115
LKQ Corp. (b)		423		13,938
				71,390
Diversified Consumer Services—0.0%
Benesse Holdings, Inc.		500		18,904
H&R Block, Inc.		576		17,804
				36,708
Diversified Financial Services—0.1%
Berkshire Hathaway, Inc. - Class B (b)		88		14,904
Industrivarden AB - C Shares		1,131		27,127
Investor AB - B Shares		527		25,492
Leucadia National Corp.		764		19,986
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,100		22,474
Wendel S.A.		141		20,893
				130,876
Diversified Telecommunication Services—1.1%
AT&T, Inc.		6,772		255,508
BCE, Inc.		1,778		80,070
Bezeq The Israeli Telecommunication Corp., Ltd.		51,085		84,795
BT Group plc		15,520		59,599
CenturyLink, Inc.		11,942		285,175
Deutsche Telekom AG		3,693		66,370
Elisa Oyj		1,913		74,155
HKT Trust & HKT, Ltd.		84,000		110,390
Iliad S.A.		253		59,860
Inmarsat plc		7,728		77,498
Koninklijke KPN NV		25,129		80,634
Level 3 Communications, Inc. (b)		4,018		238,267
Nippon Telegraph & Telephone Corp.		1,800		85,147
Orange S.A.		3,560		56,709
PCCW, Ltd.		157,000		89,298
Proximus		3,105		108,623
Singapore Telecommunications, Ltd.		27,200		76,856
Spark New Zealand, Ltd.		27,685		76,764
Swisscom AG		193		93,202
TDC A/S		12,434		72,439
Telecom Italia S.p.A. (b)		48,002		44,488
Telecom Italia S.p.A. - Risparmio Shares		59,282		43,858
Telefonica Deutschland Holding AG		14,420		72,063
Telefonica S.A.		5,840		60,383
Telenor ASA		4,744		78,679
Telia Co. AB		11,233		51,818
Telstra Corp., Ltd.		27,617		91,448
TELUS Corp.		1,830		63,178
TPG Telecom, Ltd.		14,589		64,008
Verizon Communications, Inc.		5,007		223,613
				2,924,895
Electric Utilities—0.8%
Alliant Energy Corp.		1,281		51,458
American Electric Power Co., Inc.		626		43,488
AusNet Services		35,475		47,305
Chubu Electric Power Co., Inc.		2,300		30,594
Chugoku Electric Power Co., Inc. (The)		2,900		31,985
CK Infrastructure Holdings, Ltd.		11,000		92,356
CLP Holdings, Ltd.		7,500		79,356
Contact Energy, Ltd.		16,959		64,755

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
DONG Energy A/S (144A)		2,128	$	96,340
Duke Energy Corp.		524		43,801
Edison International		628		49,103
EDP - Energias de Portugal S.A.		19,813		64,822
Electricite de France S.A.		3,815		41,664
Emera, Inc.		1,377		51,192
Endesa S.A.		1,873		43,258
Enel S.p.A.		11,684		62,919
Entergy Corp.		600		46,062
Eversource Energy		716		43,468
Exelon Corp.		1,190		42,923
FirstEnergy Corp.		1,409		41,086
Fortis, Inc.		1,364		47,942
Fortum Oyj		3,905		61,413
HK Electric Investments & HK Electric Investments, Ltd. (144A)		67,500		62,252
Hydro One, Ltd. (144A)		2,467		44,192
Iberdrola S.A.		4,609		36,596
Kansai Electric Power Co., Inc. (The)		3,200		44,129
Kyushu Electric Power Co., Inc.		2,800		34,031
Mercury NZ, Ltd.		23,648		57,583
NextEra Energy, Inc.		341		47,784
PG&E Corp.		679		45,065
Pinnacle West Capital Corp.		615		52,373
Power Assets Holdings, Ltd.		7,500		66,189
PPL Corp.		1,139		44,034
Red Electrica Corp. S.A.		1,648		34,511
Southern Co. (The)		892		42,709
SSE plc		2,634		49,814
Terna Rete Elettrica Nazionale S.p.A.		11,385		61,612
Tohoku Electric Power Co., Inc.		2,300		31,863
Tokyo Electric Power Co. Holdings, Inc. (b)		5,800		23,948
Xcel Energy, Inc.		1,038		47,623
				2,003,598
Electrical Equipment—0.1%
ABB, Ltd.		1,108		27,412
Acuity Brands, Inc.		141		28,663
AMETEK, Inc.		388		23,501
Eaton Corp. plc		241		18,757
Emerson Electric Co.		316		18,840
Prysmian S.p.A.		1,058		31,229
Rockwell Automation, Inc.		107		17,330
				165,732
Electronic Equipment, Instruments & Components—0.1%
Amphenol Corp. - Class A		346		25,542
Corning, Inc.		679		20,404
FLIR Systems, Inc.		418		14,488
Hamamatsu Photonics KK		900		27,694
Hexagon AB - B Shares		1,675		79,676
Hirose Electric Co., Ltd.		200		28,568
Ingenico Group S.A.		566		51,356
Keyence Corp.		100		44,017
TE Connectivity, Ltd.		255		20,063
				311,808
Energy Equipment & Services—0.1%
Baker Hughes, Inc.		563		30,689
Halliburton Co.		527		22,508
Helmerich & Payne, Inc.		506		27,496
National Oilwell Varco, Inc.		1,069		35,213
Petrofac, Ltd.		11,261		65,012
Saipem S.p.A. (b)		13,123		48,508
Schlumberger, Ltd.		385		25,348
TechnipFMC plc (b)		1,045		28,424
Tenaris S.A.		3,811		59,432
Transocean, Ltd. (b)		4,112		33,842
				376,472
Equity Real Estate Investment Trusts—0.2%
Alexandria Real Estate Equities, Inc.		181		21,805
American Tower Corp.		81		10,718
Apartment Investment & Management Co. - Class A		320		13,751
AvalonBay Communities, Inc.		49		9,416
CapitaLand Mall Trust (REIT)		16,900		24,244
Crown Castle International Corp.		132		13,224
Digital Realty Trust, Inc.		95		10,730
Equity Residential		312		20,539
Essex Property Trust, Inc.		49		12,606
Extra Space Storage, Inc.		152		11,856
Federal Realty Investment Trust		179		22,624
Fonciere Des Regions (REIT)		212		19,729
Gecina S.A.		143		22,436
GGP, Inc.		900		21,204
GPT Group (The) (REIT)		7,625		28,047
H&R Real Estate Investment Trust		1,522		25,844
HCP, Inc.		366		11,697
Host Hotels & Resorts, Inc.		641		11,711
Kimco Realty Corp.		1,261		23,139
Klepierre (REIT)		281		11,517
Macerich Co. (The)		190		11,031
Mid-America Apartment Communities, Inc.		203		21,392
Mirvac Group (REIT)		7,066		11,568
Nippon Prologis REIT, Inc.		2		4,257
Public Storage		65		13,555
Realty Income Corp.		243		13,409
Scentre Group		5,107		15,882
SL Green Realty Corp.		119		12,590
Suntec Real Estate Investment Trust		23,500		31,921
UDR, Inc.		346		13,484
Ventas, Inc.		163		11,325
Vicinity Centres		10,867		21,455
Vornado Realty Trust		240		22,536
Welltower, Inc.		160		11,976
Weyerhaeuser Co.		560		18,760
				581,978
Food & Staples Retailing—0.4%
Aeon Co., Ltd.		1,800		27,376
Alimentation Couche Tard, Inc. - Class B		972		46,591
Carrefour S.A.		1,156		29,343
Colruyt S.A.		1,368		72,084

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—(Continued)
Costco Wholesale Corp.		182	$	29,107
CVS Health Corp.		375		30,173
Distribuidora Internacional de Alimentacion S.A.		10,019		62,566
Empire Co., Ltd.		3,656		62,362
FamilyMart UNY Holdings Co., Ltd.		400		22,916
George Weston, Ltd.		441		39,921
ICA Gruppen AB		1,306		48,689
J Sainsbury plc		7,199		23,618
Jean Coutu Group PJC, Inc. (The) - Class A		2,399		36,814
Jeronimo Martins SGPS S.A.		2,761		54,049
Koninklijke Ahold Delhaize NV		1,317		25,243
Kroger Co. (The)		1,059		24,696
Loblaw Cos., Ltd.		712		39,608
Metro AG		910		30,732
Metro, Inc.		1,203		39,593
Sysco Corp.		505		25,417
Wal-Mart Stores, Inc.		388		29,364
Walgreens Boots Alliance, Inc.		395		30,932
Wesfarmers, Ltd.		1,351		41,694
Whole Foods Market, Inc.		702		29,561
WM Morrison Supermarkets plc		7,958		25,021
Woolworths, Ltd.		2,362		46,412
				973,882
Food Products—0.5%
Ajinomoto Co., Inc.		1,300		28,093
Archer-Daniels-Midland Co.		654		27,063
Associated British Foods plc		716		27,386
Barry Callebaut AG (b)		22		30,270
Campbell Soup Co.		628		32,750
Chocoladefabriken Lindt & Spruengli AG		1		69,715
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		9		52,189
Conagra Brands, Inc.		951		34,008
Danone S.A.		490		36,833
General Mills, Inc.		612		33,905
Golden Agri-Resources, Ltd.		341,900		93,132
Hershey Co. (The)		282		30,278
Hormel Foods Corp.		1,248		42,569
J.M. Smucker Co. (The)		312		36,919
Kellogg Co.		424		29,451
Kerry Group plc - Class A		1,071		92,146
Kraft Heinz Co. (The)		301		25,778
Marine Harvest ASA (b)		3,243		55,508
McCormick & Co., Inc.		415		40,467
Mondelez International, Inc. - Class A		663		28,635
Nestle S.A.		374		32,579
NH Foods, Ltd.		1,000		30,400
Nisshin Seifun Group, Inc.		1,800		29,563
Nissin Foods Holdings Co., Ltd.		500		31,261
Orkla ASA		4,184		42,554
Saputo, Inc.		971		30,887
Tate & Lyle plc		3,028		26,128
Toyo Suisan Kaisha, Ltd.		900		34,516
Tyson Foods, Inc. - Class A		579		36,263
WH Group, Ltd. (144A)		83,500		84,280
Food Products—(Continued)
Wilmar International, Ltd.		18,700		45,505
				1,271,031
Gas Utilities—0.1%
APA Group		6,216		43,778
Gas Natural SDG S.A.		1,368		32,144
Hong Kong & China Gas Co., Ltd.		36,301		68,217
Osaka Gas Co., Ltd.		13,000		53,196
Toho Gas Co., Ltd.		5,000		36,419
Tokyo Gas Co., Ltd.		11,000		57,287
				291,041
Health Care Equipment & Supplies—0.3%
Abbott Laboratories		505		24,548
Baxter International, Inc.		327		19,797
Becton Dickinson & Co.		87		16,975
Boston Scientific Corp. (b)		655		18,157
C.R. Bard, Inc.		63		19,915
Cochlear, Ltd.		450		53,807
Coloplast A/S - Class B		670		56,121
Cooper Cos., Inc. (The)		107		25,618
DENTSPLY SIRONA, Inc.		281		18,220
Edwards Lifesciences Corp. (b)		178		21,047
Essilor International S.A.		607		77,611
Getinge AB - B Shares		4,937		96,870
Hologic, Inc. (b)		441		20,013
Intuitive Surgical, Inc. (b)		23		21,513
Medtronic plc		184		16,330
Smith & Nephew plc		3,434		59,316
Sonova Holding AG		316		51,303
Straumann Holding AG		10		5,689
Stryker Corp.		116		16,098
Terumo Corp.		800		31,536
Varian Medical Systems, Inc. (b)		180		18,574
William Demant Holding A/S (b)		1,180		30,639
Zimmer Biomet Holdings, Inc.		155		19,902
				739,599
Health Care Providers & Services—0.3%
Aetna, Inc.		147		22,319
AmerisourceBergen Corp.		202		19,095
Anthem, Inc.		133		25,021
Cardinal Health, Inc.		190		14,805
Centene Corp. (b)		234		18,692
Cigna Corp.		108		18,078
DaVita, Inc. (b)		248		16,060
Envision Healthcare Corp. (b)		481		30,144
Express Scripts Holding Co. (b)		249		15,896
Fresenius Medical Care AG & Co. KGaA		733		70,518
Fresenius SE & Co. KGaA		626		53,829
HCA Healthcare, Inc. (b)		219		19,097
Healthscope, Ltd.		23,317		39,659
Henry Schein, Inc. (b)		98		17,936
Humana, Inc.		79		19,009
Laboratory Corp. of America Holdings (b)		149		22,967

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
McKesson Corp.		99	$	16,289
Mediclinic International plc		3,624		34,993
Medipal Holdings Corp.		1,700		31,490
Miraca Holdings, Inc.		600		27,031
Patterson Cos., Inc.		400		18,780
Quest Diagnostics, Inc.		205		22,788
Ramsay Health Care, Ltd.		848		48,014
Ryman Healthcare, Ltd.		14,146		85,940
Sonic Healthcare, Ltd.		3,593		66,887
Suzuken Co., Ltd.		800		26,600
UnitedHealth Group, Inc.		101		18,727
Universal Health Services, Inc. - Class B		172		20,998
				841,662
Health Care Technology—0.0%
Cerner Corp. (b)		294		19,542
Hotels, Restaurants & Leisure—0.2%
Aristocrat Leisure, Ltd.		2,143		37,130
Carnival Corp.		294		19,278
Carnival plc		307		20,328
Chipotle Mexican Grill, Inc. (b)		31		12,899
Compass Group plc		1,355		28,606
Darden Restaurants, Inc.		178		16,098
Domino’s Pizza Enterprises, Ltd.		433		17,333
Flight Centre Travel Group, Ltd.		996		29,342
Genting Singapore plc		70,500		55,579
Marriott International, Inc. - Class A		134		13,442
McDonald’s Corp.		115		17,613
McDonald’s Holdings Co. Japan, Ltd.		700		26,839
Oriental Land Co., Ltd.		400		27,096
Paddy Power Betfair plc		729		77,821
Restaurant Brands International, Inc.		528		33,037
Shangri-La Asia, Ltd.		20,000		33,969
SJM Holdings, Ltd.		26,000		27,414
Sodexo S.A.		226		29,220
Starbucks Corp.		214		12,478
Tabcorp Holdings, Ltd.		8,012		26,911
Tatts Group, Ltd.		10,383		33,406
Wyndham Worldwide Corp.		207		20,785
Wynn Macau, Ltd.		9,200		21,493
Yum! Brands, Inc.		224		16,522
				654,639
Household Durables—0.1%
Electrolux AB - Series B		1,406		46,237
Husqvarna AB - B Shares		4,333		43,210
Leggett & Platt, Inc.		284		14,919
Mohawk Industries, Inc. (b)		112		27,069
Techtronic Industries Co., Ltd.		8,500		39,086
				170,521
Household Products—0.1%
Church & Dwight Co., Inc.		620		32,166
Clorox Co. (The)		204		27,181
Household Products—(Continued)
Colgate-Palmolive Co.		368		27,280
Essity AB - Class B (b)		1,332		36,443
Henkel AG & Co. KGaA		377		45,600
Kimberly-Clark Corp.		210		27,113
Procter & Gamble Co. (The)		342		29,805
Reckitt Benckiser Group plc		343		34,802
				260,390
Independent Power and Renewable Electricity Producers—0.1%
AES Corp.		3,490		38,774
Electric Power Development Co., Ltd.		1,600		39,586
Meridian Energy, Ltd.		27,472		58,584
NRG Energy, Inc.		1,973		33,975
				170,919
Industrial Conglomerates—0.1%
3M Co.		104		21,652
CK Hutchison Holdings, Ltd.		3,500		43,944
General Electric Co.		529		14,288
Jardine Matheson Holdings, Ltd.		800		51,376
Keihan Holdings Co., Ltd.		4,000		25,456
Keppel Corp., Ltd.		7,100		32,441
NWS Holdings, Ltd.		16,000		31,479
Roper Technologies, Inc.		95		21,995
Smiths Group plc		1,278		26,627
				269,258
Insurance—0.3%
Admiral Group plc		962		25,106
Ageas		802		32,313
Allianz SE		173		34,093
American International Group, Inc.		128		8,003
Aon plc		96		12,763
Arthur J. Gallagher & Co.		380		21,755
Assurant, Inc.		92		9,539
Baloise Holding AG		217		33,552
Chubb, Ltd.		86		12,503
Cincinnati Financial Corp.		160		11,592
CNP Assurances		845		18,977
Dai-ichi Life Holdings, Inc.		1,200		21,789
Gjensidige Forsikring ASA		2,264		38,639
Hannover Rueck SE		244		29,323
Hartford Financial Services Group, Inc. (The)		261		13,721
Japan Post Holdings Co., Ltd.		1,800		22,348
Manulife Financial Corp.		1,564		29,319
Mapfre S.A.		7,302		25,518
Marsh & McLennan Cos., Inc.		156		12,162
MS&AD Insurance Group Holdings, Inc.		700		23,602
NN Group NV		888		31,617
Principal Financial Group, Inc.		264		16,914
Progressive Corp. (The)		216		9,523
Sampo Oyj - A Shares		1,108		56,959
SCOR SE		567		22,492
Sompo Holdings, Inc.		600		23,275
Sony Financial Holdings, Inc.		1,300		22,266

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Swiss Life Holding AG (b)		71	$	23,987
Swiss Re AG		262		24,002
T&D Holdings, Inc.		1,700		25,838
Tokio Marine Holdings, Inc.		500		20,774
Torchmark Corp.		254		19,431
Travelers Cos., Inc. (The)		119		15,057
Tryg A/S		2,429		53,167
Unum Group		252		11,751
XL Group, Ltd.		404		17,695
				831,365
Internet & Direct Marketing Retail—0.0%
Amazon.com, Inc. (b)		13		12,584
Priceline Group, Inc. (The) (b)		8		14,964
TripAdvisor, Inc. (b)		376		14,363
				41,911
Internet Software & Services—0.1%
Akamai Technologies, Inc. (b)		140		6,973
Alphabet, Inc. - Class A (b)		19		17,664
Auto Trader Group plc (144A)		12,863		63,690
eBay, Inc. (b)		633		22,104
United Internet AG		1,172		64,449
VeriSign, Inc. (b)		187		17,384
				192,264
IT Services—0.3%
Accenture plc - Class A		119		14,718
Alliance Data Systems Corp.		65		16,685
Amadeus IT Group S.A.		1,525		91,228
Atos SE		411		57,668
Automatic Data Processing, Inc.		245		25,103
Capgemini SE		575		59,747
CGI Group, Inc. - Class A (b)		1,295		66,168
Cognizant Technology Solutions Corp. - Class A		178		11,819
Computershare, Ltd.		10,380		112,660
CSRA, Inc.		426		13,525
Fidelity National Information Services, Inc.		196		16,738
Fiserv, Inc. (b)		161		19,697
Global Payments, Inc.		163		14,722
International Business Machines Corp.		103		15,844
MasterCard, Inc. - Class A		158		19,189
Nomura Research Institute, Ltd.		800		31,573
NTT Data Corp.		2,000		22,290
Otsuka Corp.		500		31,048
Paychex, Inc.		297		16,911
PayPal Holdings, Inc. (b)		345		18,516
Total System Services, Inc.		244		14,213
Visa, Inc. - Class A		219		20,538
Western Union Co. (The)		722		13,754
Worldpay Group plc (144A)		20,659		84,738
				809,092
Leisure Products—0.0%
Hasbro, Inc.		140		15,611
Mattel, Inc.		1,084		23,339
Leisure Products—(Continued)
Sankyo Co., Ltd.		700		23,744
				62,694
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.		374		22,182
Eurofins Scientific SE		118		66,527
Illumina, Inc. (b)		113		19,608
Lonza Group AG (b)		193		41,739
PerkinElmer, Inc.		295		20,101
QIAGEN NV (b)		948		31,566
Thermo Fisher Scientific, Inc.		100		17,447
Waters Corp. (b)		104		19,119
				238,289
Machinery—0.2%
Alfa Laval AB		1,206		24,711
Andritz AG		697		42,037
Caterpillar, Inc.		209		22,459
CNH Industrial NV		2,701		30,741
Cummins, Inc.		142		23,035
Dover Corp.		246		19,734
IMI plc		1,666		25,947
Ingersoll-Rand plc		210		19,192
Kone Oyj - Class B		580		29,578
MAN SE		343		36,769
Metso Oyj		803		27,880
Parker-Hannifin Corp.		139		22,215
Pentair plc		240		15,970
Sandvik AB		1,688		26,581
Schindler Holding AG		145		30,071
Schindler Holding AG (Participation Certificate)		131		27,729
SKF AB - B Shares		1,179		24,000
Snap-on, Inc.		113		17,854
Stanley Black & Decker, Inc.		166		23,361
Sumitomo Heavy Industries, Ltd.		3,700		24,376
Volvo AB - B Shares		1,271		21,710
Wartsila Oyj Abp		566		33,457
Yangzijiang Shipbuilding Holdings, Ltd.		41,200		35,615
				605,022
Marine—0.0%
AP Moller - Maersk A/S - Class A		15		28,667
AP Moller - Maersk A/S - Class B		15		30,310
Kuehne & Nagel International AG		191		31,927
				90,904
Media—0.2%
Altice NV - Class A (b)		1,444		33,580
Altice NV - Class B (b)		1,478		34,109
Comcast Corp. - Class A		495		19,265
Discovery Communications, Inc. - Class A (b)		401		10,358
Discovery Communications, Inc. - Class C (b)		364		9,176
DISH Network Corp. - Class A (b)		315		19,769
Lagardere SCA		856		27,071
News Corp. - Class A		1,538		21,071

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Omnicom Group, Inc.		164	$	13,596
Pearson plc		2,410		21,706
Schibsted ASA - B Shares		1,563		34,564
Schibsted ASA - Class A		1,356		32,777
Scripps Networks Interactive, Inc. - Class A		327		22,337
SES S.A.		1,335		31,305
Shaw Communications, Inc. - Class B		2,047		44,656
Singapore Press Holdings, Ltd.		27,900		65,464
TEGNA, Inc.		1,443		20,794
Telenet Group Holding NV (b)		1,334		84,049
Time Warner, Inc.		190		19,078
Twenty-First Century Fox, Inc. - Class A		455		12,895
Walt Disney Co. (The)		129		13,706
				591,326
Metals & Mining—0.2%
Agnico Eagle Mines, Ltd.		681		30,710
Antofagasta plc		3,183		33,124
ArcelorMittal (b)		1,163		26,471
BHP Billiton, Ltd.		1,346		24,009
Boliden AB		1,530		41,809
Freeport-McMoRan, Inc. (b)		3,100		37,231
Fresnillo plc		497		9,645
Hitachi Metals, Ltd.		400		5,583
Maruichi Steel Tube, Ltd.		800		23,279
Newmont Mining Corp.		1,642		53,184
Nippon Steel & Sumitomo Metal Corp.		1,200		27,078
Norsk Hydro ASA		6,064		33,676
Nucor Corp.		593		34,317
Randgold Resources, Ltd.		277		24,515
Rio Tinto plc		660		27,828
Voestalpine AG		975		45,496
Wheaton Precious Metals Corp.		939		18,653
				496,608
Multi-Utilities—0.4%
AGL Energy, Ltd.		5,336		104,663
Ameren Corp.		891		48,711
Atco, Ltd. - Class I		1,185		46,338
Canadian Utilities, Ltd. - Class A		1,529		49,131
CenterPoint Energy, Inc.		1,509		41,316
Centrica plc		15,926		41,514
CMS Energy Corp.		1,029		47,591
Consolidated Edison, Inc.		582		47,037
Dominion Energy, Inc.		609		46,668
DTE Energy Co.		443		46,865
E.ON SE		5,599		52,840
Engie S.A.		3,139		47,656
Innogy SE (144A)		1,486		58,485
National Grid plc		3,730		46,296
NiSource, Inc.		1,778		45,090
Public Service Enterprise Group, Inc.		1,131		48,644
RWE AG (b)		2,545		50,749
SCANA Corp.		743		49,789
Sempra Energy		423		47,693
Suez		2,981		55,246
Multi-Utilities—(Continued)
Veolia Environnement S.A.		2,395		50,859
WEC Energy Group, Inc.		806		49,472
				1,122,653
Multiline Retail—0.1%
Canadian Tire Corp., Ltd. - Class A		369		41,988
Dollar General Corp.		329		23,718
Dollar Tree, Inc. (b)		182		12,725
Dollarama, Inc.		462		44,144
Harvey Norman Holdings, Ltd.		6,955		20,408
Macy’s, Inc.		446		10,365
Marks & Spencer Group plc		4,126		17,911
Nordstrom, Inc.		387		18,510
Target Corp.		251		13,125
				202,894
Oil, Gas & Consumable Fuels—1.0%
Anadarko Petroleum Corp.		522		23,667
Apache Corp.		509		24,396
BP plc		10,704		61,838
Cabot Oil & Gas Corp.		1,136		28,491
Caltex Australia, Ltd.		3,390		82,269
Canadian Natural Resources, Ltd.		821		23,690
Chesapeake Energy Corp. (b)		5,950		29,571
Chevron Corp.		223		23,266
Cimarex Energy Co.		267		25,101
Concho Resources, Inc. (b)		239		29,046
ConocoPhillips		517		22,727
Devon Energy Corp.		750		23,977
Enagas S.A.		2,419		67,955
Eni S.p.A.		3,981		60,077
EOG Resources, Inc.		272		24,621
EQT Corp.		508		29,764
Exxon Mobil Corp.		297		23,977
Galp Energia SGPS S.A.		5,386		81,809
Hess Corp.		588		25,796
Idemitsu Kosan Co., Ltd.		2,500		70,835
Imperial Oil, Ltd.		926		26,992
Inpex Corp.		8,300		80,047
Inter Pipeline, Ltd.		1,252		24,523
JXTG Holdings, Inc.		19,000		83,132
Kinder Morgan, Inc.		1,283		24,582
Koninklijke Vopak NV		2,824		131,101
Lundin Petroleum AB (b)		3,969		76,467
Marathon Oil Corp.		1,987		23,546
Marathon Petroleum Corp.		385		20,147
Murphy Oil Corp.		1,057		27,091
Neste Oyj		3,388		133,649
Newfield Exploration Co. (b)		796		22,654
Noble Energy, Inc.		866		24,508
Occidental Petroleum Corp.		418		25,026
Oil Search, Ltd.		10,238		53,676
OMV AG		1,819		94,563
ONEOK, Inc.		538		28,062
Origin Energy, Ltd. (b)		8,213		43,240
Phillips 66		289		23,897

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Pioneer Natural Resources Co.		166	$	26,490
Range Resources Corp.		1,112		25,765
Repsol S.A.		4,799		73,623
Royal Dutch Shell plc - A Shares		1,973		52,409
Royal Dutch Shell plc - B Shares		1,809		48,588
Santos, Ltd. (b)		14,006		32,576
Showa Shell Sekiyu KK		9,400		87,343
Snam S.p.A.		14,773		64,614
Statoil ASA		5,448		90,546
Tesoro Corp.		271		25,366
Total S.A.		1,994		98,796
TransCanada Corp.		655		31,225
Valero Energy Corp.		325		21,924
Williams Cos., Inc. (The)		867		26,253
Woodside Petroleum, Ltd.		2,834		64,966
				2,520,260
Paper & Forest Products—0.0%
Mondi plc		1,233		32,358
Stora Enso Oyj - R Shares		2,814		36,387
UPM-Kymmene Oyj		1,287		36,705
				105,450
Personal Products—0.1%
Beiersdorf AG		469		49,395
Coty, Inc. - Class A		1,709		32,061
Estee Lauder Cos., Inc. (The) - Class A		343		32,921
L’Oreal S.A.		187		38,974
Unilever NV		612		33,822
Unilever plc		621		33,638
				220,811
Pharmaceuticals—0.5%
AstraZeneca plc		648		43,428
Bayer AG		395		51,107
Bristol-Myers Squibb Co.		248		13,819
Daiichi Sankyo Co., Ltd.		1,400		33,017
Eli Lilly & Co.		216		17,777
GlaxoSmithKline plc		2,714		57,811
Hikma Pharmaceuticals plc		1,485		28,442
Johnson & Johnson		118		15,610
Kyowa Hakko Kirin Co., Ltd.		1,600		29,775
Mallinckrodt plc (b)		582		26,079
Merck & Co., Inc.		311		19,932
Merck KGaA		416		50,360
Mitsubishi Tanabe Pharma Corp.		1,600		37,059
Novartis AG		575		48,018
Novo Nordisk A/S - Class B		1,150		49,329
Orion Oyj - Class B		1,854		118,385
Otsuka Holdings Co., Ltd.		600		25,589
Perrigo Co. plc		177		13,367
Pfizer, Inc.		475		15,955
Recordati S.p.A.		902		36,593
Roche Holding AG		178		45,450
Sanofi		850		81,695
Takeda Pharmaceutical Co., Ltd.		600		30,506
Pharmaceuticals—(Continued)
Taro Pharmaceutical Industries, Ltd. (b)		696		77,994
Teva Pharmaceutical Industries, Ltd. (ADR)		2,013		66,872
UCB S.A.		1,456		100,194
Valeant Pharmaceuticals International, Inc. (b)		3,574		62,121
Vifor Pharma AG		370		40,903
Zoetis, Inc.		358		22,332
				1,259,519
Professional Services—0.1%
Equifax, Inc.		97		13,330
Experian plc		1,195		24,540
RELX NV		1,863		38,336
Robert Half International, Inc.		330		15,817
Seek, Ltd.		2,171		28,207
SGS S.A.		12		29,092
Verisk Analytics, Inc. (b)		223		18,814
				168,136
Real Estate Management & Development—0.1%
Aeon Mall Co., Ltd.		1,000		19,703
Azrieli Group, Ltd.		912		50,667
CapitaLand, Ltd.		11,800		30,001
CBRE Group, Inc. - Class A (b)		282		10,265
City Developments, Ltd.		2,900		22,603
Deutsche Wohnen AG		855		32,728
First Capital Realty, Inc.		1,716		26,148
Mitsubishi Estate Co., Ltd.		1,000		18,681
Swire Pacific, Ltd. - Class A		2,500		24,417
Swiss Prime Site AG (b)		396		35,971
Vonovia SE		784		31,152
Wharf Holdings, Ltd. (The)		3,000		24,868
				327,204
Road & Rail—0.1%
Aurizon Holdings, Ltd.		8,386		34,512
Canadian National Railway Co.		536		43,490
Canadian Pacific Railway, Ltd.		194		31,214
ComfortDelGro Corp., Ltd.		14,400		24,085
CSX Corp.		419		22,861
DSV A/S		507		31,245
J.B. Hunt Transport Services, Inc.		150		13,707
Kansas City Southern		254		26,581
MTR Corp., Ltd.		8,000		45,078
Odakyu Electric Railway Co., Ltd.		1,100		22,207
Ryder System, Inc.		196		14,108
Union Pacific Corp.		205		22,327
				331,415
Semiconductors & Semiconductor Equipment—0.2%
Analog Devices, Inc.		317		24,663
ASM Pacific Technology, Ltd.		9,500		128,250
ASML Holding NV		484		63,017
Broadcom, Ltd.		78		18,178
Infineon Technologies AG		2,390		50,648
Microchip Technology, Inc.		301		23,231

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
NVIDIA Corp.		145	$	20,961
NXP Semiconductors NV (b)		507		55,491
QUALCOMM, Inc.		319		17,615
Skyworks Solutions, Inc.		165		15,832
STMicroelectronics NV		3,046		43,678
Texas Instruments, Inc.		323		24,849
Xilinx, Inc.		329		21,161
				507,574
Software—0.3%
Activision Blizzard, Inc.		316		18,192
Adobe Systems, Inc. (b)		137		19,377
Autodesk, Inc. (b)		194		19,559
CA, Inc.		808		27,852
Check Point Software Technologies, Ltd. (b)		690		75,265
Constellation Software, Inc.		119		62,254
Dassault Systemes SE		722		64,705
Dell Technologies, Inc. - Class V (b)		73		4,461
Gemalto NV		927		55,985
Intuit, Inc.		166		22,046
Microsoft Corp.		263		18,129
Mobileye NV (b)		1,181		74,167
Nice, Ltd.		938		74,406
Open Text Corp.		2,022		63,819
Oracle Corp.		419		21,009
Oracle Corp. Japan		500		32,494
Red Hat, Inc. (b)		141		13,501
Sage Group plc (The)		8,689		77,918
SAP SE		680		71,073
Symantec Corp.		778		21,979
Synopsys, Inc. (b)		337		24,577
				862,768
Specialty Retail—0.2%
ABC-Mart, Inc.		300		17,676
Advance Auto Parts, Inc.		122		14,224
AutoNation, Inc. (b)		549		23,146
AutoZone, Inc. (b)		26		14,832
Bed Bath & Beyond, Inc.		376		11,430
Best Buy Co., Inc.		382		21,900
Dufry AG (b)		227		37,354
Foot Locker, Inc.		302		14,883
Gap, Inc. (The)		1,026		22,562
Hennes & Mauritz AB - B Shares		1,557		38,887
Industria de Diseno Textil S.A.		1,927		74,208
Kingfisher plc		5,580		21,854
L Brands, Inc.		251		13,526
Nitori Holdings Co., Ltd.		100		13,382
O’Reilly Automotive, Inc. (b)		47		10,281
Ross Stores, Inc.		203		11,719
Shimamura Co., Ltd.		100		12,239
Signet Jewelers, Ltd.		399		25,233
Staples, Inc.		1,585		15,961
Tiffany & Co.		185		17,366
TJX Cos., Inc. (The)		169		12,197
Tractor Supply Co.		426		23,093
Specialty Retail—(Continued)
Ulta Salon Cosmetics & Fragrance, Inc. (b)		45		12,930
USS Co., Ltd.		1,200		23,873
				504,756
Technology Hardware, Storage & Peripherals—0.1%
Blackberry, Ltd. (b)		4,583		45,802
Canon, Inc.		800		27,223
FUJIFILM Holdings Corp.		700		25,198
HP, Inc.		794		13,879
NetApp, Inc.		561		22,468
Western Digital Corp.		248		21,973
				156,543
Textiles, Apparel & Luxury Goods—0.2%
adidas AG		33		6,326
Christian Dior SE		69		19,730
Cie Financiere Richemont S.A.		404		33,337
Coach, Inc.		387		18,320
Gildan Activewear, Inc.		1,420		43,636
Li & Fung, Ltd.		64,000		23,315
Luxottica Group S.p.A.		868		50,365
Michael Kors Holdings, Ltd. (b)		796		28,855
NIKE, Inc. - Class B		289		17,051
Pandora A/S		764		71,629
Ralph Lauren Corp.		395		29,151
Swatch Group AG (The)		461		33,677
Swatch Group AG (The) - Bearer Shares		89		32,903
Under Armour, Inc. - Class A (b)		1,239		26,961
Under Armour, Inc. - Class C (b)		825		16,632
VF Corp.		341		19,642
Yue Yuen Industrial Holdings, Ltd.		9,500		39,425
				510,955
Tobacco—0.1%
Altria Group, Inc.		392		29,192
Imperial Brands plc		527		23,698
Philip Morris International, Inc.		220		25,839
Reynolds American, Inc.		436		28,357
Swedish Match AB		1,193		42,064
				149,150
Trading Companies & Distributors—0.1%
AerCap Holdings NV (b)		452		20,986
Brenntag AG		505		29,240
Fastenal Co.		280		12,189
Finning International, Inc.		1,449		28,404
Marubeni Corp.		3,900		25,167
Wolseley plc		425		26,136
WW Grainger, Inc.		91		16,428
				158,550
Transportation Infrastructure—0.1%
Aena S.A. (144A)		150		29,309
Aeroports de Paris		168		27,138
Atlantia S.p.A.		1,323		37,363

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Transportation Infrastructure—(Continued)
Auckland International Airport, Ltd.		10,634	$	55,567
Fraport AG Frankfurt Airport Services Worldwide		407		36,003
Hutchison Port Holdings Trust - Class U		68,300		29,371
SATS, Ltd.		7,500		27,848
Sydney Airport		6,700		36,497
Transurban Group		4,862		44,252
				323,348
Water Utilities—0.1%
American Water Works Co., Inc.		434		33,830
Severn Trent plc		1,768		50,283
United Utilities Group plc		4,461		50,439
				134,552
Wireless Telecommunication Services—0.2%
KDDI Corp.		2,200		58,283
Millicom International Cellular S.A.		880		52,047
NTT DoCoMo, Inc.		3,200		75,536
Rogers Communications, Inc. - Class B		1,209		57,103
SoftBank Group Corp.		600		48,747
StarHub, Ltd.		38,000		75,172
Tele2 AB - B Shares		5,534		58,157
Vodafone Group plc		24,408		69,265
				494,310
Total Common Stocks (Cost $29,681,465)				32,137,497
U.S. Treasury & Government Agencies—9.1%
U.S. Treasury—9.1%
U.S. Treasury Inflation Indexed Bonds 3.875%, 04/15/29 (a)		5,383,990		7,309,262
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/18 (a)		2,009,649		2,002,348
0.125%, 01/15/23 (a)		2,097,335		2,078,159
0.250%, 01/15/25 (a)		5,863,350		5,759,217
0.375%, 07/15/25 (a)		6,392,324		6,344,298
Total U.S. Treasury & Government Agencies (Cost $23,763,346)				23,493,284
Preferred Stocks—0.0%
Automobiles—0.0%
Bayerische Motoren Werke (BMW) AG		344		28,384
Household Products—0.0%
Henkel AG & Co. KGaA		304		41,840
Total Preferred Stocks (Cost $62,762)				70,224
Short-Term Investments–38.1%
Security Description	Shares/ Principal Amount*		Value
Mutual Funds—8.0%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.850% (c)		12,052,106		12,052,106
UBS Select Treasury Institutional Fund, Institutional Class, 0.800% (c)		8,540,103		8,540,103
				20,592,209
Repurchase Agreement—18.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $46,346,581 on 07/03/17, collateralized by $45,240,000 U.S. Treasury Note at 4.000% due 08/15/18 with a value of $47,274,805.		46,346,117		46,346,117
U.S. Treasury—12.1%
U.S. Treasury Bills 0.751%, 07/13/17 (d)		20,000,000		19,995,700
0.938%, 09/07/17 (d) (e)		8,000,000		7,986,064
0.976%, 09/07/17 (d) (e)		3,300,000		3,294,251
				31,276,015
Total Short-Term Investments (Cost $98,212,730)				98,214,341
Total Investments—90.1% (Cost $228,661,681) (f)				232,777,095
Other assets and liabilities (net)—9.9%				25,475,943
Net Assets—100.0%			$	258,253,038

*	Principal amount stated in U.S. dollars unless otherwise noted.
(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 June 30, 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 June 30, 2017, the market value of securities pledged was $11,280,315.
(f)	As of June 30, 2017, the aggregate cost of investments was $228,661,681. The aggregate unrealized appreciation and depreciation of investments were $4,826,173 and $(710,759), respectively, resulting in net unrealized appreciation of $4,115,414.
(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 June 30, 2017, the market value of 144A securities was $6,865,327, which is 2.7% of net assets.
(EUR)—	Euro
(GBP)—	British Pound
(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.
(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.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	212,055	Barclays Bank plc		07/28/17	$	242,327	$	157
Contracts to Deliver
AUD	2,000,000	State Street Bank and Trust		07/28/17		1,516,139		(20,601	)
AUD	167,460	State Street Bank and Trust		07/28/17		128,694		23
CAD	57,013	Barclays Bank plc		07/28/17		43,934		(49	)
CAD	2,500,000	State Street Bank and Trust		07/28/17		1,898,020		(30,629	)
CHF	37,626	Barclays Bank plc		07/28/17		39,285		(10	)
CHF	1,000,000	State Street Bank and Trust		07/28/17		1,039,686		(4,672	)
EUR	22,495,000	Barclays Bank plc		07/25/17		25,147,993		(570,971	)
EUR	6,800,000	State Street Bank and Trust		07/28/17		7,695,234		(80,529	)
GBP	14,290,000	Barclays Bank plc		07/25/17		18,222,069		(401,794	)
GBP	60,314	Barclays Bank plc		07/28/17		78,483		(131	)
GBP	1,400,000	State Street Bank and Trust		07/28/17		1,791,212		(33,551	)
HKD	9,300,000	State Street Bank and Trust		07/28/17		1,193,240		1,253
HKD	172,352	State Street Bank and Trust		07/28/17		22,095		5
JPY	304,600,000	State Street Bank and Trust		07/28/17		2,712,981		2,210
JPY	2,553,791	State Street Bank and Trust		07/28/17		22,809		82
Net Unrealized Depreciation							$	(1,139,207	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminum Futures		09/18/17		64		USD	3,090,656	$	(19,456	)
Amsterdam Index Futures		07/21/17		17		EUR	1,773,108		(58,259	)
Australian 10 Year Treasury Bond Futures		09/15/17		282		AUD	37,009,367		(428,969	)
Bloomberg Commodity Index Futures		09/20/17		546		USD	4,457,053		52,907
Brent Crude Oil Futures		07/31/17		42		USD	1,987,159		61,181
Canada Government Bond 10 Year Futures		09/20/17		236		CAD	34,065,125		(690,411	)
Cattle Feeder Futures		08/31/17		33		USD	2,084,525		356,238
Cattle Feeder Futures		10/26/17		8		USD	607,059		(19,359	)
Cocoa Futures		12/13/17		120		USD	2,443,808		(83,408	)
Coffee “C” Futures		09/19/17		21		USD	1,026,189		(36,302	)
Copper Futures		09/27/17		28		USD	1,806,462		91,238
Corn Futures		09/14/17		47		USD	890,795		4,555
Corn Futures		12/14/17		21		USD	408,411		3,189
Cotton No. 2 Futures		12/06/17		56		USD	2,096,533		(176,013	)
DAX Index Futures		09/15/17		7		EUR	2,221,578		(74,900	)
Euro-BTP Futures		09/07/17		219		EUR	29,262,246		380,809
Euro-Bobl Futures		09/07/17		100		EUR	13,301,095		(149,730	)
Euro-Bund Futures		09/07/17		73		EUR	12,003,649		(213,740	)
Euro-Buxl 30 Year Bond Futures		09/07/17		40		EUR	6,657,504		(133,293	)
FTSE 100 Index Futures		09/15/17		39		GBP	2,895,727		(92,672	)
Gasoline RBOB Futures		08/31/17		24		USD	1,467,690		46,729
Gold 100 oz. Futures		08/29/17		43		USD	5,404,842		(62,952	)
Goldman Sachs Commodity Index Futures		07/18/17		39		USD	3,602,779		26,171
Hang Seng Index Futures		07/28/17		12		HKD	15,367,140		(2,067	)
IBEX 35 Index Futures		07/21/17		9		EUR	968,188		(36,157	)
Interest Rate Swap 10 Year Futures		09/18/17		332		USD	34,100,360		(391,985	)
Interest Rate Swap 5 Year Futures		09/18/17		648		USD	65,235,683		(466,058	)
Japanese Government 10 Year Bond Mini Futures		09/11/17		436		JPY	6,563,740,200		(121,913	)
Lean Hogs Futures		08/14/17		4		USD	123,414		10,586
Lean Hogs Futures		10/13/17		41		USD	1,097,074		58,306

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Lean Hogs Futures		12/14/17		5			USD	126,016		$	934
Live Cattle Futures		08/31/17		59			USD	2,857,838			(113,158	)
Live Cattle Futures		10/31/17		44			USD	2,009,189			18,331
Live Cattle Futures		12/29/17		14			USD	667,956			(19,476	)
Low Sulphur Gas Oil Futures		09/12/17		29			USD	1,287,678			(20,378	)
MSCI Emerging Markets Index Mini Futures		09/15/17		538			USD	27,209,979			(86,709	)
Natural Gas Futures		08/29/17		65			USD	1,974,310			(4,160	)
New York Harbor ULSD Futures		08/31/17		14			USD	820,341			56,191
Nickel Futures		09/18/17		34			USD	1,862,942			52,108
OMX Stockholm 30 Index Futures		07/21/17		54			SEK	8,918,100			(31,247	)
Russell 2000 Index Mini Futures		09/15/17		402			USD	28,546,695			(119,265	)
S&P 500 Index E-Mini Futures		09/15/17		163			USD	19,791,460			(61,125	)
S&P TSX 60 Index Futures		09/14/17		22			CAD	3,984,380			(55,444	)
SPI 200 Index Futures		09/21/17		24			AUD	3,367,452			16,869
Silver Futures		09/27/17		33			USD	2,778,402			(34,947	)
Soybean Futures		11/14/17		14			USD	670,468			(2,143	)
Soybean Meal Futures		12/14/17		14			USD	423,963			11,717
Soybean Oil Futures		09/14/17		44			USD	873,448			1,976
Soybean Oil Futures		12/14/17		42			USD	811,654			28,514
Sugar No. 11 Futures		09/29/17		68			USD	1,102,253			(50,483	)
TOPIX Index Futures		09/07/17		26			JPY	417,576,000			12,572
U.S. Treasury Long Bond Futures		09/20/17		88			USD	13,400,979			123,521
U.S. Treasury Note 2 Year Futures		09/29/17		325			USD	70,332,746			(97,199	)
United Kingdom Long Gilt Bond Futures		09/27/17		157			GBP	20,046,537			(432,475	)
Wheat Futures		12/14/17		24			USD	573,898			80,102
Zinc Futures		09/18/17		35			USD	2,228,566			186,434
Futures Contracts—Short
Aluminum Futures		09/18/17		(6	)		USD	(287,667	)		(258	)
Nickel Futures		09/18/17		(6	)		USD	(336,387	)		(1,563	)
Zinc Futures		09/18/17		(7	)		USD	(471,849	)		(11,152	)
Net Unrealized Depreciation										$	(2,717,648	)

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		1.750	%		09/20/19		USD	83,123,000	$	(61,985	)
Pay		3M LIBOR		1.750	%		09/20/19		USD	17,000,000		(26,811	)
Net Unrealized Depreciation											$	(88,796	)

(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

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Total Foreign Government*	$	—	$	43,959,763	$	—	$	43,959,763
Total Mutual Fund*		34,901,986		—		—		34,901,986
Common Stocks
Aerospace & Defense		254,529		143,558		—		398,087
Air Freight & Logistics		53,503		49,120		—		102,623
Airlines		155,430		52,017		—		207,447
Auto Components		126,199		48,771		—		174,970
Automobiles		15,544		94,264		—		109,808
Banks		398,131		579,685		—		977,816
Beverages		213,472		468,427		—		681,899
Biotechnology		99,931		203,793		—		303,724
Building Products		28,306		—		—		28,306
Capital Markets		171,670		68,749		—		240,419
Chemicals		564,065		1,116,882		—		1,680,947
Commercial Services & Supplies		91,961		55,476		—		147,437
Communications Equipment		89,064		184,067		—		273,131
Construction & Engineering		42,683		20,211		—		62,894
Construction Materials		71,141		135,890		—		207,031
Consumer Finance		26,228		—		—		26,228
Containers & Packaging		193,280		35,186		—		228,466
Distributors		26,275		45,115		—		71,390
Diversified Consumer Services		17,804		18,904		—		36,708
Diversified Financial Services		34,890		95,986		—		130,876
Diversified Telecommunication Services		1,145,811		1,779,084		—		2,924,895
Electric Utilities		784,303		1,219,295		—		2,003,598
Electrical Equipment		107,091		58,641		—		165,732
Electronic Equipment, Instruments & Components		80,497		231,311		—		311,808
Energy Equipment & Services		203,520		172,952		—		376,472
Equity Real Estate Investment Trusts		418,264		163,714		—		581,978
Food & Staples Retailing		464,139		509,743		—		973,882
Food Products		498,688		772,343		—		1,271,031
Gas Utilities		—		291,041		—		291,041
Health Care Equipment & Supplies		282,396		457,203		—		739,599
Health Care Providers & Services		356,701		484,961		—		841,662
Health Care Technology		19,542		—		—		19,542
Hotels, Restaurants & Leisure		183,645		470,994		—		654,639
Household Durables		41,988		128,533		—		170,521

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Household Products	$	179,988		$	80,402		$	—	$	260,390
Independent Power and Renewable Electricity Producers		72,749			98,170			—		170,919
Industrial Conglomerates		57,935			211,323			—		269,258
Insurance		247,566			583,799			—		831,365
Internet & Direct Marketing Retail		41,911			—			—		41,911
Internet Software & Services		64,125			128,139			—		192,264
IT Services		318,140			490,952			—		809,092
Leisure Products		38,950			23,744			—		62,694
Life Sciences Tools & Services		98,457			139,832			—		238,289
Machinery		188,196			416,826			—		605,022
Marine		—			90,904			—		90,904
Media		226,701			364,625			—		591,326
Metals & Mining		234,297			262,311			—		496,608
Multi-Utilities		614,345			508,308			—		1,122,653
Multiline Retail		164,575			38,319			—		202,894
Oil, Gas & Consumable Fuels		786,141			1,734,119			—		2,520,260
Paper & Forest Products		—			105,450			—		105,450
Personal Products		64,982			155,829			—		220,811
Pharmaceuticals		388,451			871,068			—		1,259,519
Professional Services		47,961			120,175			—		168,136
Real Estate Management & Development		36,413			290,791			—		327,204
Road & Rail		174,288			157,127			—		331,415
Semiconductors & Semiconductor Equipment		221,981			285,593			—		507,574
Software		486,187			376,581			—		862,768
Specialty Retail		265,283			239,473			—		504,756
Technology Hardware, Storage & Peripherals		104,122			52,421			—		156,543
Textiles, Apparel & Luxury Goods		219,978			290,977			—		510,955
Tobacco		83,388			65,762			—		149,150
Trading Companies & Distributors		103,174			55,376			—		158,550
Transportation Infrastructure		—			323,348			—		323,348
Water Utilities		33,830			100,722			—		134,552
Wireless Telecommunication Services		57,103			437,207			—		494,310
Total Common Stocks		12,881,908			19,255,589			—		32,137,497
Total U.S. Treasury & Government Agencies*		—			23,493,284			—		23,493,284
Total Preferred Stocks*		—			70,224			—		70,224
Short-Term Investments
Mutual Funds		20,592,209			—			—		20,592,209
Repurchase Agreement		—			46,346,117			—		46,346,117
U.S. Treasury		—			31,276,015			—		31,276,015
Total Short-Term Investments		20,592,209			77,622,132			—		98,214,341
Total Investments	$	68,376,103		$	164,400,992		$	—	$	232,777,095
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	3,730		$	—	$	3,730
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(1,142,937	)		—		(1,142,937	)
Total Forward Contracts	$	—		$	(1,139,207	)	$	—	$	(1,139,207	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,681,178		$	—		$	—	$	1,681,178
Futures Contracts (Unrealized Depreciation)		(4,398,826	)		—			—		(4,398,826	)
Total Futures Contracts	$	(2,717,648	)	$	—		$	—	$	(2,717,648	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(88,796	)	$	—	$	(88,796	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017
Assets
Investments at value (a)	$	186,430,978
Repurchase Agreement		46,346,117
Cash		24,901,076
Cash denominated in foreign currencies (b)		292,936
Cash collateral for centrally cleared swap contracts		1,101,613
Unrealized appreciation on forward foreign currency exchange contracts		3,730
Receivable for:
Investments sold		977,084
Fund shares sold		34,870
Dividends and interest		209,255
Variation margin on futures contracts		694,428
Prepaid expenses		66
Total Assets		260,992,153
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		1,142,937
Payables for:
Investments purchased		1,126,189
Fund shares redeemed		39,144
Variation margin on centrally cleared swap contracts		40,621
Accrued Expenses:
Management fees		141,234
Distribution and service fees		54,367
Deferred trustees’ fees		63,287
Other expenses		131,336
Total Liabilities		2,739,115
Net Assets	$	258,253,038
Net Assets Consist of:
Paid in surplus	$	249,169,679
Undistributed net investment income		366,700
Accumulated net realized gain		8,555,692
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		160,967
Net Assets	$	258,253,038
Net Assets
Class B	$	258,253,038
Capital Shares Outstanding*
Class B		23,851,519
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.83

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement, was $182,315,564.
(b)	Identified cost of cash denominated in foreign currencies was $298,464.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017

Investment Income
Dividends (a)	$	1,024,296
Interest		754,496
Total investment income		1,778,792
Expenses
Management fees		793,637
Administration fees		21,260
Deferred expense reimbursement		174,819
Custodian and accounting fees		30,952
Distribution and service fees—Class B		305,364
Audit and tax services		44,654
Legal		21,976
Trustees’ fees and expenses		26,454
Shareholder reporting		8,341
Insurance		298
Miscellaneous		4,943
Total expenses		1,432,698
Net Investment Income		346,094
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		931,913
Futures contracts		10,326,598
Swap contracts		365,400
Foreign currency transactions		(2,524,486	)
Net realized gain		9,099,425
Net change in unrealized appreciation (depreciation) on:
Investments		5,821,289
Futures contracts		(2,513,817	)
Swap contracts		(190,064	)
Foreign currency transactions		(1,080,905	)
Net change in unrealized appreciation		2,036,503
Net realized and unrealized gain		11,135,928
Net Increase in Net Assets From Operations	$	11,482,022

(a) Net of foreign withholding taxes of $47,802.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017		Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	346,094	$	(631,174	)
Net realized gain		9,099,425		6,821,207
Net change in unrealized appreciation (depreciation)		2,036,503		(1,748,113	)
Increase in net assets from operations		11,482,022		4,441,920
From Distributions to Shareholders
Net investment income
Class B		0		(3,083,468	)
Net realized capital gains
Class B		0		(3,398,823	)
Total distributions		0		(6,482,291	)
Increase in net assets from capital share transactions		58,055,574		136,344,141
Total increase in net assets		69,537,596		134,303,770
Net Assets
Beginning of period		188,715,442		54,411,672
End of period	$	258,253,038	$	188,715,442
Undistributed net investment income
End of period	$	366,700	$	20,606

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		7,500,382		$	78,830,851			13,998,616		$	150,780,232
Reinvestments		0			0			628,129			6,482,291
Redemptions		(1,938,674	)		(20,775,277	)		(1,991,946	)		(20,918,382	)
Net increase		5,561,708		$	58,055,574			12,634,799		$	136,344,141
Increase derived from capital shares transactions				$	58,055,574					$	136,344,141

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014(a)
Net Asset Value, Beginning of Period	$	10.32		$	9.62		$	10.31		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.02			(0.06	)(c)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.49			1.13			(0.48	)		0.60
Total from investment operations		0.51			1.07			(0.56	)		0.54
Less Distributions
Distributions from net investment income		0.00			(0.18	)		(0.06	)		(0.03	)
Distributions from net realized capital gains		0.00			(0.19	)		(0.07	)		(0.20	)
Total distributions		0.00			(0.37	)		(0.13	)		(0.23	)
Net Asset Value, End of Period	$	10.83		$	10.32		$	9.62		$	10.31
Total Return (%) (d)		4.94	(e)		11.12			(5.48	)		5.40	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.17	(f)		1.30			1.50			3.66	(f)
Net ratio of expenses to average net assets (%) (g)		1.17	(f)		1.30			1.30			1.30	(f)
Ratio of net investment income (loss) to average net assets (%)		0.28	(f)		(0.60	)(c)		(0.77	)		(0.74	)(f)
Portfolio turnover rate (%)		22	(e)		1			68			9	(e)
Net assets, end of period (in millions)	$	258.3		$	188.7		$	54.4		$	22.4

(a)	Commencement of operations was April 14, 2014.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PanAgora Global Diversified Risk Portfolio (the “Portfolio”), which is non-diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—PanAgora Global Diversified Risk Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the PanAgora Global Risk Diversified Risk Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary’s inception date is April 14, 2014 and it invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by the PanAgora Asset Management, Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $51,620,665 in the Subsidiary, representing 19.8% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a 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 its 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 NAV 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 options on swaps (“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-24

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (“REITs”), premium amortization adjustments, controlled foreign corporation adjustments and return of capital distributions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-25

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $46,346,117, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than

BHFTI-26

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

BHFTI-27

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate				Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	88,796
	Unrealized appreciation on futures contracts (a) (c)	$	504,330	Unrealized depreciation on futures contracts (a) (c)		3,125,773
Equity	Unrealized appreciation on futures contracts (a) (c)		29,441	Unrealized depreciation on futures contracts (a) (c)		617,845
Commodity	Unrealized appreciation on futures contracts (a) (c)		1,147,407	Unrealized depreciation on futures contracts (a) (c)		655,208
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		3,730	Unrealized depreciation on forward foreign currency exchange contracts		1,142,937
Total		$	1,684,908		$	5,630,559

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Barclays Bank plc	$	157	$	(157	)	$	—	$	—
State Street Bank and Trust		3,573		(3,573	)		—		—
	$	3,730	$	(3,730	)	$	—	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	972,955	$	(157	)	$	—	$	972,798
State Street Bank and Trust		169,982		(3,573	)		—		166,409
	$	1,142,937	$	(3,730	)	$	—	$	1,139,207

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity		Commodity			Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	—	$	—		$	(2,821,542	)	$	(2,821,542	)
Futures contracts		5,359,733		6,675,912		(1,709,047	)		—			10,326,598
Swap contracts		365,400		—		—			—			365,400
	$	5,725,133	$	6,675,912	$	(1,709,047	)	$	(2,821,542	)	$	7,870,456

BHFTI-28

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity		Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—	$	(1,069,633	)	$	(1,069,633	)
Futures contracts		(3,187,559	)		(7,586	)		681,328		—			(2,513,817	)
Swap contracts		(190,064	)		—			—		—			(190,064	)
	$	(3,377,623	)	$	(7,586	)	$	681,328	$	(1,069,633	)	$	(3,773,514	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	62,562,376
Futures contracts long		301,098,407
Futures contracts short		(1,360	)
Swap contracts		77,456,667

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The

BHFTI-29

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$19,895,905	$	53,368,921	$	11,517,559	$	17,209,777

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$793,637		0.650	%	First $250 million
		0.640	%	$250 million to $750 million
		0.630	%	$750 million to $1 billion
		0.600	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2018. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio
under current
Expense Limitation

Agreement
Class B

1.30%

BHFTI-30

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than three years after the end of the fiscal year in which such expense was incurred. As of June 30, 2017, there were no expenses deferred in 2017 and $174,819 was repaid to the Adviser in accordance with the Expense Limitation Agreement. The amount of expenses deferred in 2014 and were recovered during year ended December 2016 were 142,277. The amount of expenses deferred in 2014 and 2015, which were recovered during the period ended June 30, 2017 were $89,654 and $85,165 respectively. Amounts recouped for the period ended June 30, 2017 are shown as Deferred expense reimbursement in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2016	2015		2016		2015		2016		2015		2016		2015
$2,869,989	$	317,260	$	1,931,098	$	162,502	$	1,681,204	$	61,696	$	6,482,291	$	541,458

BHFTI-31

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Late Year Ordinary and Post October Capital Loss Deferrals			Other Accumulated Capital Losses		Total
$—	$	—	$	(1,925,580	)	$	(424,115	)	$	—	$	(2,349,695	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

During the year ended December 31, 2016, the Portfolio utilized accumulated capital losses of $238,975.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-32

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of PanAgora Global Diversified Risk Portfolio and the Board of Trustees of Brighthouse Funds Trust I:

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PanAgora Global Diversified Risk Portfolio and subsidiary (one of the portfolios constituting Brighthouse Funds Trust I) (the “Portfolio”) as of June 30, 2017, and the related consolidated statement of operations for the six months then ended, the consolidated statements of changes in net assets for the six months then ended and the year ended December 31, 2016, and the consolidated financial highlights for the six months then ended, for each of the two years in the period ended December 31, 2016 and for the period from April 14, 2014 (commencement of operations) to December 31, 2014. These consolidated financial statements and consolidated financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2017, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of PanAgora Global Diversified Risk Portfolio and subsidiary of Brighthouse Funds Trust I as of June 30, 2017, the results of their operations for the six months then ended, the changes in their net assets for the six months then ended and the year ended December 31, 2016, and the consolidated financial highlights for the six months then ended, for each of the two years in the period then ended December 31, 2016 and for the period from April 14, 2014 (commencement of operations) to December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 25, 2017

BHFTI-33

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	13,953,015		910,578		943,388

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		14,209,107		1,597,875
Robert Boulware		14,206,478		1,600,504
Susan C. Gause		14,209,725		1,597,257
Nancy Hawthorne		14,209,631		1,597,351
Barbara A. Nugent		14,215,363		1,591,619
John Rosenthal		14,171,207		1,635,775
Linda B. Strumpf		14,077,585		1,729,397
Dawn M. Vroegop		14,240,232		1,566,750

BHFTI-34

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Managed By Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the PIMCO Inflation Protected Bond Portfolio returned 1.41%, 1.27%, and 1.36%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. TIPS Index¹, returned 0.85%.

MARKET ENVIRONMENT / CONDITIONS

Much of the first quarter of 2017 was marked by surging optimism among U.S. businesses and consumers along with solid fundamentals that helped bolster risk appetites. However, the risk rally moderated some as policy setbacks raised concerns about the administration’s ability to implement its pro-growth agenda. Despite this, volatility remained relatively low, equities rallied, and credit spreads tightened while U.S. yields remained generally range-bound. Solid U.S. economic data gave the Federal Reserve (the “Fed”) an opportunity to continue on its path toward policy normalization, though its March rate hike was perceived as more dovish given the largely unchanged statement and “dot plot.” Inflation expectations were generally stable, and the fundamental backdrop remained relatively healthy and unchanged. In the eurozone, the Dutch election results tempered some of the risks related to more nationalist, anti-E.U. sentiment leading up to the French and German elections.

Moving into the second quarter, geopolitics dominated headlines, with key elections in France and political controversy in both the United States and Brazil contributing to brief periods of market volatility. Still, robust risk appetite continued, following some of the first quarter’s trends: volatility remained relatively low, equities rallied, and credit spreads tightened while emerging market assets broadly continued to strengthen despite falling oil prices and another Fed rate hike. The Fed’s actions and details of its plan to reduce its balance sheet contributed to a flattening in the U.S. yield curve, with short term rates rising and longer-term yields declining over the quarter. Inflation expectations dropped to pre-U.S. election levels on the back of falling oil prices, soft inflation data, and waning prospects for fiscal stimulus. In Europe, Macron’s presidential victory in France tempered risks related to more nationalist, anti-E.U. outcomes in the eurozone. However, global central bankers struck a less accommodative tone: rhetoric from the European Central Bank, Bank of England, and Bank of Canada highlighted positive economic outlooks and suggested the potential for a reduction in easy monetary policy. In turn, most developed market yields rose higher even as those in the U.S. (outside the front-end) fell.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Nominal duration and curve positioning in the U.S., which was implemented through the use of cash bonds, short futures, and pay-fixed interest rate swaps, added to performance as an overweight to the belly (3 to 10-year maturities) of the yield curve benefitted from a decline in mid to long-term rates. A short position to U.K. nominal duration, which was partially facilitated through the use of pay-fixed interest rate swaps, added to performance as Gilt yields sold off (prices fell and yields rose), reversing the year’s earlier downward trend. In addition, a bearish position in U.K. breakeven inflation (the difference between nominal and real yields), which was partly achieved through the use of inflation swaps, contributed as inflation expectations trended lower despite recent strength in Consumer Price Index. Spread sector exposure, particularly positions in investment grade and high yield Financials, Residential Mortgage-Backed Securities, and dollar-denominated emerging market debt contributed to performance amid broad spread tightening over the quarter. Within currencies, a long position in the Brazilian real through the use of currency forwards detracted from performance as the currency depreciated amid heightened political scandal.

The Portfolio ended the period with a duration position close to that of the benchmark while continuing to overweight real duration exposure in the U.S. We remained tactical in our Treasury Inflation-Protected Securities (“TIPS”) curve positioning based on relative value and roll-down opportunities. Additionally, we believed TIPS could provide attractively-priced insurance against upside surprises in inflation and that any increase in nominal yields would likely be driven by inflation expectations moving higher. We were also long breakeven inflation levels in the U.S. as market inflation expectations remained below levels we felt were justified given strong core inflation dynamics. The Portfolio maintained exposure to diversifying sources of non-U.S. real duration, such as inflation-linked sovereign bonds in New Zealand. These issues offer higher real yields relative to those in the U.S., benefiting portfolio yield, and may benefit from a steeper real yield curve through roll-down. We also continued to favor being short U.K. breakeven inflation, as inflation remained well below the rich levels embedded in financial markets. Within spread sectors, we remained focused on high-quality sources of yield such as emerging market debt, mortgages, and corporate issues concentrated within Financials and housing-related credits. The Portfolio’s non-dollar currency exposures were primarily focused in tactical long

BHFTI-1

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Managed By Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

positions of select emerging market currencies (Brazilian real, Mexican peso, Indian rupee) and a short bias to the Australian dollar.

Mihir P. Worah

Jeremie Banet

Portfolio Managers

Pacific Investment Management Company LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. TIPS INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
PIMCO Inflation Protected Bond Portfolio
Class A		1.41		0.48		0.16		4.47
Class B		1.27		0.33		-0.07		4.23
Class E		1.36		0.43		0.02		4.33
Bloomberg Barclays U.S. TIPS Index		0.85		-0.63		0.27		4.27

¹ The Bloomberg Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		113.2
Corporate Bonds & Notes		7.8
Foreign Government		7.4
Asset-Backed Securities		5.2
Mortgage-Backed Securities		1.9
Purchased Options		0.1

BHFTI-3

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PIMCO Inflation Protected Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.81	%	$	1,000.00	$	1,014.10	$	4.05
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06
Class B(a)	Actual		1.06	%	$	1,000.00	$	1,012.70	$	5.29
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.54	$	5.31
Class E(a)	Actual		0.96	%	$	1,000.00	$	1,013.60	$	4.79
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.03	$	4.81

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—113.2% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—0.7%
Fannie Mae 30 Yr. Pool 3.000%, TBA (a)		1,000,000	$	997,105
Fannie Mae ARM Pool 1.892%, 07/01/44 (b)		13,999		14,221
1.892%, 09/01/44 (b)		27,768		28,195
2.951%, 11/01/34 (b)		611,370		647,154
Fannie Mae REMICS (CMO) 1.120%, 12/25/36 (b)		53,655		52,756
1.276%, 07/25/37 (b)		490,522		481,257
1.366%, 08/25/34 (b)		59,978		59,383
1.566%, 07/25/37 (b)		12,900		12,950
1.596%, 07/25/37 (b)		95,773		96,274
1.896%, 02/25/41 (b)		1,749,290		1,772,011
3.129%, 05/25/35 (b)		342,117		360,719
Fannie Mae Whole Loan (CMO) 1.566%, 05/25/42 (b)		54,356		54,660
Freddie Mac ARM Non-Gold Pool 2.859%, 01/01/34 (b)		83,591		87,904
Freddie Mac REMICS (CMO) 1.309%, 10/15/20 (b)		78,245		78,255
1.389%, 02/15/19 (b)		84,058		84,053
1.609%, 08/15/33 (b)		901,481		902,798
Freddie Mac Strips (CMO) 1.609%, 09/15/42 (b)		7,241,052		7,257,331
Freddie Mac Structured Pass-Through Securities (CMO) 1.476%, 08/25/31 (b)		44,975		44,128
1.892%, 10/25/44 (b)		2,510,816		2,545,563
1.892%, 02/25/45 (b)		761,787		762,058
Government National Mortgage Association (CMO) 1.823%, 08/20/66 (b)		292,443		295,223
2.550%, 04/20/67 (b)		3,501,011		3,615,028
				20,249,026
U.S. Treasury—112.5%
U.S. Treasury Bonds 3.000%, 02/15/47 (c)		15,290,000		15,772,583
3.000%, 05/15/47 (c)		15,040,000		15,521,746
U.S. Treasury Inflation Indexed Bonds 0.625%, 02/15/43 (c) (d) (e)		9,647,524		8,874,796
0.750%, 02/15/42 (c) (d)		28,486,376		27,102,992
0.750%, 02/15/45 (c) (d)		23,885,730		22,400,539
1.000%, 02/15/46 (c) (d)		76,883,364		76,814,399
1.375%, 02/15/44 (c) (d)		75,321,625		81,933,885
1.750%, 01/15/28 (c) (d)		103,860,019		115,763,728
2.000%, 01/15/26 (c) (d)		22,490,306		25,202,839
2.125%, 02/15/40 (c) (d)		40,959,576		50,941,589
2.125%, 02/15/41 (c) (d)		12,027,398		15,026,742
2.375%, 01/15/25 (c) (d)		225,433,498		256,821,055
2.375%, 01/15/27 (c) (d)		24,301,706		28,213,455
2.500%, 01/15/29 (c) (d)		141,186,010		169,745,257
3.625%, 04/15/28 (c) (d) (e)		65,318,395		85,328,490
3.875%, 04/15/29 (c) (d)		43,199,904		58,647,844
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/18 (c) (d)		25,148,767		25,057,402
0.125%, 04/15/19 (c) (d)		44,816,049		44,836,305
0.125%, 04/15/20 (c) (d) (f) (g)		80,933,859		81,058,416
0.125%, 04/15/21 (c) (d) (e) (f) (g) (h)		204,202,994		203,891,993
0.125%, 01/15/22 (c) (d) (e) (g) (h)		7,163,265		7,152,548
0.125%, 04/15/22 (c) (d)		42,229,360		42,027,842
0.125%, 07/15/22 (c) (d)		213,974,572		213,701,540
0.125%, 01/15/23 (c) (d)		274,088,262		271,582,273
0.125%, 07/15/24 (c) (d)		49,693,640		48,812,423
0.125%, 07/15/26 (c) (d)		22,200,205		21,413,585
0.250%, 01/15/25 (c) (d)		83,025,737		81,551,200
0.375%, 07/15/23 (c) (d)		189,517,739		190,738,233
0.375%, 07/15/25 (c) (d)		32,134,062		31,892,638
0.375%, 01/15/27 (c) (d)		23,892,404		23,465,662
0.625%, 07/15/21 (c) (d) (h)		49,364,409		50,591,213
0.625%, 01/15/24 (c) (d)		74,217,065		75,274,287
0.625%, 01/15/26 (c) (d)		110,240,825		110,938,209
0.875%, 02/15/47 (c) (d) (e)		33,247,689		32,264,787
1.250%, 07/15/20 (c) (d)		58,637,483		61,129,283
1.375%, 07/15/18 (d) (e) (g)		1,179,183		1,197,853
1.375%, 01/15/20 (c) (d)		30,252,110		31,354,315
1.625%, 01/15/18 (c) (d)		23,335,526		23,440,653
1.875%, 07/15/19 (c) (d) (f) (g)		16,378,415		17,070,502
U.S. Treasury Notes 1.875%, 02/28/22 (c) (e) (g)		105,600,000		105,727,882
1.875%, 04/30/22 (c) (e)		200,000		199,961
2.000%, 11/15/26 (c)		1,400,000		1,365,109
2.125%, 05/15/25 (c) (e) (f) (h)		26,700,000		26,532,084
2.750%, 02/15/24 (c)		101,800,000		105,919,744
				2,984,299,881
Total U.S. Treasury & Government Agencies (Cost $3,109,153,535)				3,004,548,907
Corporate Bonds & Notes—7.8%
Agriculture—0.0%
BAT International Finance plc 2.750%, 06/15/20 (144A)		100,000		101,306
Imperial Brands Finance plc 2.950%, 07/21/20 (144A)		200,000		203,379
Japan Tobacco, Inc. 2.100%, 07/23/18 (144A)		100,000		100,388
				405,073
Auto Manufacturers—0.2%
Ford Motor Credit Co. LLC 2.943%, 01/08/19		100,000		101,285
5.000%, 05/15/18		2,000,000		2,051,158
General Motors Financial Co., Inc. 2.350%, 10/04/19		200,000		199,980
2.569%, 10/04/19 (b)		100,000		101,121
3.100%, 01/15/19		500,000		506,833

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Auto Manufacturers—(Continued)
Volkswagen Group of America Finance LLC 1.642%, 05/22/18 (144A) (b)		1,200,000	$	1,200,943
2.125%, 05/23/19 (144A)		1,400,000		1,401,273
2.450%, 11/20/19 (144A)		500,000		502,764
				6,065,357
Banks—4.0%
Bank of America N.A. 1.750%, 06/05/18		15,300,000		15,320,303
BBVA Bancomer S.A. 6.500%, 03/10/21 (144A)		4,800,000		5,286,000
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 09/15/22		6,600,000		6,857,275
Deutsche Bank AG 4.250%, 10/14/21		11,700,000		12,269,591
Goldman Sachs Group, Inc. (The) 2.446%, 09/15/20 (b)		10,000,000		10,171,730
ING Bank NV 2.625%, 12/05/22 (144A)		3,300,000		3,327,750
JPMorgan Chase & Co. 7.900%, 04/30/18 (b)		900,000		935,550
Mitsubishi UFJ Financial Group, Inc. 3.082%, 03/01/21 (b)		4,100,000		4,279,683
Nykredit Realkredit A/S 1.000%, 07/01/17 (DKK)		79,800,000		12,245,638
2.000%, 07/01/17 (DKK)		58,200,000		8,938,306
2.000%, 10/01/17 (DKK)		31,400,000		4,849,896
2.500%, 10/01/47 (DKK)		20,472,535		3,189,424
Realkredit Danmark A/S 1.000%, 04/01/18 (DKK)		4,100,000		636,222
2.500%, 10/01/47 (DKK)		14,774,118		2,302,800
Santander Holdings USA, Inc. 2.642%, 11/24/17 (b)		500,000		501,993
UBS AG 1.539%, 12/07/18 (144A) (b) (i)		6,800,000		6,802,176
1.799%, 06/08/20 (144A) (b)		7,100,000		7,109,727
				105,024,064
Commercial Services—0.0%
ERAC USA Finance LLC 2.800%, 11/01/18 (144A)		100,000		101,041
5.250%, 10/01/20 (144A)		100,000		108,530
				209,571
Computers—0.1%
Dell International LLC / EMC Corp. 3.480%, 06/01/19 (144A)		300,000		307,013
Hewlett Packard Enterprise Co. 2.450%, 10/05/17		1,133,000		1,135,830
				1,442,843
Diversified Financial Services—1.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.750%, 05/15/19		1,100,000		1,129,844
4.625%, 10/30/20		400,000		425,109
Air Lease Corp. 4.750%, 03/01/20		100,000		106,094
Ally Financial, Inc. 3.250%, 02/13/18		15,200,000		15,295,000
3.750%, 11/18/19		200,000		204,500
BRFkredit A/S 2.000%, 10/01/17 (DKK)		13,500,000		2,085,147
2.500%, 10/01/47 (DKK)		2,572,125		400,712
4.000%, 01/01/18 (DKK)		7,000,000		1,098,769
International Lease Finance Corp. 5.875%, 04/01/19		300,000		318,622
6.250%, 05/15/19		800,000		858,067
8.250%, 12/15/20		900,000		1,059,669
LeasePlan Corp. NV 2.875%, 01/22/19 (144A)		100,000		100,317
Navient Corp. 4.625%, 09/25/17		300,000		300,750
4.875%, 06/17/19		200,000		208,000
5.500%, 01/15/19		1,400,000		1,457,750
Nordea Kredit Realkreditaktieselskab 1.000%, 10/01/17 (DKK)		10,500,000		1,617,829
2.000%, 10/01/17 (DKK)		20,700,000		3,197,224
2.000%, 01/01/18 (DKK)		500,000		77,803
2.500%, 10/01/47 (DKK)		4,229,198		659,193
OneMain Financial Holdings LLC 6.750%, 12/15/19 (144A)		100,000		105,000
Springleaf Finance Corp. 8.250%, 12/15/20		100,000		112,250
Synchrony Financial 2.580%, 11/09/17 (b)		800,000		802,539
				31,620,188
Electric—0.0%
Iberdrola Finance Ireland, Ltd. 5.000%, 09/11/19 (144A)		100,000		105,907
Home Builders—0.0%
DR Horton, Inc. 3.750%, 03/01/19		100,000		102,298
Machinery-Diversified—0.3%
John Deere Capital Corp. 1.577%, 06/22/20 (b)		8,800,000		8,810,736
Media—0.0%
DISH DBS Corp. 4.625%, 07/15/17		100,000		99,875
Sky plc 2.625%, 09/16/19 (144A) (i)		100,000		100,677

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Time Warner Cable LLC 5.000%, 02/01/20		200,000	$	213,359
8.250%, 04/01/19		100,000		110,315
				524,226
Oil & Gas—0.6%
Petrobras Global Finance B.V. 4.250%, 10/02/23 (EUR)		600,000		698,653
4.375%, 05/20/23		300,000		282,900
5.375%, 01/27/21		5,100,000		5,185,170
6.125%, 01/17/22		5,000,000		5,157,500
6.250%, 12/14/26 (GBP)		300,000		396,969
8.375%, 05/23/21		2,500,000		2,798,450
				14,519,642
Pharmaceuticals—0.1%
EMD Finance LLC 2.400%, 03/19/20 (144A)		100,000		100,638
Teva Pharmaceutical Finance IV LLC 2.250%, 03/18/20		100,000		99,900
Teva Pharmaceutical Finance Netherlands III B.V. 2.200%, 07/21/21		1,984,000		1,947,612
				2,148,150
Pipelines—0.6%
Enable Midstream Partners L.P. 2.400%, 05/15/19		100,000		99,608
Enbridge, Inc. 1.946%, 06/15/20 (b)		7,800,000		7,795,531
Kinder Morgan Energy Partners L.P. 9.000%, 02/01/19		100,000		110,310
Kinder Morgan, Inc. 7.250%, 06/01/18		300,000		314,036
Plains All American Pipeline L.P. / PAA Finance Corp. 2.600%, 12/15/19		100,000		100,275
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.750%, 09/01/20		100,000		108,173
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		100,000		108,867
Spectra Energy Partners L.P. 1.920%, 06/05/20 (b)		7,300,000		7,328,426
TransCanada PipeLines, Ltd. 3.800%, 10/01/20		600,000		629,762
				16,594,988
Real Estate—0.0%
Akelius Residential Property AB 3.375%, 09/23/20 (EUR)		100,000		123,707
Real Estate Investment Trusts—0.2%
American Tower Corp. 2.800%, 06/01/20		300,000		304,077
Real Estate Investment Trusts—(Continued)
Unibail-Rodamco SE 1.928%, 04/16/19 (b)		5,800,000		5,776,330
				6,080,407
Telecommunications—0.5%
AT&T, Inc. 1.808%, 01/15/20 (b)		4,900,000		4,925,392
2.023%, 07/15/21 (b)		7,300,000		7,375,606
Deutsche Telekom International Finance B.V. 1.500%, 09/19/19 (144A)		100,000		98,591
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		100,000		100,875
Telefonica Emisiones S.A.U. 5.877%, 07/15/19		400,000		429,769
				12,930,233
Transportation—0.0%
AP Moeller - Maersk A/S 2.550%, 09/22/19 (144A)		100,000		100,685
Ryder System, Inc. 2.450%, 09/03/19		100,000		100,910
				201,595
Total Corporate Bonds & Notes (Cost $203,336,990)				206,908,985
Foreign Government—7.4%
Sovereign—7.4%
Argentine Republic Government International Bond 6.875%, 01/26/27		7,600,000		7,873,600
Brazil Letras do Tesouro Nacional 8.853%, 07/01/18 (BRL)		180,800,000		50,203,176
10.422%, 10/01/17 (BRL)		26,800,000		7,904,281
11.550%, 01/01/18 (BRL)		214,200,000		61,953,708
Canadian Government Real Return Bond 4.250%, 12/01/26 (CAD) (d)		7,125,936		7,480,859
Hellenic Republic Government International Bonds 3.800%, 08/08/17 (JPY)		150,000,000		1,318,346
4.500%, 07/03/17 (JPY)		300,000,000		2,667,259
Japanese Government CPI Linked Bonds 0.100%, 03/10/24 (JPY) (d)		174,420,000		1,607,037
0.100%, 03/10/27 (JPY) (d)		1,893,780,000		17,650,585
Mexican Bonos 4.750%, 06/14/18 (MXN)		65,252,000		3,523,527
7.750%, 05/29/31 (MXN)		120,200,000		7,091,494
New Zealand Government Bonds 2.500%, 09/20/35 (NZD) (d)		1,537,650		1,214,589
3.000%, 09/20/30 (NZD) (d)		11,600,000		9,925,669
United Kingdom Gilt 1.500%, 07/22/47 (GBP)		600,000		715,658
3.250%, 01/22/44 (GBP)		580,000		964,410

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
United Kingdom Gilt Inflation Linked 0.125%, 03/22/44 (GBP) (d)		890,608	$	1,791,092
0.125%, 03/22/46 (GBP) (d)		2,127,377		4,393,535
0.125%, 03/22/58 (GBP) (d)		401,785		1,012,834
0.125%, 11/22/65 (GBP) (d)		2,366,546		6,805,610
Total Foreign Government (Cost $198,215,398)				196,097,269
Asset-Backed Securities—5.2%
Asset-Backed - Home Equity—0.4%
Bear Stearns Asset-Backed Securities Trust 1.716%, 12/25/35 (b)		600,000		597,773
Citigroup Mortgage Loan Trust, Inc. 1.676%, 10/25/35 (b)		3,700,000		3,036,474
First NLC Trust 1.286%, 08/25/37 (144A) (b)		1,202,637		675,385
HSI Asset Securitization Corp. Trust 1.266%, 10/25/36 (b)		6,351		3,425
Master Asset-Backed Securities Trust 1.716%, 10/25/35 (b)		178,448		161,285
Nomura Home Equity Loan, Inc 1.506%, 03/25/36 (b)		3,000,000		2,554,223
NovaStar Mortgage Funding Trust 1.686%, 01/25/36 (b)		2,000,000		1,862,631
Soundview Home Loan Trust 1.276%, 11/25/36 (144A) (b)		52,367		21,331
				8,912,527
Asset-Backed - Other—4.1%
Alpstar CLO 2 plc 0.080%, 05/15/24 (144A) (EUR) (b)		350,656		400,226
Amortizing Residential Collateral Trust 2.341%, 08/25/32 (b)		1,071,595		1,001,189
Atlas Senior Loan Fund II, Ltd. 2.400%, 01/30/24 (144A) (b)		1,671,435		1,670,588
Avery Point CLO, Ltd. 2.256%, 04/25/26 (144A) (b)		8,100,000		8,107,460
Bayview Opportunity Master Fund Trust 3.475%, 04/28/32 (144A) (b)		942,604		941,620
Cadogan Square CLO B.V. Zero Coupon, 07/24/23 (144A) (EUR) (b)		137,280		156,752
CELF Low Levered Partners plc Zero Coupon, 03/04/24 (144A) (EUR) (b)		88,523		101,076
CIT Mortgage Loan Trust 2.566%, 10/25/37 (144A) (b)		5,917,412		5,872,671
Cordatus CLO I plc 0.758%, 01/30/24 (GBP) (b)		406,791		529,685
Cordatus CLO II plc Zero Coupon, 07/25/24 (EUR) (b)		633,568		723,366
0.759%, 07/25/24 (GBP) (b)		241,637		314,603
Countrywide Asset-Backed Certificates 1.416%, 04/25/36 (b)		30,281		30,263
Asset-Backed - Other—(Continued)
Credit-Based Asset Servicing and Securitization LLC 1.336%, 07/25/37 (144A) (b)		122,803		79,919
CSAB Mortgage-Backed Trust 5.720%, 09/25/36		650,813		396,498
CVP Cascade CLO-1, Ltd. 2.308%, 01/16/26 (144A) (b)		1,200,000		1,200,936
CWABS Asset-Backed Certificates Trust 1.746%, 02/25/36 (b)		4,900,000		4,821,631
2.221%, 01/25/35 (b)		388,430		388,597
Eaton Vance CDO X plc 1.472%, 02/22/27 (b) (j)		527,205		525,509
Equity One Mortgage Pass-Through Trust 1.816%, 04/25/34 (b)		106,193		90,912
Finn Square CLO, Ltd. 2.506%, 12/24/23 (144A) (b)		804,353		805,647
First Franklin Mortgage Loan Trust 1.526%, 07/25/36 (b)		3,300,000		3,112,610
Flagship, Ltd. 2.276%, 01/20/26 (144A) (b)		5,600,000		5,597,172
Fortress Credit BSL, Ltd. 2.308%, 10/19/25 (144A) (b)		3,600,000		3,598,186
GSAMP Trust 1.951%, 09/25/35 (b)		352,363		332,513
Highlander Euro CDO B.V. Zero Coupon, 05/01/23 (144A) (EUR) (b)		193,085		220,482
Hildebe CLO, Ltd. 2.338%, 07/19/26 (144A) (b)		13,500,000		13,493,183
Hillmark Funding, Ltd. 1.422%, 05/21/21 (144A) (b)		338,513		338,299
HSI Asset Securitization Corp. Trust 1.376%, 05/25/37 (b)		527,052		506,910
Jamestown CLO, Ltd. 2.378%, 01/17/27 (144A) (b)		6,800,000		6,796,573
Long Beach Mortgage Loan Trust 1.446%, 01/25/46 (b)		553,092		551,311
1.951%, 08/25/35 (b)		823,014		786,267
Morgan Stanley ABS Capital, Inc. Trust 2.191%, 07/25/34 (b)		90,759		87,845
Morgan Stanley IXIS Real Estate Capital Trust 1.266%, 11/25/36 (b)		702		350
OHA Credit Partners, Ltd. 2.166%, 10/20/25 (144A) (b)		6,700,000		6,696,623
OneMain Financial Issuance Trust 2.470%, 09/18/24 (144A)		3,930,291		3,935,400
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.706%, 09/25/35 (b)		200,000		195,031
2.266%, 10/25/34 (b)		4,000,000		3,803,370
PDM CLO B.V. 0.510%, 02/14/23 (EUR) (b)		99,708		113,904
RAAC Trust 1.556%, 08/25/36 (b)		764,000		725,262
Shackleton CLO, Ltd. 2.275%, 01/13/25 (144A) (b)		900,000		899,547

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Small Business Administration Participation Certificates 5.510%, 11/01/27		1,727,482	$	1,851,699
Structured Asset Securities Corp. Mortgage Loan Trust 1.356%, 05/25/47 (b)		711,094		709,874
2.551%, 04/25/35 (b)		274,775		261,187
TICP CLO, Ltd. 2.316%, 07/20/26 (144A) (b)		10,600,000		10,594,647
U.S. Residential Opportunity Fund Trust 3.598%, 10/27/36 (144A)		2,500,772		2,490,622
Vericrest Opportunity Loan Trust LLC 3.375%, 04/25/47 (144A)		1,563,546		1,562,376
3.500%, 03/25/47 (144A)		748,751		749,988
3.875%, 04/25/55 (144A)		35,125		35,140
WhiteHorse, Ltd. 2.370%, 02/03/25 (144A) (b)		10,705,633		10,705,548
				108,911,067
Asset-Backed - Student Loan—0.7%
College Loan Corp. Trust 1.406%, 01/25/24 (b)		900,000		889,052
Navient Student Loan Trust 2.366%, 03/25/66 (144A) (b)		4,391,257		4,437,799
SLM Student Loan Trust
Zero Coupon, 12/15/23 (EUR) (b)		1,021,380		1,161,716
Zero Coupon, 06/17/24 (EUR) (b)		1,526,914		1,733,935
2.656%, 04/25/23 (b)		8,913,672		9,103,404
South Carolina Student Loan Corp. 1.342%, 12/01/23 (b)		2,050,381		2,048,289
				19,374,195
Total Asset-Backed Securities (Cost $131,897,976)				137,197,789
Mortgage-Backed Securities—1.9%
Collateralized Mortgage Obligations—1.4%
Banc of America Funding Trust 1.432%, 07/20/36 (b)		111,069		110,945
3.131%, 02/20/36 (b)		791,010		781,639
Banc of America Mortgage Trust 3.209%, 09/25/35 (b)		105,445		101,158
3.490%, 11/25/34 (b)		58,621		57,041
3.778%, 06/25/35 (b)		196,254		184,359
Bear Stearns Adjustable Rate Mortgage Trust 3.427%, 03/25/35 (b)		353,811		345,601
Bear Stearns ALT-A Trust 1.376%, 02/25/34 (b)		179,901		166,780
3.361%, 09/25/35 (b)		1,191,420		1,016,488
Chase Mortgage Finance Trust 3.436%, 02/25/37 (b)		75,899		75,318
Citigroup Mortgage Loan Trust 0.026%, 08/25/35 (b)		53,358		51,760
1.224%, 06/25/47 (144A) (b)		2,555,262		2,533,155
Collateralized Mortgage Obligations—(Continued)
Citigroup Mortgage Loan Trust 3.430%, 05/25/35 (b)		29,905		29,826
Countrywide Alternative Loan Trust 1.392%, 02/20/47 (b)		979,005		771,744
1.396%, 05/25/47 (b)		294,430		274,699
1.496%, 12/25/35 (b)		30,783		27,780
5.500%, 06/25/35		575,826		563,759
Countrywide Home Loan Mortgage Pass-Through Trust 1.796%, 04/25/35 (b)		703,331		662,535
3.252%, 11/20/34 (b)		249,791		248,049
3.399%, 08/25/34 (b)		134,008		123,013
3.528%, 11/19/33 (b)		19,977		19,711
Countrywide Home Reperforming Loan REMIC Trust 1.556%, 06/25/35 (144A) (b)		96,083		88,566
Deutsche ALT-B Securities Mortgage Loan Trust 1.316%, 10/25/36 (b)		26,846		20,383
5.869%, 10/25/36		473,428		447,652
5.886%, 10/25/36		473,428		447,645
Eurosail-UK plc 1.240%, 06/13/45 (GBP) (b)		2,858,858		3,594,509
First Horizon Alternative Mortgage Securities Trust 3.129%, 06/25/34 (b)		190,066		186,384
GreenPoint Mortgage Funding Trust 1.486%, 11/25/45 (b)		179,117		157,369
GreenPoint MTA Trust 1.656%, 06/25/45 (b)		331,192		299,369
GSR Mortgage Loan Trust 3.109%, 09/25/35 (b)		283,388		287,860
3.130%, 12/25/34 (b)		1,234,488		1,238,401
3.228%, 11/25/35 (b)		608,646		558,292
3.498%, 01/25/35 (b)		184,997		181,700
3.532%, 05/25/35 (b)		448,067		441,868
HarborView Mortgage Loan Trust 1.489%, 02/19/36 (b)		175,333		144,034
1.649%, 05/19/35 (b)		85,052		79,225
IndyMac INDA Mortgage Loan Trust 3.686%, 11/25/35 (b)		401,374		378,622
JPMorgan Mortgage Trust 3.199%, 08/25/35 (b)		374,847		360,174
3.252%, 09/25/35 (b)		117,144		106,381
3.258%, 07/27/37 (144A) (b)		844,022		800,436
3.275%, 08/25/35 (b)		293,588		293,272
3.411%, 07/25/35 (b)		217,775		220,251
3.478%, 06/25/35 (b)		718,238		712,311
3.505%, 02/25/35 (b)		286,855		284,023
3.576%, 07/25/35 (b)		202,179		203,652
Lehman XS Trust 1.486%, 12/25/35 (b)		170,721		164,553
Marche Mutui S.r.l. 0.062%, 02/25/55 (EUR) (b)		23,953		27,363
1.921%, 01/27/64 (EUR) (b)		400,019		458,505
Master Adjustable Rate Mortgages Trust 3.159%, 12/25/33 (b)		151,693		147,373
3.190%, 11/21/34 (b)		193,209		197,662

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Mellon Residential Funding Corp. Mortgage Pass-Through Trust 1.599%, 12/15/30 (b)		34,334	$	33,236
1.859%, 11/15/31 (b)		207,451		194,601
Merrill Lynch Mortgage Investors Trust 1.466%, 11/25/35 (b)		61,080		57,932
2.051%, 10/25/35 (b)		147,022		139,932
3.073%, 12/25/35 (b)		181,760		167,106
National Credit Union Administration Guaranteed Notes 1.534%, 10/07/20 (b)		1,802,543		1,804,978
1.644%, 12/08/20 (b)		3,671,690		3,692,299
Residential Accredit Loans, Inc. 1.516%, 08/25/35 (b)		133,349		109,163
2.092%, 09/25/45 (b)		141,784		124,354
Sequoia Mortgage Trust
1.412%, 07/20/36 (b)		1,041,709		990,505
1.909%, 10/19/26 (b)		52,869		51,738
Structured Adjustable Rate Mortgage Loan Trust 2.132%, 01/25/35 (b)		117,384		105,232
3.396%, 02/25/34 (b)		144,989		145,803
3.529%, 12/25/34 (b)		248,841		244,561
Structured Asset Mortgage Investments II Trust 1.406%, 06/25/36 (b)		93,977		84,450
1.426%, 05/25/36 (b)		41,936		32,810
1.459%, 07/19/35 (b)		201,137		191,159
1.869%, 10/19/34 (b)		92,800		88,941
Swan Trust 2.915%, 04/25/41 (AUD) (b)		143,181		110,386
TBW Mortgage-Backed Trust 6.015%, 07/25/37		267,781		199,958
Thrones plc 1.836%, 07/20/44 (GBP) (b)		45,539		59,609
WaMu Mortgage Pass-Through Certificates Trust 1.502%, 05/25/47 (b)		413,995		373,021
1.502%, 12/25/46 (b)		92,530		88,850
1.732%, 02/25/46 (b)		165,703		161,546
1.732%, 08/25/46 (b)		6,316,013		5,722,033
1.932%, 11/25/42 (b)		20,099		18,951
2.145%, 07/25/46 (b)		634,159		602,024
2.145%, 11/25/46 (b)		205,646		195,109
3.061%, 12/25/35 (b)		162,478		149,647
3.312%, 08/25/35 (b)		90,480		85,232
Wells Fargo Mortgage-Backed Securities Trust 3.010%, 11/25/34 (b)		134,210		134,450
3.167%, 03/25/36 (b)		96,332		91,972
3.193%, 09/25/34 (b)		240,172		244,826
3.194%, 04/25/36 (b)		554,201		556,563
3.360%, 04/25/36 (b)		233,950		213,436
				37,939,608
Commercial Mortgage-Backed Securities—0.5%
GS Mortgage Securities Trust 4.592%, 08/10/43 (144A)		25,000		26,534
Security Description	Contracts/ Principal/ Notional Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
ML-CFC Commercial Mortgage Trust 5.700%, 09/12/49		2,526,791		2,528,739
Morgan Stanley Capital Trust 5.809%, 12/12/49		1,252,513		1,256,160
RBSCF Trust 6.335%, 12/16/49 (144A) (b)		428,417		427,934
Vornado DP LLC Trust 4.004%, 09/13/28 (144A)		7,000,000		7,403,010
				11,642,377
Total Mortgage-Backed Securities (Cost $45,810,002)				49,581,985
Purchased Options—0.1%
Interest Rate Swaptions—0.1%
Call - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.150%, Expires 06/15/18 (Counterparty - Deutsche Bank AG) (j)		16,400,000		366,828
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		816,078
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		987,134
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.150%, Expires 06/15/18 (Counterparty - Deutsche Bank AG) (j)		16,400,000		1,818,588
				3,988,628
Options on Exchange-Traded Futures Contracts—0.0%
Call - U.S. Treasury Bond Futures @ 180.00, Expires 08/25/17		152		152
Call - U.S. Treasury Bond Futures @ 182.00, Expires 08/25/17		157		157
Call - U.S. Treasury Note 10-Year Futures @135.50, Expires 08/25/17		376		376
Call - U.S. Treasury Note 5-Year Futures @ $122.20, Expires 08/25/17		13		13
Call - U.S. Treasury Note 5-Year Futures @ $122.50, Expires 08/25/17		77		77
Put - Eurodollar Futures @ $98.25, Expires 03/19/18		1,399		113,669
Put - U.S. Treasury Note 10-Year Futures @ $115.00, Expires 08/25/17		342		342
Put - U.S. Treasury Note 10-Year Futures @ $115.50, Expires 08/25/17		731		731
				115,517
Total Purchased Options (Cost $4,812,903)				4,104,145

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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	$	1,179,999
Municipals—0.0%
Tobacco Settlement Financing Authority, Revenue Bonds 7.467%, 06/01/47 (Cost $680,061)		710,000		693,926
Floating Rate Loans (k)—0.0%
Hotels, Restaurants & Leisure—0.0%
Las Vegas Sands LLC Term Loan B, 3.230%, 03/29/24		98,990		99,219
Pharmaceuticals—0.0%
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 5.830%, 04/01/22		11,108		11,271
Total Floating Rate Loans (Cost $109,599)				110,490
Short-Term Investments—8.1%
Certificate of Deposit—4.0%
Barclays Bank plc 1.710%, 03/16/18		7,500,000		7,498,515
1.949%, 11/06/17		10,000,000		10,022,520
Credit Suisse 2.028%, 09/12/17		14,800,000		14,823,621
Mitsubishi UFJ Trust & Banking Corp. 1.987%, 09/19/17		5,700,000		5,708,425
Natixis 1.979%, 09/25/17		19,800,000		19,829,898
Norinchukin Bank 1.871%, 10/11/17		20,900,000		20,941,528
Sumitomo Mitsui Banking Corp. 1.946%, 09/15/17		7,700,000		7,710,356
Sumitomo Mitsui Trust Bank, Ltd.
1.860%, 10/06/17		6,000,000		6,010,656
1.997%, 09/18/17		12,900,000		12,919,350
				105,464,869
Foreign Government—2.7%
Argentina Treasury Bills 2.402%, 07/14/17 (l)		1,300,000		1,299,264
2.814%, 11/24/17 (l)		400,000		395,452
2.820%, 10/27/17 (l)		400,000		396,334
2.855%, 10/13/17 (l)		1,700,000		1,686,368
3.073%, 09/15/17 (l)		2,200,000		2,187,060
3.157%, 12/15/17 (l)		2,000,000		1,973,622
Foreign Government—(Continued)
Japan Treasury Bills 0.000%, 07/10/17 (JPY) (l)		2,000,000,000		17,780,734
0.000%, 08/07/17 (JPY) (l)		4,600,000,000		40,901,126
Mexico Cetes 1,815.413%, 01/04/18 (MXN)		112,400,000		596,702
6,908.607%, 08/17/17 (MXN) (l)		602,900,000		3,291,230
				70,507,892
Repurchase Agreements—1.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.440% to be repurchased at $25,603,072 on 07/03/17, collateralized by $25,132,000 Federal National Mortgage Association at 4.000% due 05/01/47 with a value of $26,450,953.		25,600,000		25,600,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $9,816,223 on 07/03/17, collateralized by $9,985,000 U.S. Government Agency Obligations with rates ranging from 0.875% - 1.125%, maturity dates ranging from 08/15/17 - 09/22/17, with a value of $10,015,864.		9,816,125		9,816,125
				35,416,125
U.S. Treasury—0.1%
U.S. Treasury Bills 0.897%, 08/31/17 (h) (l)		1,549,000		1,546,705
Total Short-Term Investments (Cost $213,028,284)				212,935,591
Total Investments—143.7% (Cost $3,907,944,748) (m)				3,813,359,086
Other assets and liabilities (net)—(43.7)%				(1,160,422,603	)
Net Assets—100.0%			$	2,652,936,483

*	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 June 30, 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. (See Note 2 of the Notes to Financial Statements)
(d)	Principal amount of security is adjusted for inflation.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(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 June 30, 2017, the market value of securities pledged was $6,165,713.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $4,085,339.
(g)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2017, the market value of securities pledged was $12,270,496.
(h)	All or a portion of the security was pledged as collateral against open secured borrowing transactions. As of June 30, 2017, the value of securities pledged amounted to $4,909,506.
(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 June 30, 2017, the market value of restricted securities was $6,902,853, which is 0.3% of net assets. See details shown in the Restricted Securities table that follows.
(j)	Illiquid security. As of June 30, 2017, these securities represent 0.2% 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 June 30, 2017, the aggregate cost of investments was $3,907,944,748. The aggregate unrealized appreciation and depreciation of investments were $17,416,335 and $(112,001,997), respectively, resulting in net unrealized depreciation of $(94,585,662).
(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 June 30, 2017, the market value of 144A securities was $130,829,811, which is 4.9% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NZD)—	New Zealand Dollar
(REMIC)—	Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Sky plc, 2.625%, 09/16/19		02/14/17	$	100,000	$	100,474	$	100,677
UBS AG, 1.539%, 12/07/18		06/01/17		6,800,000		6,800,000		6,802,176
							$	6,902,853

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
ARS	25,631,010	Citibank N.A.		09/15/17	$	1,529,296	$	(43,902	)
ARS	38,330,700	Citibank N.A.		09/15/17		2,292,506		(71,125	)
BRL	33,657,140	BNP Paribas S.A.		07/05/17		10,434,705		(275,285	)
BRL	42,230,198	Deutsche Bank AG		07/05/17		12,765,310		(18,110	)
BRL	8,573,058	Goldman Sachs Bank USA		07/05/17		2,580,536		7,244
BRL	22,134,746	Deutsche Bank AG		08/02/17		6,629,353		12,820
BRL	82,100,000	BNP Paribas S.A.		10/03/17		24,489,187		(148,284	)
BRL	84,900,000	Deutsche Bank AG		10/03/17		25,404,900		(233,856	)
BRL	37,300,000	Goldman Sachs Bank USA		10/03/17		11,128,349		(69,693	)
CAD	9,983,000	JPMorgan Chase Bank N.A.		07/05/17		7,615,960		82,220
CNH	1,362,900	Credit Suisse International		07/05/17		199,473		1,540
DKK	7,790,000	BNP Paribas S.A.		07/03/17		1,174,757		21,800
DKK	4,141,000	Goldman Sachs Bank USA		07/03/17		624,209		11,856
EUR	6,085,195	BNP Paribas S.A.		07/05/17		6,921,910		28,294
EUR	6,180,000	Goldman Sachs Bank USA		07/05/17		6,962,093		96,392

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
GBP	1,102,000	BNP Paribas S.A.		07/05/17	$	1,428,979	$	6,321
GBP	6,670,000	Goldman Sachs Bank USA		07/05/17		8,528,730		158,610
GBP	3,742,000	JPMorgan Chase Bank N.A.		07/05/17		4,848,836		24,930
GBP	19,075,000	UBS AG Stamford		07/05/17		24,446,520		397,707
GBP	1,829,000	JPMorgan Chase Bank N.A.		08/02/17		2,377,396		6,899
INR	437,211,519	Societe Generale Paris		07/20/17		6,662,271		88,687
INR	437,211,519	Credit Suisse International		12/04/17		6,669,893		(34,998	)
JPY	2,687,271,643	BNP Paribas S.A.		07/05/17		24,004,213		(112,045	)
JPY	305,400,000	JPMorgan Chase Bank N.A.		08/02/17		2,731,299		(12,848	)
MXN	6,053,000	BNP Paribas S.A.		08/08/17		331,310		418
MXN	1,941,000	Citibank N.A.		08/08/17		108,191		(1,817	)
MXN	1,991,000	Goldman Sachs Bank USA		08/08/17		109,784		(670	)
MXN	180,100,000	BNP Paribas S.A.		03/01/18		9,078,353		494,167
MYR	506,797	UBS AG Stamford		09/18/17		118,866		(1,171	)
NZD	15,376,000	Citibank N.A.		07/05/17		11,235,704		31,827
RUB	398,017,580	Citibank N.A.		09/21/17		6,886,117		(245,949	)
Contracts to Deliver
AUD	16,199,000	Citibank N.A.		07/05/17		12,068,255		(382,295	)
BRL	33,657,140	BNP Paribas S.A.		07/05/17		10,173,853		14,434
BRL	22,134,746	Deutsche Bank AG		07/05/17		6,669,101		(12,280	)
BRL	20,095,452	Deutsche Bank AG		07/05/17		6,084,000		18,181
BRL	8,573,058	Goldman Sachs Bank USA		07/05/17		2,591,457		3,677
BRL	75,200,000	BNP Paribas S.A.		10/03/17		21,936,989		(358,210	)
BRL	61,000,000	BNP Paribas S.A.		10/03/17		18,167,468		82,266
BRL	94,900,000	JPMorgan Chase Bank N.A.		10/03/17		27,911,765		(224,066	)
BRL	16,080,000	BNP Paribas S.A.		01/03/18		4,453,677		(245,415	)
BRL	113,500,000	Deutsche Bank AG		01/03/18		31,956,798		(1,211,541	)
BRL	36,300,000	Deutsche Bank AG		01/03/18		10,060,064		(547,960	)
BRL	26,200,000	Deutsche Bank AG		01/03/18		6,935,609		(720,870	)
BRL	22,120,000	JPMorgan Chase Bank N.A.		01/03/18		6,114,720		(349,453	)
BRL	97,200,000	BNP Paribas S.A.		07/03/18		27,731,812		131,552
BRL	83,600,000	Deutsche Bank AG		07/03/18		23,913,673		175,178
CAD	9,983,000	BNP Paribas S.A.		07/05/17		7,418,168		(280,012	)
CAD	9,983,000	JPMorgan Chase Bank N.A.		08/02/17		7,619,942		(82,198	)
CNH	1,362,900	UBS AG Stamford		07/05/17		196,437		(4,576	)
CNH	1,362,900	Credit Suisse International		12/05/17		197,321		(1,559	)
DKK	139,962,000	Barclays Bank plc		07/03/17		21,350,642		(147,741	)
DKK	48,999,400	Goldman Sachs Bank USA		07/03/17		7,138,295		(388,090	)
DKK	59,667,000	Goldman Sachs Bank USA		10/02/17		9,145,769		(65,025	)
DKK	32,870,000	Goldman Sachs Bank USA		10/02/17		5,065,306		(8,836	)
DKK	8,665,000	JPMorgan Chase Bank N.A.		10/02/17		1,328,051		(9,565	)
DKK	14,842,000	UBS AG Stamford		10/03/17		2,262,028		(29,267	)
DKK	7,790,000	BNP Paribas S.A.		01/02/18		1,187,449		(21,582	)
DKK	4,141,000	Goldman Sachs Bank USA		04/03/18		634,199		(12,037	)
EUR	12,265,195	UBS AG Stamford		07/05/17		13,796,198		(212,490	)
EUR	6,085,195	BNP Paribas S.A.		08/02/17		6,932,072		(28,096	)
GBP	29,487,000	Citibank N.A.		07/05/17		37,940,366		(464,967	)
GBP	19,075,000	UBS AG Stamford		08/02/17		24,468,399		(397,879	)
INR	437,211,519	Credit Suisse International		07/20/17		6,766,933		15,975
JPY	2,687,271,643	Goldman Sachs Bank USA		07/05/17		24,270,769		378,600
JPY	2,000,000,000	Citibank N.A.		07/10/17		18,175,126		389,540
JPY	2,687,271,643	BNP Paribas S.A.		08/02/17		24,032,442		112,278
JPY	2,900,000,000	Citibank N.A.		08/07/17		26,122,549		303,495
JPY	1,500,000,000	UBS AG Stamford		08/07/17		13,509,838		155,155
JPY	200,000,000	UBS AG Stamford		08/07/17		1,797,826		17,201
MXN	55,984,550	BNP Paribas S.A.		08/08/17		2,902,875		(165,294	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
MXN	138,682,000	Citibank N.A.		08/08/17	$	7,501,357	$	(98,951	)
MXN	30,090,000	BNP Paribas S.A.		08/17/17		1,506,338		(140,401	)
MXN	2,710,000	Goldman Sachs Bank USA		08/17/17		135,361		(12,949	)
MXN	27,490,000	Societe Generale Paris		08/17/17		1,377,254		(127,194	)
MXN	11,240,000	Goldman Sachs Bank USA		01/04/18		548,895		(53,264	)
MXN	180,100,000	BNP Paribas S.A.		03/01/18		8,612,404		(960,117	)
NZD	15,376,000	Goldman Sachs Bank USA		07/05/17		10,887,106		(380,425	)
NZD	15,376,000	Citibank N.A.		08/02/17		11,230,344		(31,704	)
RUB	395,917,000	Goldman Sachs Bank USA		10/20/17		6,754,822		185,370
Net Unrealized Depreciation							$	(5,991,428	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 10 Year Futures		09/20/17		193			USD	24,395,004		$	(167,473	)
Futures Contracts—Short
Euro-OAT Futures		09/07/17		(38	)		EUR	(5,675,088	)		37,517
Japanese Government 10 Year Bond Futures		09/12/17		(36	)		JPY	(5,411,507,220	)		67,101
U.S. Treasury Long Bond Futures		09/20/17		(491	)		USD	(74,899,701	)		(560,861	)
U.S. Treasury Note 5 Year Futures		09/29/17		(1,124	)		USD	(132,716,313	)		268,719
United Kingdom Long Gilt Bond Futures		09/27/17		(87	)		GBP	(11,087,237	)		211,839
Net Unrealized Depreciation										$	(143,158	)

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)	$	(254,626	)	$	(7,420	)	$	247,206
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	)		(616	)		18,844
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	)		(79,309	)		316,489
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	)		(98	)		436,622
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	)		(19	)		60,611
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	)		—			43,650
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	)		(4	)		30,096
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	)		(139,259	)		239,291
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	)		(82,795	)		192,214
Totals								$	(1,894,543	)	$	(309,520	)	$	1,585,023

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 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 - Eurodollar Futures	$	98.750		03/19/18		(1,399	)	$	(159,406	)	$	(52,463	)	$	106,943
Call - U.S. Treasury Note 10 Year Futures		127.500		07/21/17		(438	)		(100,889	)		(20,531	)		80,358
Call - U.S. Treasury Note 10-Year Futures		127.500		08/25/17		(228	)		(117,292	)		(46,312	)		70,980
Put - U.S. Treasury Note 10 Year Futures		126.000		07/21/17		(438	)		(93,681	)		(335,344	)		(241,663	)
Put - U.S. Treasury Note 10 Year Futures		124.500		08/25/17		(228	)		(99,479	)		(103,313	)		(3,834	)
Totals								$	(570,747	)	$	(557,963	)	$	12,784

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		3.325	%	08/15/30	Goldman Sachs Bank USA		GBP	12,500,000	$	(106,258	)	$	(28,394	)	$	(77,864	)
Pay	1M UKRPI		3.400	%	06/15/30	Goldman Sachs Bank USA		GBP	4,200,000		71,701			13,135			58,566
Pay	3M CPURNSA		1.000	%	07/20/26	Morgan Stanley Capital Services LLC		USD	6,500,000		(146,847	)		—			(146,847	)
Pay	3M CPURNSA		1.788	%	07/18/26	Morgan Stanley Capital Services LLC		USD	8,800,000		(211,113	)		—			(211,113	)
Pay	3M CPURNSA		1.805	%	09/20/26	Morgan Stanley Capital Services LLC		USD	2,300,000		(50,212	)		—			(50,212	)
Pay	3M CPURNSA		1.810	%	07/19/26	Morgan Stanley Capital Services LLC		USD	12,600,000		(273,362	)		—			(273,362	)
Pay	3M CPURNSA		2.063	%	05/12/25	UBS AG Stamford		USD	400,000		6,057			—			6,057
Receive	3M CPURNSA		2.315	%	11/16/17	Deutsche Bank AG		USD	12,700,000		(707,587	)		—			(707,587	)
Receive	3M CPURNSA		2.560	%	05/08/23	Deutsche Bank AG		USD	12,300,000		(1,277,339	)		—			(1,277,339	)
Totals										$	(2,694,960	)	$	(15,259	)	$	(2,679,701	)

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	600,000	$	14,340
Pay	1M UKRPI		3.300	%		12/15/30		GBP	4,500,000		88,265
Pay	1M UKRPI		3.325	%		08/15/30		GBP	18,500,000		215,879
Pay	1M UKRPI		3.350	%		05/15/30		GBP	15,100,000		133,223
Pay	1M UKRPI		3.358	%		04/15/35		GBP	2,900,000		30,054
Pay	1M UKRPI		3.400	%		06/15/30		GBP	16,200,000		367,630
Pay	1M UKRPI		3.530	%		10/15/31		GBP	3,600,000		1,843
Pay	28-Day TIIE		7.200	%		06/05/24		MXN	117,000,000		82,969
Pay	28-Day TIIE		7.733	%		02/25/27		MXN	63,200,000		51,246
Pay	28-Day TIIE		8.035	%		12/17/26		MXN	132,900,000		479,962
Pay	3M CPURNSA		1.730	%		07/26/26		USD	7,500,000		188,950
Pay	3M CPURNSA		1.780	%		09/15/26		USD	5,000,000		129,695
Pay	3M CPURNSA		1.801	%		09/12/26		USD	5,870,000		152,134
Pay	3M CPURNSA		1.935	%		04/27/19		USD	23,300,000		165,580
Pay	3M CPURNSA		3.190	%		04/15/30		GBP	250,000		2,900
Pay	3M LIBOR		1.250	%		06/15/18		USD	20,600,000		(132,066	)
Pay	3M LIBOR		1.750	%		06/21/47		USD	9,900,000		25,533
Pay	3M LIBOR		2.500	%		12/19/23		USD	20,900,000		409,432
Pay	3M LIBOR		2.670	%		11/19/23		USD	14,000,000		282,102
Pay	3M LIBOR		2.678	%		10/25/23		USD	16,600,000		349,914
Pay	3M LIBOR		2.681	%		12/12/23		USD	14,000,000		281,900

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Swap Agreements—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	EXT-CPI		0.830	%		05/15/18		EUR	17,400,000	$	(146,914	)
Pay	EXT-CPI		1.178	%		05/15/26		EUR	3,200,000		10,202
Pay	EXT-CPI		1.385	%		12/15/26		EUR	21,000,000		65,221
Pay	EXT-CPI		1.438	%		06/15/27		EUR	9,100,000		(16,429	)
Receive	1M UKRPI		3.428	%		03/15/47		GBP	1,070,000		42,865
Receive	1M UKRPI		3.585	%		10/15/46		GBP	5,230,000		5,062
Receive	3M CPURNSA		1.550	%		07/26/21		USD	7,500,000		(126,813	)
Receive	3M CPURNSA		1.603	%		09/12/21		USD	5,870,000		(102,617	)
Receive	3M CPURNSA		1.680	%		04/28/18		USD	65,300,000		(279,451	)
Receive	3M CPURNSA		1.710	%		04/27/18		USD	23,300,000		(106,215	)
Receive	3M CPURNSA		1.793	%		06/15/19		USD	7,000,000		(3,109	)
Receive	3M CPURNSA		2.021	%		11/25/20		USD	10,400,000		(60,707	)
Receive	3M CPURNSA		2.027	%		11/23/20		USD	11,000,000		(66,110	)
Receive	3M LIBOR		1.250	%		06/21/19		USD	154,100,000		130,616
Receive	3M LIBOR		1.750	%		12/21/26		USD	35,540,000		2,680,583
Receive	3M LIBOR		1.850	%		07/27/26		USD	13,350,000		434,482
Receive	3M LIBOR		2.000	%		07/27/26		USD	87,400,000		779,611
Receive	3M LIBOR		2.300	%		04/21/26		USD	34,400,000		400,795
Receive	3M LIBOR		2.300	%		04/27/26		USD	41,300,000		484,000
Receive	3M LIBOR		2.400	%		03/16/26		USD	60,500,000		410,684
Receive	3M LIBOR		2.500	%		02/22/26		USD	91,970,000		484,540
Receive	3M LIBOR		2.750	%		12/19/48		USD	5,100,000		(262,291	)
Receive	3M LIBOR		2.951	%		11/19/48		USD	3,000,000		(204,293	)
Receive	3M LIBOR		2.953	%		12/12/48		USD	3,000,000		(203,727	)
Receive	3M LIBOR		2.969	%		10/25/48		USD	2,030,000		(147,268	)
Receive	6M LIBOR		1.500	%		09/20/27		GBP	6,800,000		(18,168	)
Receive	6M LIBOR		1.500	%		09/20/27		GBP	37,360,000		(125,867	)
Receive	6M LIBOR		1.500	%		12/21/45		JPY	143,000,000		(18,732	)
Receive	6M LIBOR		1.750	%		03/21/48		GBP	540,000		23,431
Receive	6M LIBOR		1.750	%		03/21/48		GBP	16,520,000		391,458
Receive	6M LIBOR		2.000	%		09/16/45		GBP	1,555,000		(278,815	)
Receive	EXT-CPI		0.580	%		10/15/17		EUR	11,200,000		56,425
Receive	EXT-CPI		0.625	%		09/15/18		EUR	10,600,000		78,934
Receive	EXT-CPI		0.650	%		10/15/18		EUR	8,700,000		69,384
Receive	EXT-CPI		0.806	%		04/15/21		EUR	12,300,000		206,686
Receive	EXT-CPI		0.875	%		05/15/21		EUR	13,200,000		209,888
Receive	EXT-CPI		0.890	%		11/15/18		EUR	2,600,000		(7,538	)
Receive	EXT-CPI		1.360	%		06/15/27		EUR	9,100,000		21,511
Net Unrealized Appreciation										$	8,132,799

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

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
CDX iTraxx Main 26		(1.000%)		12/20/21	0.490%		EUR	13,800,000	$	(135,258)
CDX iTraxx Main 27		(1.000%)		06/20/22	0.561%		EUR	38,300,000		(295,368)
CDX.NA.HY.28		(5.000%)		06/20/22	3.390%		USD	40,200,000		107,943
Net Unrealized Depreciation									$	(322,683)

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 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 June 30, 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.		1.880%		USD	800,000	$	(26,579)	$	(69,203)	$	42,624
Federative Republic of Brazil 4.250%, due 01/07/25		1.000%		06/20/21	Deutsche Bank AG		1.880%		USD	1,200,000		(39,868)		(103,310)		63,442
Federative Republic of Brazil 4.250%, due 01/07/25		1.000%		06/20/22	Citibank N.A.		2.376%		USD	2,600,000		(163,332)		(164,239)		907
Russian Federation 7.500%, due 03/31/30		1.000%		06/20/21	JPMorgan Chase Bank N.A.		1.334%		USD	2,000,000		(25,297)		(122,681)		97,384
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Barclays Bank plc		0.837%		USD	12,400,000		77,177		(311,729)		388,906
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Citibank N.A.		0.846%		USD	1,000,000		6,224		(24,368)		30,592
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Credit Suisse International		0.837%		USD	600,000		3,734		(14,758)		18,492
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Deutsche Bank AG		0.837%		USD	12,900,000		80,289		(331,353)		411,642
Totals											$	(87,652)	$	(1,141,641)	$	1,053,989

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 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	$	(50,627)	$	(496,449)	$	445,822
CMBX.NA.AAA.8		0.500%		10/17/57	Goldman Sachs International		0.593%		USD	900,000		(5,768)		(46,593)		40,825
Totals											$	(56,395)	$	(543,042)	$	486,647

(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.
(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CNH)—	Chinese Renminbi
(DKK)—	Danish Krone
(EUR)—	Euro

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(GBP)—	British Pound
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NZD)—	New Zealand Dollar
(RUB)—	Russian Ruble
(USD)—	United States Dollar
(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 for All Urban Consumers Non-SeasonallyAdjusted
(EXT-CPI)—	Excluding Tobacco-Non-revised Consumer Price Index
(HICP)—	Harmonized Index of Consumer Prices
(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 Financial Statements.

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	3,004,548,907		$	—	$	3,004,548,907
Total Corporate Bonds & Notes*		—			206,908,985			—		206,908,985
Total Foreign Government*		—			196,097,269			—		196,097,269
Total Asset-Backed Securities*		—			137,197,789			—		137,197,789
Total Mortgage-Backed Securities*		—			49,581,985			—		49,581,985
Purchased Options
Interest Rate Swaptions		—			3,988,628			—		3,988,628
Options on Exchange-Traded Futures Contracts		115,517			—			—		115,517
Total Purchased Options		115,517			3,988,628			—		4,104,145
Total Convertible Preferred Stock*		1,179,999			—			—		1,179,999
Total Municipals		—			693,926			—		693,926
Total Floating Rate Loans*		—			110,490			—		110,490
Short-Term Investments
Certificate of Deposit		—			105,464,869			—		105,464,869
Foreign Government		—			70,507,892			—		70,507,892
Repurchase Agreements		—			35,416,125			—		35,416,125
U.S. Treasury		—			1,546,705			—		1,546,705
Total Short-Term Investments		—			212,935,591			—		212,935,591
Total Investments	$	1,295,516		$	3,812,063,570		$	—	$	3,813,359,086
Secured Borrowings (Liability)	$	—		$	(3,304,679,004	)	$	—	$	(3,304,679,004	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	3,454,634		$	—	$	3,454,634
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(9,446,062	)		—		(9,446,062	)
Total Forward Contracts	$	—		$	(5,991,428	)	$	—	$	(5,991,428	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	585,176		$	—		$	—	$	585,176
Futures Contracts (Unrealized Depreciation)		(728,334	)		—			—		(728,334	)
Total Futures Contracts	$	(143,158	)	$	—		$	—	$	(143,158	)
Written Options
Inflation Capped Options at Value	$	—		$	(309,520	)	$	—	$	(309,520	)
Options on Exchange-Traded Futures Contracts at Value		(557,963	)		—			—		(557,963	)
Total Written Options	$	(557,963	)	$	(309,520	)	$	—	$	(867,483	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	10,547,872		$	—	$	10,547,872
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(2,737,756	)		—		(2,737,756	)
Total Centrally Cleared Swap Contracts	$	—		$	7,810,116		$	—	$	7,810,116
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	245,182		$	—	$	245,182
OTC Swap Contracts at Value (Liabilities)		—			(3,084,189	)		—		(3,084,189	)
Total OTC Swap Contracts	$	—		$	(2,839,007	)	$	—	$	(2,839,007	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	3,813,359,086
Cash		1,297,521
Cash denominated in foreign currencies (b)		4,491,667
Cash collateral for centrally cleared swap contracts		2,623,000
OTC swap contracts at market value (c)		245,182
Unrealized appreciation on forward foreign currency exchange contracts		3,454,634
Receivable for:
Investments sold		2,138,470,726
TBA securities sold		2,011,855
Fund shares sold		1,055,963
Interest		13,225,011
Variation margin on futures contracts		1,029,442
Interest on OTC swap contracts		1,584
Variation margin on centrally cleared swap contracts		2,225,725
Other assets		32,243
Total Assets		5,983,523,639
Liabilities
Due to broker		301,370
Written options at value (d)		867,483
Secured borrowings		3,303,294,626
OTC swap contracts at market value (e)		3,084,189
Cash collateral (f)		1,869,000
Unrealized depreciation on forward foreign currency exchange contracts		9,446,062
Payables for:
Investments purchased		4,701,909
TBA securities purchased		3,011,563
Fund shares redeemed		545,866
Interest on reverse repurchase agreements		2,541
Deferred dollar roll income		1,384,378
Accrued Expenses:
Management fees		997,811
Distribution and service fees		258,861
Deferred trustees’ fees		115,782
Other expenses		705,715
Total Liabilities		3,330,587,156
Net Assets	$	2,652,936,483
Net Assets Consist of:
Paid in surplus	$	3,042,532,722
Undistributed net investment income		46,528,069
Accumulated net realized loss		(342,872,405	)
Unrealized depreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		(93,251,903	)
Net Assets	$	2,652,936,483
Net Assets
Class A	$	1,392,300,350
Class B		1,230,436,675
Class E		30,199,458
Capital Shares Outstanding*
Class A		143,031,463
Class B		127,398,149
Class E		3,119,581
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.73
Class B		9.66
Class E		9.68

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $3,907,944,748.
(b)	Identified cost of cash denominated in foreign currencies was $4,512,954.
(c)	Net premium received on OTC swap contracts was $669,073.
(d)	Premiums received on written options were $2,465,290.
(e)	Net premium paid on OTC swap contracts was $1,030,869.
(f)	Includes collateral of $1,863,000 for OTC swap contracts and forward foreign currency contracts and $6,000 for TBAs.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	33,750
Interest (a)		52,787,324
Other income		7,362
Total investment income		52,828,436
Expenses
Management fees		6,262,930
Administration fees		42,034
Custodian and accounting fees		234,426
Distribution and service fees—Class B		1,538,841
Distribution and service fees—Class E		23,724
Interest expense		4,244,209
Audit and tax services		68,177
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		76,886
Insurance		9,060
Miscellaneous		26,453
Total expenses		12,571,442
Less management fee waiver		(242,339	)
Net expenses		12,329,103
Net Investment Income		40,499,333
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(8,120,317	)
Futures contracts		(902,061	)
Written options		1,270,712
Swap contracts		(3,397,784	)
Foreign currency transactions		(8,799,869	)
Net realized loss		(19,949,319	)
Net change in unrealized appreciation (depreciation) on:
Investments		12,609,652
Futures contracts		304,807
Written options		1,287,256
Swap contracts		6,835,652
Foreign currency transactions		(5,920,614	)
Net change in unrealized appreciation		15,116,753
Net realized and unrealized loss		(4,832,566	)
Net Increase in Net Assets From Operations	$	35,666,767

(a) Net of foreign withholding taxes of $2,730.

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	40,499,333		$	59,183,182
Net realized loss		(19,949,319	)		(73,717,204	)
Net change in unrealized appreciation		15,116,753			145,084,413
Increase in net assets from operations		35,666,767			130,550,391
From Distributions to Shareholders
Net investment income
Class A		(24,991,933	)		0
Class B		(19,221,505	)		0
Class E		(501,956	)		0
Total distributions		(44,715,394	)		0
Increase (decrease) in net assets from capital share transactions		26,961,642			(231,301,619	)
Total increase (decrease) in net assets		17,913,015			(100,751,228	)
Net Assets
Beginning of period		2,635,023,468			2,735,774,696
End of period	$	2,652,936,483		$	2,635,023,468
Undistributed net investment income
End of period	$	46,528,069		$	50,744,130

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,825,302		$	27,978,993			3,984,755		$	38,376,383
Reinvestments		2,563,275			24,991,933			0			0
Redemptions		(4,072,513	)		(40,411,264	)		(17,663,121	)		(169,775,278	)
Net increase (decrease)		1,316,064		$	12,559,662			(13,678,366	)	$	(131,398,895	)
Class B
Sales		4,758,668		$	46,598,787			7,478,913		$	72,310,624
Reinvestments		1,985,692			19,221,505			0			0
Redemptions		(5,050,151	)		(49,548,537	)		(17,846,033	)		(170,042,997	)
Net increase (decrease)		1,694,209		$	16,271,755			(10,367,120	)	$	(97,732,373	)
Class E
Sales		242,482		$	2,377,717			447,661		$	4,361,439
Reinvestments		51,748			501,956			0			0
Redemptions		(482,842	)		(4,749,448	)		(678,732	)		(6,531,790	)
Net decrease		(188,612	)	$	(1,869,775	)		(231,071	)	$	(2,170,351	)
Increase (decrease) derived from capital shares transactions				$	26,961,642					$	(231,301,619	)

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Statement of Cash Flows

For the Six Months Ended June 30, 2017 (Unaudited)

Cash Flows From Operating Activities
Net increase in net assets from operations	$	35,666,767
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/ (used in) operating activities:
Investments purchased		(2,280,462,616	)
Proceeds from investments sold		1,928,647,975
Sales of short-term investments, net		16,754,397
Net amortization/accretion of premium (discount)		(39,642,566	)
Payments for closing purchase of securities sold short		43,524,375
Proceeds from sales of securities sold short		(43,614,375	)
Premium received on open written options, net		(4,584,745	)
Decrease in interest receivable		617,749
Increase in cash collateral, asset		(1,578,000	)
Decrease in OTC swap contracts at market value, asset		1,264,580
Decrease in unrealized appreciation on forward foreign currency exchange contracts		21,767,240
Increase in receivable for investments sold		(948,486,215	)
Decrease in receivable for TBA securities sold		327,966,973
Increase in receivable for variation margin on swap contracts		(1,141,767	)
Increase in receivable for variation margin on futures contracts		(376,257	)
Decrease in interest receivable on OTC swap contracts		207
Decrease in other assets and prepaid expenses		7,558
Decrease in OTC swap contracts at market value, liability		(10,072,407	)
Decrease in cash collateral, liability		(19,137,000	)
Increase in payable due to broker		301,370
Decrease in unrealized depreciation on forward foreign currency exchange contracts		(15,640,170	)
Increase in payable for investments purchased		4,632,913
Decrease in payable for TBA securities purchased		(395,499,609	)
Increase in payable for deferred dollar roll income, liability		1,111,454
Decrease in payable for variation margin on centrally cleared swap contracts		(1,027,263	)
Decrease in accrued management fees		(37,745	)
Decrease in accrued distribution and service fees		(1,355	)
Increase in deferred trustee’s fees		13,959
Decrease in interest payable on reverse repurchase agreements		(380	)
Increase in other expenses		99,444
Net realized loss from investments and written options		6,849,605
Net change in unrealized (appreciation) depreciation on investments and written options		(13,896,908	)
Net cash used in operating activities	$	(1,385,972,812	)
Cash Flows From Financing Activities
Proceeds from shares sold, including increase in receivable for shares sold		76,284,965
Payment on shares redeemed, including decrease in payable for shares redeemed		(95,153,013	)
Proceeds from secured borrowings		16,640,755,212
Repayment of secured borrowings		(15,232,956,995	)
Net cash provided by financing activities	$	1,388,930,169
Net increase in cash and foreign currency (a)	$	2,957,357
Cash and cash in foreign currency at beginning of period	$	2,831,831
Cash and cash in foreign currency at end of period	$	5,789,188
Supplemental disclosure of cash flow information:
Non cash financing activities included herein consist of reinvestment of dividends and distributions:	$	44,715,394
Cash paid for interest and fees on borrowings:	$	4,244,589

(a) Includes net change in unrealized appreciation (depreciation) on foreign currency of $(68,347).

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.77		$	9.30		$	10.07		$	9.95		$	11.83		$	11.91
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.23			0.07			0.24			0.09			0.20
Net realized and unrealized gain (loss) on investments		(0.02	)		0.24			(0.33	)		0.07			(1.07	)		0.85
Total from investment operations		0.14			0.47			(0.26	)		0.31			(0.98	)		1.05
Less Distributions
Distributions from net investment income		(0.18	)		0.00			(0.51	)		(0.19	)		(0.27	)		(0.40	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.63	)		(0.73	)
Total distributions		(0.18	)		0.00			(0.51	)		(0.19	)		(0.90	)		(1.13	)
Net Asset Value, End of Period	$	9.73		$	9.77		$	9.30		$	10.07		$	9.95		$	11.83
Total Return (%) (b)		1.41	(c)		5.05	(d)		(2.71	)(d)		3.08	(d)		(8.98	)		9.33
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(e)		0.75			0.61			0.56			0.55			0.58
Gross ratio of expenses to average net assets excluding interest expense (%)		0.51	(e)		0.51			0.51			0.51			0.50			0.50
Net ratio of expenses to average net assets (%) (f)(g)		0.81	(e)		0.75			0.61			0.56			0.55			0.58
Net ratio of expenses to average net assets excluding interest expense (%) (f)(g)		0.49	(e)		0.50			0.50			0.51			0.50			0.50
Ratio of net investment income to average net assets (%)		3.17	(e)		2.32			0.71			2.39			0.83			1.70
Portfolio turnover rate (%)		52	(c)(h)		120	(h)		64			43			44	(h)		53
Net assets, end of period (in millions)	$	1,392.3		$	1,385.2		$	1,445.5		$	1,579.7		$	1,731.8		$	1,685.0
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.69		$	9.24		$	10.01		$	9.88		$	11.76		$	11.84
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.20			0.04			0.22			0.06			0.17
Net realized and unrealized gain (loss) on investments		(0.02	)		0.25			(0.32	)		0.07			(1.07	)		0.85
Total from investment operations		0.12			0.45			(0.28	)		0.29			(1.01	)		1.02
Less Distributions
Distributions from net investment income		(0.15	)		0.00			(0.49	)		(0.16	)		(0.24	)		(0.37	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.63	)		(0.73	)
Total distributions		(0.15	)		0.00			(0.49	)		(0.16	)		(0.87	)		(1.10	)
Net Asset Value, End of Period	$	9.66		$	9.69		$	9.24		$	10.01		$	9.88		$	11.76
Total Return (%) (b)		1.27	(c)		4.87	(d)		(3.00	)(d)		2.89			(9.27	)		9.13
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.08	(e)		1.00			0.86			0.81			0.80			0.83
Gross ratio of expenses to average net assets excluding interest expense (%)		0.76	(e)		0.76			0.76			0.76			0.75			0.75
Net ratio of expenses to average net assets (%) (f)(g)		1.06	(e)		1.00			0.86			0.81			0.80			0.83
Net ratio of expenses to average net assets excluding interest expense (%) (f)(g)		0.74	(e)		0.75			0.75			0.76			0.75			0.75
Ratio of net investment income to average net assets (%)		2.92	(e)		2.07			0.46			2.14			0.58			1.46
Portfolio turnover rate (%)		52	(c)(h)		120	(h)		64			43			44	(h)		53
Net assets, end of period (in millions)	$	1,230.4		$	1,217.7		$	1,257.5		$	1,437.0		$	1,593.8		$	1,975.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.71		$	9.26		$	10.02		$	9.90		$	11.78		$	11.85
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.21			0.05			0.23			0.07			0.18
Net realized and unrealized gain (loss) on investments		(0.02	)		0.24			(0.31	)		0.06			(1.07	)		0.86
Total from investment operations		0.13			0.45			(0.26	)		0.29			(1.00	)		1.04
Less Distributions
Distributions from net investment income		(0.16	)		0.00			(0.50	)		(0.17	)		(0.25	)		(0.38	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.63	)		(0.73	)
Total distributions		(0.16	)		0.00			(0.50	)		(0.17	)		(0.88	)		(1.11	)
Net Asset Value, End of Period	$	9.68		$	9.71		$	9.26		$	10.02		$	9.90		$	11.78
Total Return (%) (b)		1.36	(c)		4.86	(d)		(2.80	)(d)		2.89	(d)		(9.17	)		9.22
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98	(e)		0.90			0.76			0.71			0.70			0.73
Gross ratio of expenses to average net assets excluding interest expense (%)		0.66	(e)		0.66			0.66			0.66			0.65			0.65
Net ratio of expenses to average net assets (%) (f)(g)		0.96	(e)		0.90			0.76			0.71			0.70			0.73
Net ratio of expenses to average net assets excluding interest expense (%) (f)(g)		0.64	(e)		0.65			0.65			0.66			0.65			0.65
Ratio of net investment income to average net assets (%)		3.01	(e)		2.16			0.51			2.24			0.68			1.54
Portfolio turnover rate (%)		52	(c)(h)		120	(h)		64			43			44	(h)		53
Net assets, end of period (in millions)	$	30.2		$	32.1		$	32.8		$	41.7		$	48.4		$	70.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2017. (see Note 6 of the Notes to Financial Statements).
(h)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 37%, 61% and 39% for the six months ended June 30, 2017 and the years ended December 31, 2016 and 2013, respectively.

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PIMCO Inflation Protected Bond Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a pricing service to value securities principally traded in these foreign

BHFTI-25

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 its 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 NAV 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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income

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and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to futures, swap transactions, foreign currency transactions, paydown reclasses, premium amortization adjustments, deferred deflation adjustments and treasury rolls. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Secured borrowing transactions and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the secured borrowing transaction or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

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The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to

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replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or set aside in the Portfolio’s records, cash or other liquid assets at such a level: that (i) the amount segregated, or set aside, plus the amount deposited with the broker as collateral will equal the current value of the security sold short: and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $35,416,125, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities. The Portfolio did not have any reverse repurchase agreements during the period ending June 30, 2017.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the six months ended June 30, 2017, the Portfolio entered into secured borrowing transactions involving U.S. Treasury securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the six months ended June 30, 2017, the Portfolio’s average amount of borrowings was $883,644,288 and the weighted average interest rate was 0.96%. For the six months ended June 30, 2017, the Portfolio had an outstanding secured borrowing transaction balance for 181 days.

At June 30, 2017, the amount of the Portfolio’s outstanding borrowings was $3,303,294,626. Securities in the amount of $4,909,506 have been pledged as collateral under the terms of the Master Securities Forward Transaction Agreement (“MSFTA”) as of June 30, 2017.

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The MSFTA is a master netting agreement (“MNA”) which provides both parties with the rights to set-off in the event of default by either party. The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s secured borrowings by counterparty net of amounts available for offset under the MSFTA and net of the related collateral pledged or received by the Portfolio as of June 30, 2017:

Counterparty	Payable for Secured Borrowings			Financial Instruments available for offset(a)		Collateral Pledged(b)		Collateral Received(b)		Net Amount(c)
Barclays Capital, Inc.	$	(137,955,061	)	$	137,310,244	$	—	$	—	$	(644,817	)
BNP Paribas S.A.		(2,503,886,242	)		2,467,610,143		1,215,446		—		(35,060,653	)
Morgan Stanley & Co. LLC		(422,928,862	)		417,711,400		2,147,402		—		(3,070,060	)
UBS AG Stamford		(238,524,461	)		236,603,940		1,546,658		—		(373,863	)
	$	(3,303,294,626	)	$	3,259,235,727	$	4,909,506	$	—	$	(39,149,393	)

(a)	Represents market value of borrowings as of June 30, 2017.
(b)	Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.
(c)	Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous		Up to 30 Days			31 - 90 Days			Greater than 90 days			Total
Secured Borrowing Transactions
U.S. Treasury	$	—	$	(2,228,862,254	)	$	(580,123,111	)	$	(494,309,261	)	$	(3,303,294,626	)
Total Borrowings	$	—	$	(2,228,862,254	)	$	(580,123,111	)	$	(494,309,261	)	$	(3,303,294,626	)
Gross amount of recognized liabilities for secured borrowing transactions												$	(3,303,294,626	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been

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satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately

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negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer 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 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). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of

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protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or 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). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally 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 particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Asset Swaps: Asset swaps combine an interest rate swap with a bond and are used to alter the cash flow profile of a bond. Asset swaps can be used to transform the cash flow characteristics of referenced assets, so that the Portfolio can hedge the currency, credit, and interest rate risks to create synthetic investments with more suitable cash flow characteristics. An asset swap involves transactions in which a Portfolio acquires or sells a bond position and then enters into an interest rate swap which transforms the fixed coupon of the bond into a floating coupon.

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The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	4,104,145
	OTC swap contracts at market value (b)		77,758	OTC swap contracts at market value (b)	$	2,772,718
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		10,439,929	Unrealized depreciation on centrally cleared swap contracts (c) (d)		2,307,130
	Unrealized appreciation on futures contracts (c) (e)		585,176	Unrealized depreciation on futures contracts (c) (e)		728,334
				Written options at value (f)		867,483
Credit	OTC swap contracts at market value (b)		167,424	OTC swap contracts at market value (b)		311,471
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		107,943	Unrealized depreciation on centrally cleared swap contracts (c) (d)		430,626
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		3,454,634	Unrealized depreciation on forward foreign currency exchange contracts		9,446,062
Total		$	18,937,009		$	16,863,824

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Excludes OTC swap interest receivable of $1,584.
(c)	Financial instrument not subject to a master netting agreement.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(f)	Includes exchanged traded written options with a value of $557,963 that is not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	77,177	$	(77,177	)	$	—		$	—
BNP Paribas S.A.		891,530		(891,530	)		—			—
Citibank N.A.		731,086		(731,086	)		—			—
Credit Suisse International		21,249		(21,249	)		—			—
Deutsche Bank AG		2,471,884		(2,471,884	)		—			—
Goldman Sachs Bank USA		913,450		(913,450	)		—			—
JPMorgan Chase Bank N.A.		114,049		(114,049	)		—			—
Morgan Stanley Capital Services LLC		1,803,212		(681,534	)		(1,121,678	)		—
Societe Generale Paris		88,687		(88,687	)		—			—
UBS AG Stamford		576,120		(576,120	)		—			—
	$	7,688,444	$	(6,566,766	)	$	(1,121,678	)	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	147,741	$	(77,177	)	$	—		$	70,564
BNP Paribas S.A.		2,734,745		(891,530	)		(1,843,215	)		—
Citibank N.A.		1,530,738		(731,086	)		(672,492	)		127,160
Credit Suisse International		36,557		(21,249	)		—			15,308
Deutsche Bank AG		4,820,038		(2,471,884	)		(2,324,390	)		23,764
Goldman Sachs Bank USA		1,176,556		(913,450	)		—			263,106

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Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Goldman Sachs International	$	5,768	$	—		$	(5,768	)	$	—
JPMorgan Chase Bank N.A.		933,517		(114,049	)		(819,468	)		—
Morgan Stanley Capital Services LLC		681,534		(681,534	)		—			—
Societe Generale Paris		127,194		(88,687	)		—			38,507
UBS AG Stamford		645,383		(576,120	)		—			69,263
	$	12,839,771	$	(6,566,766	)	$	(5,665,333	)	$	607,672

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	775,062		$	—		$	—		$	775,062
Forward foreign currency transactions		—			—			(8,699,133	)		(8,699,133	)
Futures contracts		(902,061	)		—			—			(902,061	)
Swap contracts		(2,444,030	)		(953,754	)		—			(3,397,784	)
Written options		935,158			118,632			216,922			1,270,712
	$	(1,635,871	)	$	(835,122	)	$	(8,482,211	)	$	(10,953,204	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(3,015,110	)	$	—		$	—		$	(3,015,110	)
Forward foreign currency transactions		—			—			(6,127,070	)		(6,127,070	)
Futures contracts		304,807			—			—			304,807
Swap contracts		5,954,316			881,336			—			6,835,652
Written options		1,333,246			(45,990	)		—			1,287,256
	$	4,577,259		$	835,346		$	(6,127,070	)	$	(714,465	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	246,899,167
Forward foreign currency transactions		796,149,312
Futures contracts long		226,664,340
Futures contracts short		(430,466,430	)
Swap contracts		1,348,349,113
Written options		(354,504,796	)

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2017:

Call Options	Notional Amount*			Number of Contracts			Premium received
Options outstanding December 31, 2016		169,400,000			—		$	1,420,768
Options written		88,686,900			4,035			1,708,440
Options bought back		(13,400,000	)		(233	)		(218,084	)
Options exercised		(80,800,000	)		(1,293	)		(927,419	)
Options expired		(117,386,900	)		(444	)		(936,234	)
Options outstanding June 30, 2017		46,500,000			2,065		$	1,047,471

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Put Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2016		485,100,000			130		$	6,899,979
Options written		146,300,000			2,323			2,661,319
Options bought back		(282,600,000	)		(1,272	)		(5,751,665	)
Options exercised		(94,200,000	)		—			(753,600	)
Options expired		(144,500,000	)		(515	)		(1,638,214	)
Options outstanding June 30, 2017		110,100,000			666		$	1,417,819

* Amount shown is in the currency in which the transaction was denominated.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives

the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between

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the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$1,845,189,609	$	277,242,761	$	1,440,527,753	$	249,148,094

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$430,783,809	$	497,454,317

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$6,262,930		0.500	%	First $1.2 billion
		0.450	%	Over $1.2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment Management Company LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	Over $	2 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 amounted to $83,466 and are included in the total amount shown as management fee waivers in the Statement of Operations.

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Effective January 1, 2017, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $158,873 was waived in the aggregate for the six months ended June 30, 2017 and is included in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2016	2015		2016		2015		2016		2015		2016	2015
$—	$	148,806,676	$	—	$	—	$	—	$	320,224	$	$	149,126,900

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$44,464,231	$	—	$	(216,186,005	)	$	(208,724,016	)	$	(380,445,790	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained

BHFTI-38

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At December 31, 2016, the Portfolio had no pre-enactment capital loss carryforwards, post-enactment short-term capital losses of $13,259,014 and post-enactment long-term capital losses of $195,465,002.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

In November 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230) which provides guidance about Restricted Cash in the Cash Flows Statement. The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-39

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	246,109,850		6,925,097		17,549,610

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		253,786,417		16,798,140
Robert Boulware		253,812,982		16,771,575
Susan C. Gause		253,847,829		16,736,728
Nancy Hawthorne		253,825,189		16,759,367
Barbara A. Nugent		253,948,349		16,636,208
John Rosenthal		253,894,343		16,690,214
Linda B. Strumpf		253,357,398		17,227,158
Dawn M. Vroegop		253,319,263		17,265,294

BHFTI-40

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the PIMCO Total Return Portfolio returned 3.14%, 3.03%, and 3.09%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 2.27%.

MARKET ENVIRONMENT / CONDITIONS

Much of the first quarter of 2017 was marked by surging optimism among U.S. businesses and consumers along with solid fundamentals that helped bolster risk appetites. However, the risk rally moderated some as policy setbacks raised concerns about the administration’s ability to implement its pro-growth agenda. Despite this, volatility remained relatively low, equities rallied, and credit spreads tightened while U.S. yields remained generally range-bound. Solid U.S. economic data gave the Federal Reserve (the “Fed”) an opportunity to continue on its path toward policy normalization, though its March rate hike was perceived as more dovish given the largely unchanged statement and “dot plot.” Inflation expectations were generally stable, and the fundamental backdrop remained relatively healthy and unchanged. In the eurozone, the Dutch election results tempered some of the risks related to more nationalist, anti-E.U. sentiment leading up to the French and German elections.

Moving into the second quarter, geopolitics dominated headlines, with key elections in France and political controversy in both the United States and Brazil contributing to brief periods of market volatility. Still, robust risk appetite continued, following some of the first quarter’s trends: volatility remained relatively low, equities rallied, and credit spreads tightened while emerging market assets broadly continued to strengthen despite falling oil prices and another Fed rate hike. The Fed’s actions and details of its plan to reduce its balance sheet contributed to a flattening in the U.S. yield curve, with short term rates rising and longer-term yields declining over the quarter. Inflation expectations dropped to pre-U.S. election levels on the back of falling oil prices, soft inflation data, and waning prospects for fiscal stimulus. In Europe, Macron’s presidential victory in France tempered risks related to more nationalist, anti-E.U. outcomes in the eurozone. However, global central bankers struck a less accommodative tone: rhetoric from the European Central Bank, Bank of England, and Bank of Canada highlighted positive economic outlooks and suggested the potential for a reduction in easy monetary policy. In turn, most developed market yields rose higher even as those in the U.S. (outside the front-end) fell.

PORTFOLIO REVIEW / PERIOD END POSITIONING

An overweight to U.S. duration, which was facilitated through cash bonds, interest rate swaps, and futures, contributed to performance as a concentration on the intermediate portion of the curve benefitted from a decline in mid to long-term rates. In Europe, duration exposure and country selection, partially facilitated through the use of futures, detracted as rates rose across most of the region. Positions in Agency and non-Agency Mortgage-Backed Securities (“MBS”) added amid a strong U.S. housing sector. Currency strategies, partially implemented through the use of currency forwards, detracted overall, particularly a long U.S. dollar bias against a basket of emerging market Asian currencies that appreciated relative to the dollar. However, this was partially offset by tactical long exposure to developed market currencies (euro, yen, and pound) that appreciated over the quarter. Within credit, an underweight to investment grade corporates, notably Industrials and Utilities, detracted from performance while exposure to high yield credit and an overweight to municipal bonds added on the back of broad spread tightening. Finally, positions in Treasury Inflation-Protected Securities (“TIPS”) detracted amid lower inflation expectations and concerns surrounding the new administration’s ability to enact inflationary fiscal policies.

At period end, the Portfolio remained underweight the front-end of the U.S. yield curve but held a modest domestic duration overweight overall as global influences will likely keep U.S. rates range-bound in the near-term. The intermediate portion of the U.S. curve continues to offer attractive characteristics while longer-term rates may rise as the Fed continues to reduce accommodation and term premiums return. Globally, we maintain exposure to diversifying sources of duration, including long exposure in Germany as well as short exposure in the U.K., France, and Japan. We continued to favor positions in intermediate TIPS as these provide an attractively-priced upside hedge in inflation. We remained underweight investment grade corporate credit, though we are opportunistic in adding issuers and sectors with solid fundamentals, particularly those that benefit from U.S. growth and a resurgent housing sector (i.e. banks, financial companies, and housing-related credits). The underweight was partially offset by an overweight to taxable municipal bonds and exposure to select non-investment grade corporates. At period end, we were modestly overweight Agency MBS though remain selective across the coupon stack and continue to hold non-Agency MBS, which offer the potential for attractive loss-adjusted yields. We remained tactical with currency positioning; while we expect to have

BHFTI-1

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

net long-dollar positioning, we generally prefer developed market relative to emerging market currencies as developed market central banks reduce the extent of extraordinary policy support.

Scott A. Mather

Mark Kiesel

Mihir P. Worah

Portfolio Managers

Pacific Investment Management Company LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
PIMCO Total Return Portfolio
Class A		3.14		1.97		2.63		5.58
Class B		3.03		1.66		2.36		5.32
Class E		3.09		1.73		2.47		5.42
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		2.21		4.48

¹ The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		70.6
Corporate Bonds & Notes		28.1
Asset-Backed Securities		15.5
Mortgage-Backed Securities		5.8
Foreign Government		3.0
Municipals		0.6
Floating Rate Loans		0.2

BHFTI-3

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PIMCO Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.49	%	$	1,000.00	$	1,031.40	$	2.47
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.37	$	2.46
Class B(a)	Actual		0.74	%	$	1,000.00	$	1,030.30	$	3.73
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71
Class E(a)	Actual		0.64	%	$	1,000.00	$	1,030.90	$	3.22
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

U.S. Treasury & Government Agencies—70.6% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—47.7%
Fannie Mae 10 Yr. Pool 3.000%, 12/01/20		88,060	$	90,444
3.000%, 02/01/21		272,777		280,160
3.000%, 08/01/21		202,783		208,272
3.000%, 11/01/21		55,299		56,796
3.000%, 03/01/22		252,762		259,604
3.000%, 05/01/22		845,388		868,270
4.000%, 05/01/19		5,234		5,418
4.500%, 03/01/18		7,921		8,112
4.500%, 07/01/18		5,687		5,824
4.500%, 11/01/18		6,332		6,484
4.500%, 12/01/18		3,242		3,320
4.500%, 05/01/19		185,469		189,927
5.500%, 11/01/17		4,068		4,077
5.500%, 09/01/18		31,124		31,560
5.500%, 10/01/18		16,932		17,191
Fannie Mae 15 Yr. Pool 3.000%, 09/01/28		583,082		600,514
3.000%, 06/01/30		19,151,497		19,711,467
3.000%, TBA (a)		59,000,000		60,488,827
3.500%, 10/01/26		217,709		226,908
3.500%, 12/01/26		328,974		342,929
3.500%, 08/01/27		268,343		280,090
3.500%, 07/01/29		188,630		196,885
3.500%, TBA (a)		53,000,000		55,104,475
4.000%, 07/01/18		1,233		1,277
4.000%, 08/01/18		414		429
4.000%, 09/01/18		263		272
4.000%, 05/01/19		285,101		295,144
4.000%, 07/01/19		100,172		103,701
4.000%, 08/01/20		148,296		153,520
4.000%, 03/01/22		22,607		23,404
4.000%, 04/01/24		36,973		38,763
4.000%, 05/01/24		1,615,163		1,693,811
4.000%, 06/01/24		1,764,841		1,850,812
4.000%, 07/01/24		17,716		18,583
4.000%, 02/01/25		526,150		551,776
4.000%, 06/01/25		165,027		172,822
4.000%, 07/01/25		5,203		5,472
4.000%, 08/01/25		560,598		588,929
4.000%, 09/01/25		26,929		28,345
4.000%, 12/01/25		151,845		158,850
4.000%, 02/01/26		153,347		161,368
4.000%, 03/01/26		29,028		30,549
4.000%, 06/01/26		25,064		26,226
4.500%, 03/01/18		22,433		22,973
4.500%, 04/01/18		50,332		51,542
4.500%, 06/01/18		174,521		178,716
4.500%, 07/01/18		87,329		89,428
4.500%, 08/01/18		1,163		1,191
4.500%, 10/01/18		4,183		4,284
4.500%, 11/01/18		211,784		216,875
4.500%, 12/01/18		76,830		78,677
4.500%, 02/01/19		53,467		54,752
4.500%, 05/01/19		112,878		115,591
4.500%, 06/01/19		53,437		54,721
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool 4.500%, 11/01/19		63,100		64,617
4.500%, 12/01/19		64,310		65,855
4.500%, 08/01/20		151,911		156,677
4.500%, 09/01/20		144,525		148,059
4.500%, 10/01/20		8,914		9,189
4.500%, 12/01/20		145,256		149,074
4.500%, 01/01/22		5,343		5,471
4.500%, 02/01/23		156,392		162,945
4.500%, 03/01/23		269,650		279,322
4.500%, 05/01/23		30,661		32,267
4.500%, 06/01/23		1,918		2,010
4.500%, 01/01/24		4,305		4,408
4.500%, 04/01/24		51,292		54,063
4.500%, 05/01/24		168,942		177,702
4.500%, 08/01/24		33,966		35,779
4.500%, 10/01/24		241,048		254,368
4.500%, 11/01/24		63,474		66,572
4.500%, 02/01/25		406,177		426,945
4.500%, 03/01/25		290,118		305,634
4.500%, 04/01/25		192,518		203,136
4.500%, 05/01/25		597,125		628,384
4.500%, 06/01/25		46,052		47,788
4.500%, 07/01/25		2,350,303		2,479,450
4.500%, 08/01/25		58,499		61,207
4.500%, 09/01/25		158,442		167,094
4.500%, 11/01/25		112,913		119,248
4.500%, 04/01/26		12,087		12,646
4.500%, 01/01/27		57,552		59,477
5.500%, 12/01/17		187		188
5.500%, 01/01/18		7,721		7,739
5.500%, 02/01/18		49,465		49,630
5.500%, 11/01/18		278		280
5.500%, 09/01/19		5,904		5,939
5.500%, 09/01/20		6,492		6,742
5.500%, 12/01/20		498		506
5.500%, 03/01/22		100,125		105,352
5.500%, 04/01/22		49,414		51,349
5.500%, 07/01/22		85,228		90,411
5.500%, 09/01/22		36,188		38,261
5.500%, 10/01/22		292,238		309,017
5.500%, 11/01/22		70,641		74,480
5.500%, 12/01/22		55,796		58,848
5.500%, 02/01/23		98,662		104,777
5.500%, 03/01/23		14,228		15,154
5.500%, 07/01/23		7,376		7,818
5.500%, 08/01/23		25,754		27,328
5.500%, 10/01/23		63,214		67,028
5.500%, 11/01/23		9,592		9,629
5.500%, 12/01/23		27,864		29,464
5.500%, 01/01/24		8,531		9,063
5.500%, 03/01/24		51,940		55,244
5.500%, 09/01/24		20,484		21,304
5.500%, 01/01/25		704,593		749,068
5.500%, 05/01/25		65,259		67,811
6.500%, 10/01/17		190		191

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 20 Yr. Pool 4.000%, 04/01/29		53,477	$	56,594
4.000%, 05/01/29		183,934		194,654
4.000%, 03/01/30		109,873		116,302
4.000%, 05/01/30		167,328		177,336
4.000%, 08/01/30		138,858		147,007
4.000%, 09/01/30		92,568		98,156
4.000%, 10/01/30		3,945		4,183
4.000%, 11/01/30		445,126		472,047
4.000%, 12/01/30		60,891		64,569
4.000%, 06/01/31		9,157		9,711
4.000%, 09/01/31		226,395		240,570
4.000%, 11/01/31		21,191		22,349
4.500%, 01/01/25		7,957		8,534
4.500%, 04/01/31		43,536		46,814
5.000%, 02/01/23		332,075		362,522
5.000%, 03/01/23		468,501		511,457
5.000%, 07/01/23		290,917		317,590
5.000%, 09/01/23		131,485		143,541
5.000%, 10/01/23		10,366,224		11,316,674
5.000%, 01/01/24		408,597		446,060
5.000%, 05/01/24		140,269		153,130
5.000%, 06/01/24		1,568,524		1,712,338
5.000%, 07/01/24		9,395,204		10,256,624
5.000%, 01/01/25		102,043		111,399
5.000%, 09/01/25		739,257		807,038
5.000%, 12/01/25		254,608		277,953
5.000%, 01/01/26		64,660		70,589
5.000%, 08/01/26		298,339		325,693
5.000%, 02/01/27		5,607		6,121
5.000%, 05/01/27		166,313		181,562
5.000%, 07/01/27		949,111		1,036,132
5.000%, 12/01/27		422,909		461,685
5.000%, 03/01/28		15,032		16,410
5.000%, 05/01/28		515,730		563,015
5.000%, 06/01/28		1,586,088		1,731,512
5.000%, 01/01/29		291,709		318,455
5.000%, 07/01/29		86,095		94,051
5.000%, 12/01/29		23,936		26,133
5.000%, 03/01/30		488,375		533,558
5.000%, 05/01/30		107,520		117,469
5.000%, 11/01/30		520,449		568,167
5.000%, 07/01/31		84,855		92,819
5.500%, 02/01/19		4,429		4,902
5.500%, 06/01/23		165,147		182,787
5.500%, 07/01/24		7,664		8,483
5.500%, 01/01/25		8,853		9,799
5.500%, 02/01/25		2,446		2,707
5.500%, 03/01/25		696,571		779,740
5.500%, 08/01/25		53,545		59,785
5.500%, 10/01/25		3,837		4,247
5.500%, 11/01/25		8,801		9,741
5.500%, 03/01/26		64,428		71,310
5.500%, 05/01/26		1,823		2,018
5.500%, 06/01/26		349,009		386,289
5.500%, 01/01/27		50,148		55,505
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 20 Yr. Pool 5.500%, 06/01/27		7,676		8,500
5.500%, 07/01/27		173,445		191,972
5.500%, 08/01/27		82,859		91,709
5.500%, 10/01/27		118,032		130,640
5.500%, 11/01/27		27,752		30,717
5.500%, 12/01/27		235,811		261,000
5.500%, 01/01/28		90,221		99,858
5.500%, 03/01/28		45,433		50,291
5.500%, 04/01/28		156,464		173,176
5.500%, 05/01/28		53,933		59,694
5.500%, 06/01/28		14,497		16,046
5.500%, 07/01/28		7,609		8,422
5.500%, 09/01/28		104,722		115,909
5.500%, 10/01/28		18,741		20,743
5.500%, 12/01/28		7,672		8,492
5.500%, 01/01/29		129,141		142,936
5.500%, 07/01/29		116,980		129,549
5.500%, 10/01/29		231,430		258,051
5.500%, 04/01/30		131,480		145,558
6.000%, 06/01/26		9,464		10,640
6.000%, 07/01/26		77,542		87,182
6.000%, 08/01/26		13,001		14,618
6.000%, 12/01/26		12,245		13,768
6.000%, 10/01/28		38,953		43,796
Fannie Mae 30 Yr. Pool 3.000%, TBA (a)		498,000,000		496,668,262
3.500%, TBA (a)		729,100,000		747,426,057
4.000%, 05/01/34		168,536		177,942
4.000%, 05/01/35		109,555		115,668
4.000%, 01/01/41		634,696		674,552
4.000%, 03/01/41		492,255		523,226
4.000%, 05/01/41		378,263		401,959
4.000%, 05/01/42		172,579		183,073
4.000%, 12/01/43		671,312		709,440
4.000%, TBA (a)		601,000,000		630,733,045
4.500%, 04/01/39		987,353		1,071,390
4.500%, 05/01/39		89,081		96,346
4.500%, 06/01/39		31,363		33,802
4.500%, 08/01/39		27,985		30,171
4.500%, 12/01/39		10,637		11,619
4.500%, 05/01/40		41,292		44,684
4.500%, 09/01/40		37,812		40,918
4.500%, 10/01/40		260,998		279,936
4.500%, 12/01/40		69,081		74,659
4.500%, 02/01/41		206,789		222,673
4.500%, 05/01/41		21,424		23,248
4.500%, 06/01/41		15,777		16,975
4.500%, 07/01/41		9,521		10,226
4.500%, 09/01/41		867,861		931,935
4.500%, 10/01/41		189,010		204,512
4.500%, 03/01/42		46,406		50,225
4.500%, 06/01/42		77,982		83,994
4.500%, 07/01/42		1,117,863		1,201,838
4.500%, 11/01/43		21,763		23,689
4.500%, TBA (a)		193,000,000		206,770,095

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.000%, 03/01/32		3,334	$	3,640
5.000%, 09/01/32		2,334		2,548
5.000%, 10/01/32		923		1,007
5.000%, 04/01/33		76,575		83,596
5.000%, 07/01/33		123,504		136,382
5.000%, 08/01/33		2,717		3,000
5.000%, 09/01/33		2,142		2,380
5.000%, 10/01/33		22,741		25,112
5.000%, 11/01/33		633		698
5.000%, 01/01/34		121,206		132,319
5.000%, 04/01/34		150,151		165,708
5.000%, 06/01/34		4,071		4,502
5.000%, 12/01/34		22,944		25,048
5.000%, 01/01/35		77,430		85,324
5.000%, 04/01/35		59		65
5.000%, 07/01/35		29,695		32,417
5.000%, 09/01/35		46,557		50,825
5.000%, 01/01/38		190,004		209,077
5.000%, 04/01/39		26,974		29,666
5.000%, 10/01/39		8,896		9,790
5.000%, 11/01/39		25,287		27,922
5.000%, 06/01/40		15,836		17,295
5.000%, 09/01/41		10,536		11,542
5.000%, 11/01/42		198,963		218,607
5.000%, TBA (a)		18,650,000		20,354,727
5.500%, 12/01/28		26,525		29,393
5.500%, 06/01/33		62,248		69,562
5.500%, 07/01/33		9,220		10,324
5.500%, 09/01/33		171,375		191,063
5.500%, 11/01/33		231,589		256,327
5.500%, 12/01/33		1,512		1,693
5.500%, 04/01/34		2,691		3,010
5.500%, 07/01/34		27,010		30,195
5.500%, 08/01/34		274,613		307,453
5.500%, 09/01/34		14,757		16,397
5.500%, 11/01/34		383,337		429,418
5.500%, 12/01/34		894,240		1,000,850
5.500%, 01/01/35		324,088		363,045
5.500%, 02/01/35		451,497		505,765
5.500%, 03/01/35		592,971		663,454
5.500%, 04/01/35		130,401		145,238
5.500%, 05/01/35		171,044		189,886
5.500%, 06/01/35		271,316		302,970
5.500%, 08/01/35		205,458		230,451
5.500%, 09/01/35		2,409,198		2,697,717
5.500%, 10/01/35		282,493		314,115
5.500%, 11/01/35		1,425,122		1,594,599
5.500%, 12/01/35		1,355,830		1,513,214
5.500%, 01/01/36		265,670		297,085
5.500%, 03/01/36		292,080		326,887
5.500%, 05/01/36		2,416		2,690
5.500%, 07/01/36		1,207,124		1,352,111
5.500%, 09/01/36		146,755		164,391
5.500%, 11/01/36		92,477		103,449
5.500%, 12/01/36		2,630		2,911
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 02/01/37		2,449		2,719
5.500%, 03/01/37		54,842		60,700
5.500%, 05/01/37		28,408		31,757
5.500%, 08/01/37		1,175,763		1,316,383
5.500%, 01/01/38		7,193		8,004
5.500%, 02/01/38		161,719		180,005
5.500%, 03/01/38		1,237,812		1,382,530
5.500%, 05/01/38		2,449,623		2,731,732
5.500%, 06/01/38		93,948		104,543
5.500%, 09/01/38		22,438		24,835
5.500%, 10/01/38		947,276		1,059,782
5.500%, 11/01/38		214,121		238,548
5.500%, 01/01/39		60,670		67,831
5.500%, 07/01/39		21,691		24,018
5.500%, 11/01/39		2,694,956		2,997,921
5.500%, 02/01/40		572,761		637,768
5.500%, 03/01/40		1,331,353		1,481,959
5.500%, 06/01/40		60,378		66,861
5.500%, 09/01/40		390,726		434,560
5.500%, 12/01/40		185,103		205,511
5.500%, 07/01/41		4,585,955		5,101,396
5.500%, TBA (a)		8,000,000		8,858,125
6.000%, 12/01/28		33,910		38,126
6.000%, 01/01/29		26,184		29,708
6.000%, 02/01/29		175		198
6.000%, 04/01/29		3,080		3,495
6.000%, 06/01/29		4,778		5,421
6.000%, 11/01/32		47,669		53,664
6.000%, 12/01/32		226,907		257,344
6.000%, 03/01/33		18,926		21,543
6.000%, 04/01/33		7,147		8,048
6.000%, 05/01/33		19,224		21,888
6.000%, 07/01/33		20,441		23,273
6.000%, 01/01/34		56,245		64,111
6.000%, 09/01/34		20,214		22,727
6.000%, 11/01/34		8,085		9,108
6.000%, 04/01/35		857,024		978,510
6.000%, 05/01/35		31,915		36,442
6.000%, 06/01/35		3,827		4,368
6.000%, 07/01/35		64,243		72,826
6.000%, 09/01/35		9,233		10,530
6.000%, 11/01/35		430,616		484,151
6.000%, 12/01/35		27,386		30,834
6.000%, 03/01/36		104,044		118,688
6.000%, 04/01/36		6,276		7,161
6.000%, 05/01/36		614,307		700,117
6.000%, 06/01/36		21,670		24,364
6.000%, 07/01/36		12,809		14,401
6.000%, 08/01/36		2,083,944		2,373,174
6.000%, 09/01/36		280,619		318,517
6.000%, 10/01/36		173,487		196,752
6.000%, 11/01/36		140,356		159,141
6.000%, 12/01/36		14,542		16,350
6.000%, 01/01/37		506,582		575,877
6.000%, 02/01/37		495,759		564,375

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 6.000%, 04/01/37		90,207	$	102,693
6.000%, 05/01/37		47,578		53,503
6.000%, 07/01/37		23,325		26,484
6.000%, 08/01/37		52,612		59,469
6.000%, 11/01/37		67,987		77,124
6.000%, 02/01/38		587,097		664,912
6.000%, 03/01/38		11,707		13,295
6.000%, 08/01/38		22,779		25,705
6.000%, 09/01/38		652,245		735,648
6.000%, 10/01/38		75,283		85,829
6.000%, 11/01/38		8,529		9,589
6.000%, 01/01/39		108,686		123,681
6.000%, 04/01/39		643,349		729,445
6.000%, 07/01/39		122,152		139,119
6.000%, 08/01/39		784,369		881,883
6.000%, 05/01/40		5,249		5,902
6.000%, TBA (a)		5,500,000		6,189,899
8.000%, 10/01/25		1,131		1,263
Fannie Mae ARM Pool 1.892%, 08/01/41 (b)		342,376		344,750
1.892%, 07/01/42 (b)		300,503		304,969
1.892%, 08/01/42 (b)		289,659		294,044
1.892%, 10/01/44 (b)		434,182		440,963
1.942%, 09/01/41 (b)		904,232		917,582
2.525%, 02/01/31 (b)		147,191		150,309
2.572%, 11/01/35 (b)		197,478		205,518
2.587%, 10/01/35 (b)		293,435		308,347
2.635%, 07/01/32 (b)		31,552		32,496
2.723%, 08/01/35 (b)		419,898		443,720
2.724%, 09/01/35 (b)		1,333,916		1,377,108
2.748%, 11/01/35 (b)		497,241		525,214
2.752%, 06/01/33 (b)		31,723		32,834
2.759%, 10/01/28 (b)		151,856		156,260
2.815%, 09/01/31 (b)		41,138		42,899
2.818%, 01/01/36 (b)		51,541		54,023
2.838%, 12/01/34 (b)		638,108		667,022
2.849%, 01/01/35 (b)		176,883		183,609
2.881%, 02/01/35 (b)		130,813		138,094
2.885%, 08/01/36 (b)		407,547		426,262
2.910%, 12/01/34 (b)		1,111,099		1,161,142
2.947%, 07/01/33 (b)		24,108		25,338
2.951%, 11/01/34 (b)		2,078,660		2,200,323
3.000%, 11/01/34 (b)		5,353		5,629
3.000%, 08/01/35 (b)		598,755		633,128
3.009%, 04/01/34 (b)		7,460		7,856
3.018%, 10/01/34 (b)		17,450		18,553
3.067%, 05/01/35 (b)		366,112		386,481
3.110%, 03/01/35 (b)		36,941		38,551
3.164%, 11/01/35 (b)		289,722		297,676
3.174%, 11/01/34 (b)		103,950		109,707
3.181%, 09/01/34 (b)		833,735		884,052
3.192%, 12/01/34 (b)		45,815		48,268
3.198%, 01/01/35 (b)		72,533		76,274
3.199%, 01/01/35 (b)		20,174		21,217
3.206%, 01/01/35 (b)		49,445		51,948
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool 3.256%, 02/01/35 (b)		34,611		36,148
3.264%, 01/01/35 (b)		61,680		64,985
3.332%, 03/01/33 (b)		2,898		3,014
3.373%, 09/01/32 (b)		162,308		172,568
3.374%, 05/01/35 (b)		47,055		49,614
3.385%, 11/01/32 (b)		26,594		27,523
3.507%, 05/01/34 (b)		732,775		774,686
3.560%, 04/01/35 (b)		102,883		108,826
4.295%, 12/01/36 (b)		209,248		221,643
4.748%, 09/01/34 (b)		37,393		39,647
Fannie Mae Pool 2.310%, 08/01/22		8,200,000		8,247,938
2.475%, 04/01/19		14,310,313		14,451,895
2.870%, 09/01/27		7,300,000		7,325,191
3.240%, 07/01/22		21,681,866		22,578,226
3.330%, 11/01/21		1,437,380		1,502,468
Fannie Mae REMICS (CMO) 1.609%, 09/18/31 (b)		270,318		271,432
2.116%, 04/25/32 (b)		83,708		85,596
3.129%, 05/25/35 (b)		1,089,706		1,148,958
Freddie Mac 15 Yr. Gold Pool 5.500%, 09/01/19		94,575		96,722
Freddie Mac 20 Yr. Gold Pool 4.000%, 06/01/30		103,165		108,958
4.000%, 09/01/30		473,462		503,016
4.000%, 10/01/30		27,704		29,434
5.500%, 04/01/21		8,998		9,913
5.500%, 12/01/22		584		644
5.500%, 03/01/23		106,092		116,884
5.500%, 06/01/26		2,687		2,960
5.500%, 08/01/26		1,128		1,243
5.500%, 06/01/27		25,477		28,069
5.500%, 12/01/27		68,937		75,950
5.500%, 01/01/28		39,765		43,810
5.500%, 02/01/28		9,772		10,766
5.500%, 05/01/28		91,201		100,517
5.500%, 06/01/28		124,240		136,926
6.000%, 03/01/21		23,851		26,800
6.000%, 01/01/22		114,437		128,588
6.000%, 10/01/22		434,178		487,870
6.000%, 12/01/22		24,622		27,667
6.000%, 04/01/23		21,694		24,376
Freddie Mac 30 Yr. Gold Pool 3.500%, TBA (a)		75,000,000		76,908,150
4.000%, 12/01/40		214,408		227,115
4.000%, TBA (a)		36,000,000		37,789,168
4.500%, 04/01/34		25,020		26,907
4.500%, 06/01/35		81,221		87,337
4.500%, 04/01/41		147,886		158,975
4.500%, 10/01/41		143,061		153,687
4.500%, TBA (a)		29,800,000		31,923,622
5.500%, 03/01/32		24,513		27,163
5.500%, 01/01/33		1,675		1,873
5.500%, 05/01/33		1,923		2,140
5.500%, 08/01/33		1,853		2,057

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 5.500%, 10/01/33		2,683	$	2,971
5.500%, 12/01/33		1,347		1,503
5.500%, 01/01/34		2,158		2,410
5.500%, 05/01/34		50,907		56,888
5.500%, 09/01/34		22,244		24,596
5.500%, 01/01/35		38,154		42,742
5.500%, 07/01/35		1,945		2,183
5.500%, 10/01/35		63,508		70,698
5.500%, 11/01/35		129,154		142,814
5.500%, 12/01/35		43,754		49,040
5.500%, 01/01/36		36,741		41,037
5.500%, 02/01/36		38,939		42,930
5.500%, 04/01/36		21,839		24,452
5.500%, 06/01/36		1,854,562		2,076,328
5.500%, 07/01/36		40,060		44,730
5.500%, 08/01/36		79,168		88,097
5.500%, 10/01/36		17,173		19,013
5.500%, 12/01/36		336,580		375,362
5.500%, 02/01/37		25,653		28,605
5.500%, 03/01/37		16,496		18,485
5.500%, 04/01/37		34,800		38,380
5.500%, 06/01/37		58,582		65,226
5.500%, 07/01/37		275,061		306,543
5.500%, 08/01/37		91,336		101,850
5.500%, 09/01/37		33,791		37,439
5.500%, 10/01/37		11,620		12,936
5.500%, 11/01/37		302,378		336,763
5.500%, 12/01/37		18,084		20,034
5.500%, 01/01/38		93,398		104,000
5.500%, 02/01/38		244,207		271,382
5.500%, 03/01/38		111,956		124,235
5.500%, 04/01/38		221,063		246,104
5.500%, 05/01/38		459,164		511,432
5.500%, 06/01/38		354,043		394,191
5.500%, 07/01/38		489,758		544,876
5.500%, 08/01/38		1,305,034		1,453,218
5.500%, 09/01/38		344,127		382,908
5.500%, 10/01/38		9,537,725		10,617,695
5.500%, 11/01/38		3,024,049		3,352,174
5.500%, 12/01/38		6,130		6,753
5.500%, 01/01/39		824,925		919,299
5.500%, 02/01/39		130,256		144,204
5.500%, 03/01/39		95,445		106,254
5.500%, 06/01/39		3,252,530		3,620,117
5.500%, 09/01/39		67,045		74,082
5.500%, 02/01/40		112,374		124,982
5.500%, 03/01/40		14,458		16,024
5.500%, 05/01/40		3,199		3,562
5.500%, 08/01/40		101,567		112,946
5.500%, 02/01/41		82,407		90,860
Freddie Mac ARM Non-Gold Pool 2.617%, 09/01/35 (b)		220,068		230,596
2.619%, 10/01/34 (b)		50,519		53,162
2.732%, 09/01/35 (b)		372,933		393,216
2.836%, 02/01/35 (b)		49,277		51,672
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac ARM Non-Gold Pool 2.844%, 11/01/34 (b)		74,155		78,057
2.847%, 11/01/31 (b)		27,353		28,701
2.950%, 01/01/35 (b)		203,069		213,944
2.981%, 08/01/35 (b)		457,797		481,860
2.997%, 06/01/35 (b)		946,378		995,528
3.004%, 01/01/29 (b)		269,485		280,140
3.089%, 02/01/35 (b)		77,499		81,683
3.211%, 08/01/32 (b)		50,995		52,719
3.230%, 11/01/34 (b)		18,560		19,631
3.255%, 02/01/35 (b)		18,702		19,663
3.266%, 02/01/35 (b)		34,217		35,911
3.294%, 01/01/35 (b)		45,824		48,705
3.306%, 02/01/35 (b)		40,896		42,952
3.315%, 02/01/35 (b)		39,953		41,873
3.330%, 11/01/34 (b)		36,917		38,979
3.389%, 11/01/34 (b)		30,255		32,039
3.517%, 02/01/35 (b)		44,112		46,727
3.601%, 03/01/35 (b)		101,800		105,643
Freddie Mac REMICS (CMO) 1.409%, 07/15/34 (b)		54,300		54,091
1.559%, 06/15/41 (b)		11,664,056		11,695,133
2.625%, 11/15/23 (b)		266,293		272,039
3.500%, 01/15/42		24,168,247		25,132,277
6.500%, 01/15/24		16,854		18,221
Freddie Mac Structured Pass-Through Securities (CMO) 1.892%, 10/25/44 (b)		986,392		1,000,043
1.892%, 02/25/45 (b)		89,040		89,072
2.092%, 07/25/44 (b)		4,908,600		4,970,481
Ginnie Mae I 30 Yr. Pool 3.000%, TBA (a)		7,000,000		7,073,137
4.000%, TBA (a)		11,000,000		11,572,343
5.000%, 10/15/33		6,807		7,417
5.000%, 12/15/33		33,809		37,155
5.000%, 05/15/34		5,898		6,511
5.000%, 07/15/34		2,537		2,767
5.000%, 11/15/35		2,994		3,265
5.000%, 03/15/36		2,792		3,070
5.000%, 03/15/38		192,790		210,412
5.000%, 06/15/38		516,339		567,410
5.000%, 10/15/38		736,429		808,793
5.000%, 11/15/38		177,640		195,464
5.000%, 02/15/39		110,393		121,343
5.000%, 03/15/39		1,631,243		1,791,578
5.000%, 04/15/39		963,388		1,062,703
5.000%, 05/15/39		3,585,624		3,968,175
5.000%, 06/15/39		1,211,425		1,330,888
5.000%, 07/15/39		2,365,794		2,599,530
5.000%, 08/15/39		282,158		309,351
5.000%, 09/15/39		363,844		400,147
5.000%, 10/15/39		802,938		880,555
5.000%, 05/15/40		38,439		42,250
5.000%, 09/15/40		423,442		464,826
5.000%, 12/15/40		30,831		33,881
5.000%, 07/15/41		22,514		24,595

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 5.000%, TBA (a)		9,000,000	$	9,807,187
7.000%, 10/15/23		3,540		3,758
7.500%, 01/15/26		3,485		3,772
Ginnie Mae II 30 Yr. Pool 3.500%, TBA (a)		10,000,000		10,342,187
4.000%, TBA (a)		39,500,000		41,508,944
Ginnie Mae II ARM Pool 2.125%, 04/20/22 (b)		474		475
2.125%, 05/20/26 (b)		14,601		14,784
2.125%, 06/20/27 (b)		4,725		4,882
2.125%, 08/20/27 (b)		62,725		63,996
2.125%, 09/20/27 (b)		63,595		63,560
2.125%, 05/20/28 (b)		5,038		5,210
2.125%, 04/20/29 (b)		5,463		5,504
2.125%, 05/20/29 (b)		7,317		7,573
2.125%, 07/20/29 (b)		7,862		8,123
2.125%, 08/20/29 (b)		8,375		8,652
2.125%, 09/20/29 (b)		10,900		11,078
2.125%, 04/20/30 (b)		16,711		17,310
2.125%, 05/20/30 (b)		26,862		27,817
2.125%, 06/20/30 (b)		10,313		10,680
2.125%, 04/20/31 (b)		13,357		13,602
2.125%, 08/20/31 (b)		2,866		2,968
2.125%, 04/20/32 (b)		7,290		7,566
2.125%, 05/20/32 (b)		15,850		16,449
2.125%, 07/20/32 (b)		5,735		5,838
2.125%, 09/20/33 (b)		45,205		46,779
2.250%, 11/20/27 (b)		15,354		15,798
2.250%, 10/20/28 (b)		8,288		8,509
2.250%, 10/20/29 (b)		6,011		6,212
2.250%, 11/20/30 (b)		44,520		46,079
2.375%, 02/20/22 (b)		7,246		7,336
2.375%, 01/20/23 (b)		12,448		12,705
2.375%, 02/20/26 (b)		8,981		9,238
2.375%, 01/20/27 (b)		3,929		4,047
2.375%, 02/20/27 (b)		5,077		5,067
2.375%, 02/20/28 (b)		12,568		12,965
2.375%, 03/20/28 (b)		12,320		12,710
2.375%, 01/20/30 (b)		30,554		31,563
2.375%, 03/20/32 (b)		509		526
2.375%, 03/20/33 (b)		4,755		4,927
2.500%, 11/20/26 (b)		12,746		12,855
2.500%, 10/20/30 (b)		2,792		2,889
2.750%, 10/20/31 (b)		5,544		5,608
Government National Mortgage Association 1.333%, 12/20/62 (b)		324,107		322,183
1.593%, 10/20/65 (b)		10,632,598		10,651,542
Government National Mortgage Association (CMO) 1.472%, 01/16/31 (b)		21,913		22,017
1.593%, 08/20/65 (b)		4,138,742		4,128,584
1.643%, 06/20/66 (b)		8,315,053		8,329,259
1.672%, 02/16/30 (b)		5,546		5,570
1.843%, 09/20/66 (b)		10,115,075		10,227,131
1.993%, 12/20/65 (b)		28,098,217		28,580,237
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 1.993%, 01/20/67 (b)		12,676,344		12,917,703
3.997%, 09/20/66 (b)		13,131,313		14,518,308
				2,838,304,420
Commercial Mortgage-Backed Securities—0.0%
Freddie Mac Multifamily Structured Pass-Through Certificates 1.409%, 08/25/22 (b) (c)		43,028,458		2,341,691
U.S. Treasury—22.9%
U.S. Treasury Bonds 2.250%, 08/15/46 (d)		17,100,000		15,054,686
2.500%, 02/15/46 (e)		3,300,000		3,071,577
2.750%, 08/15/42		39,000,000		38,573,418
2.750%, 11/15/42 (d)		63,400,000		62,647,125
2.875%, 05/15/43 (d)		77,300,000		78,048,882
2.875%, 08/15/45 (f)		25,600,000		25,743,002
3.000%, 05/15/42 (d)		19,500,000		20,193,927
3.000%, 11/15/44 (d)		58,900,000		60,777,437
3.000%, 02/15/47 (d)		31,700,000		32,700,515
3.125%, 02/15/42		15,800,000		16,731,331
3.125%, 02/15/43		20,000,000		21,129,680
3.125%, 08/15/44 (d)		116,300,000		122,873,625
3.625%, 08/15/43		21,900,000		25,193,563
3.750%, 11/15/43		28,100,000		33,031,775
4.250%, 05/15/39 (e)		9,600,000		12,025,872
4.375%, 11/15/39 (d)		57,100,000		72,777,947
4.375%, 05/15/40		11,900,000		15,187,375
4.500%, 08/15/39		15,100,000		19,561,582
4.625%, 02/15/40		12,800,000		16,878,003
U.S. Treasury Inflation Indexed Bonds 0.750%, 02/15/42 (g)		5,302,045		5,044,562
0.750%, 02/15/45 (g)		20,869,830		19,572,165
1.750%, 01/15/28 (d) (g)		121,843,152		135,807,961
2.500%, 01/15/29 (g)		67,872,480		81,601,793
3.625%, 04/15/28 (g)		755,840		987,389
3.875%, 04/15/29 (g)		9,667,385		13,124,365
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/21 (g) (h)		70,768,446		70,660,666
0.125%, 04/15/22 (d) (g) (i)		39,209,040		39,021,934
0.125%, 01/15/23 (g) (h) (i)		30,930,392		30,647,595
0.125%, 07/15/24 (g) (h)		23,656,558		23,237,056
0.250%, 01/15/25 (g) (h) (i)		11,344,757		11,143,274
0.375%, 01/15/27 (g)		63,058,191		61,931,909
1.250%, 07/15/20 (g) (h) (i)		16,256,240		16,947,049
U.S. Treasury Notes 0.625%, 09/30/17 (e) (h) (i)		5,374,000		5,368,035
1.375%, 03/31/20 (e) (h) (i)		22,000,000		21,918,358
1.750%, 09/30/22 (e) (h) (i)		20,400,000		20,215,931
2.250%, 11/15/24 (d) (e) (h) (i)		114,200,000		114,829,014
				1,364,260,378
Total U.S. Treasury & Government Agencies (Cost $4,200,798,142)				4,204,906,489

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—28.1%

Security Description	Principal Amount*		Value
Airlines—0.1%
Latam Airlines Pass-Through Trust 4.200%, 11/15/27		3,242,885	$	3,216,391
4.500%, 11/15/23		2,603,539		2,561,231
				5,777,622
Auto Manufacturers—0.9%
Ford Motor Credit Co. LLC 1.739%, 09/08/17 (b)		3,700,000		3,701,106
2.943%, 01/08/19		10,000,000		10,128,520
General Motors Financial Co., Inc. 3.150%, 01/15/20		12,300,000		12,510,920
3.200%, 07/13/20		18,300,000		18,646,145
Volkswagen Bank GmbH 0.081%, 11/27/17 (EUR) (b)		6,900,000		7,879,808
				52,866,499
Banks—17.7%
American Express Bank FSB 6.000%, 09/13/17		31,500,000		31,757,292
American Express Centurion Bank 6.000%, 09/13/17		3,300,000		3,326,954
Banco Espirito Santo S.A. 2.625%, 05/08/17 (EUR) (j) (k)		1,700,000		582,496
4.750%, 01/15/18 (EUR) (j) (k)		3,100,000		1,062,199
Bank of America Corp. 2.153%, 04/24/23 (b)		18,000,000		18,066,078
2.625%, 04/19/21		10,500,000		10,546,536
2.650%, 04/01/19		5,000,000		5,060,215
4.125%, 01/22/24		2,130,000		2,247,697
6.000%, 09/01/17		7,524,000		7,575,758
6.400%, 08/28/17		3,100,000		3,122,013
6.875%, 04/25/18		26,300,000		27,368,543
Barclays Bank plc 7.750%, 04/10/23 (b)		3,700,000		3,848,000
10.179%, 06/12/21 (144A)		17,900,000		22,419,195
14.000%, 06/15/19 (GBP) (b)		600,000		948,704
Barclays plc 3.200%, 08/10/21		5,000,000		5,071,865
3.295%, 08/10/21 (b)		6,400,000		6,711,706
6.500%, 09/15/19 (EUR) (b)		5,200,000		6,132,202
8.250%, 12/15/18 (b)		1,600,000		1,696,000
BB&T Corp. 2.106%, 06/15/18 (b)		27,200,000		27,364,451
BBVA Bancomer S.A. 6.500%, 03/10/21 (144A)		7,800,000		8,589,750
Citigroup, Inc. 2.116%, 04/25/22 (b)		18,000,000		18,100,566
Credit Suisse Group Funding Guernsey, Ltd. 3.750%, 03/26/25		5,710,000		5,769,116
3.800%, 09/15/22		18,300,000		19,013,352
3.800%, 06/09/23		12,100,000		12,474,556
Deutsche Bank AG 3.375%, 05/12/21		30,500,000		30,891,163
4.250%, 10/14/21		7,700,000		8,074,859
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.036%, 12/13/19 (b)		1,200,000		1,207,085
2.372%, 04/30/18 (b)		14,261,000		14,369,669
3.750%, 05/22/25		5,375,000		5,503,952
HSBC Holdings plc 2.799%, 01/05/22 (b)		18,400,000		18,927,583
3.400%, 03/08/21		14,900,000		15,314,175
3.459%, 03/08/21 (b)		9,600,000		10,117,478
JPMorgan Chase & Co. 2.056%, 04/25/23 (b)		18,000,000		18,011,880
2.250%, 01/23/20		12,300,000		12,338,155
2.295%, 08/15/21		3,100,000		3,081,964
2.320%, 06/07/21 (b)		17,000,000		17,261,324
JPMorgan Chase Bank N.A. 6.000%, 10/01/17		23,600,000		23,841,900
KBC Bank NV 8.000%, 01/25/23 (b)		4,800,000		4,944,000
Lloyds Bank plc 12.000%, 12/16/24 (144A) (b)		5,700,000		7,743,165
Lloyds Banking Group plc 7.000%, 06/27/19 (GBP) (b)		2,100,000		2,835,661
7.625%, 06/27/23 (GBP) (b)		11,400,000		16,406,721
Mizuho Bank, Ltd. 1.746%, 09/25/17 (144A) (b)		1,300,000		1,300,949
2.150%, 10/20/18 (144A)		7,200,000		7,209,842
2.346%, 10/20/18 (144A) (b)		11,800,000		11,921,693
Morgan Stanley 2.125%, 04/25/18		4,700,000		4,715,501
2.436%, 04/25/18 (b)		32,000,000		32,278,688
Novo Banco S.A. 5.000%, 04/04/19 (EUR)		3,748,000		3,488,846
5.000%, 05/14/19 (EUR)		100,000		93,086
5.000%, 05/23/19 (EUR)		237,000		220,612
Nykredit Realkredit A/S 1.000%, 01/01/18 (DKK)		58,900,000		9,108,698
1.000%, 04/01/18 (DKK)		554,900,000		86,106,304
Realkredit Danmark A/S 1.000%, 01/01/18 (DKK)		49,300,000		7,627,837
1.000%, 04/01/18 (DKK)		1,569,700,000		243,397,796
2.000%, 01/01/18 (DKK)		91,100,000		14,160,195
2.000%, 04/01/18 (DKK)		195,500,000		30,563,716
Royal Bank of Scotland Group plc 6.990%, 10/05/17 (144A) (b)		2,000,000		2,265,000
8.000%, 08/10/25 (b)		5,700,000		6,188,376
Royal Bank of Scotland plc (The) 6.934%, 04/09/18 (EUR)		6,732,000		8,078,297
Sumitomo Mitsui Financial Group, Inc. 2.934%, 03/09/21		15,100,000		15,339,984
Sumitomo Mitsui Trust Bank, Ltd. 2.050%, 03/06/19 (144A)		10,000,000		9,999,930
Toronto-Dominion Bank (The) 2.500%, 01/18/22 (144A)		20,600,000		20,742,923
UBS AG 1.539%, 12/07/18 (144A) (b) (l)		11,600,000		11,603,712
1.799%, 06/08/20 (144A) (b)		15,800,000		15,821,646
2.052%, 06/01/20 (b)		4,000,000		4,030,976

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
UBS AG 4.750%, 05/22/23 (b)		7,900,000	$	8,055,772
7.625%, 08/17/22		3,600,000		4,226,400
UBS Group Funding Switzerland AG 3.000%, 04/15/21 (144A)		14,000,000		14,214,718
4.125%, 04/15/26 (144A)		10,200,000		10,637,468
Wells Fargo & Co. 7.980%, 03/15/18 (b)		11,300,000		11,737,875
				1,054,862,818
Beverages—0.0%
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		1,400,000		1,441,623
Chemicals—0.0%
Rohm & Haas Co. 6.000%, 09/15/17		2,438,000		2,459,152
Computers—0.4%
Dell International LLC / EMC Corp. 4.420%, 06/15/21 (144A)		11,300,000		11,912,663
5.450%, 06/15/23 (144A)		9,600,000		10,417,632
				22,330,295
Diversified Financial Services—3.1%
Ally Financial, Inc. 3.500%, 01/27/19		1,100,000		1,115,125
Bear Stearns Cos. LLC (The) 6.400%, 10/02/17		1,400,000		1,416,138
7.250%, 02/01/18		4,200,000		4,331,737
Blackstone CQP Holdco L.P. 6.500%, 03/20/21 (144A)		20,700,000		20,799,215
BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros 5.500%, 07/16/20 (144A)		1,000,000		1,043,800
BRFkredit A/S 1.000%, 01/01/18 (DKK)		161,000,000		24,904,100
4.000%, 01/01/18 (DKK)		79,600,000		12,494,572
CIT Group, Inc. 5.500%, 02/15/19 (144A)		802,000		842,100
Daiwa Securities Group, Inc. 3.129%, 04/19/22 (144A)		17,900,000		18,024,333
International Lease Finance Corp. 4.625%, 04/15/21		2,000,000		2,128,694
LeasePlan Corp. NV 2.875%, 01/22/19 (144A)		17,600,000		17,655,792
Navient Corp. 8.450%, 06/15/18		8,300,000		8,739,900
Nordea Kredit Realkreditaktieselskab 1.000%, 04/01/18 (DKK)		164,400,000		25,533,533
2.000%, 04/01/18 (DKK)		15,000,000		2,345,183
OneMain Financial Holdings LLC 6.750%, 12/15/19 (144A)		3,100,000		3,255,000
7.250%, 12/15/21 (144A)		3,100,000		3,265,075
Diversified Financial Services—(Continued)
Piper Jaffray Cos. 5.060%, 10/09/18 (144A) (l)		5,000,000		5,104,000
Preferred Term Securities XX, Ltd. / Preferred Term Securities XX, Inc. 1.646%, 03/22/38 (144A) (b)		10,906,398		8,779,650
Rio Oil Finance Trust 9.250%, 07/06/24 (144A)		3,328,357		3,378,282
Springleaf Finance Corp. 6.125%, 05/15/22		9,100,000		9,600,500
8.250%, 12/15/20		7,000,000		7,857,500
				182,614,229
Electric—0.8%
Dynegy, Inc. 6.750%, 11/01/19		22,450,000		23,151,562
7.375%, 11/01/22		7,000,000		6,912,500
FirstEnergy Corp. 3.900%, 07/15/27		1,300,000		1,304,157
IPALCO Enterprises, Inc. 3.450%, 07/15/20		6,500,000		6,581,250
Southern Power Co. 1.950%, 12/15/19		10,500,000		10,460,846
				48,410,315
Healthcare-Products—0.2%
Becton Dickinson & Co. 2.133%, 06/06/19		12,000,000		12,018,228
Healthcare-Services—0.1%
HCA, Inc. 3.750%, 03/15/19		4,500,000		4,590,000
Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		7,400,000		7,769,549
Lodging—0.1%
Hyatt Hotels Corp. 4.850%, 03/15/26		2,700,000		2,948,991
Media—0.4%
CBS Radio, Inc. 7.250%, 11/01/24 (144A)		4,000,000		4,120,000
DISH DBS Corp. 4.250%, 04/01/18		500,000		506,410
4.625%, 07/15/17		6,100,000		6,092,375
Time Warner Cable LLC 6.750%, 07/01/18		4,900,000		5,126,419
Virgin Media Secured Finance plc 5.125%, 01/15/25 (GBP)		2,000,000		2,732,253
5.500%, 01/15/25 (GBP)		2,700,000		3,700,533
				22,277,990

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—0.4%
BP Capital Markets plc 1.532%, 08/14/18 (b)		12,000,000	$	12,033,180
Canadian Natural Resources, Ltd. 1.750%, 01/15/18		3,900,000		3,899,680
Petrobras Global Finance B.V. 6.125%, 01/17/22		8,000,000		8,252,000
				24,184,860
Pharmaceuticals—0.7%
AbbVie, Inc. 1.800%, 05/14/18		11,200,000		11,214,135
2.850%, 05/14/23		11,000,000		10,975,448
Allergan Funding SCS 3.450%, 03/15/22		4,900,000		5,051,003
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		8,000,000		7,962,856
Valeant Pharmaceuticals International, Inc. 5.375%, 03/15/20 (144A)		4,711,000		4,552,004
6.750%, 08/15/18 (144A)		4,200,000		4,210,500
				43,965,946
Pipelines—0.7%
Enbridge, Inc. 1.946%, 06/15/20 (b)		14,300,000		14,291,806
Energy Transfer L.P. 4.750%, 01/15/26		4,200,000		4,369,344
Kinder Morgan Energy Partners L.P. 5.950%, 02/15/18		5,399,000		5,532,383
Kinder Morgan Finance Co. LLC 6.000%, 01/15/18 (144A)		4,420,000		4,511,781
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.750%, 09/01/20		5,992,000		6,481,750
Sabine Pass Liquefaction LLC 5.875%, 06/30/26		7,000,000		7,823,494
				43,010,558
Real Estate—0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust 3.125%, 03/20/22 (144A)		1,200,000		1,217,172
3.875%, 03/20/27 (144A)		1,700,000		1,742,274
WEA Finance LLC 3.150%, 04/05/22 (144A)		4,770,000		4,796,803
				7,756,249
Real Estate Investment Trusts—0.8%
Brixmor Operating Partnership L.P. 4.125%, 06/15/26		5,500,000		5,468,089
Digital Realty Trust L.P. 3.400%, 10/01/20		5,300,000		5,435,760
4.750%, 10/01/25		8,000,000		8,604,600
Goodman U.S. Finance Two LLC 6.000%, 03/22/22 (144A)		5,000,000		5,643,455
Real Estate Investment Trusts—(Continued)
Omega Healthcare Investors, Inc. 4.750%, 01/15/28		8,900,000		8,884,888
Welltower, Inc. 4.250%, 04/01/26		10,300,000		10,770,648
				44,807,440
Retail—0.0%
CVS Pass-Through Trust 6.943%, 01/10/30		818,110		971,659
Software—0.1%
Oracle Corp. 1.900%, 09/15/21		6,000,000		5,947,242
Telecommunications—1.3%
AT&T, Inc. 1.808%, 01/15/20 (b)		11,900,000		11,961,666
2.023%, 07/15/21 (b)		14,900,000		15,054,319
3.400%, 05/15/25		8,500,000		8,356,265
Sprint Corp. 7.250%, 09/15/21		4,200,000		4,667,250
Verizon Communications, Inc. 1.722%, 05/22/20 (b)		14,800,000		14,811,100
2.992%, 09/14/18 (b)		3,700,000		3,766,948
3.000%, 11/01/21		6,800,000		6,890,052
3.500%, 11/01/24		6,600,000		6,661,037
Wind Acquisition Finance S.A. 3.668%, 07/15/20 (EUR) (b)		2,800,000		3,199,938
				75,368,575
Transportation—0.0%
Hellenic Railways Organization S.A. 5.014%, 12/27/17 (EUR)		500,000		562,509
Trucking & Leasing—0.1%
GATX Corp. 6.000%, 02/15/18		5,000,000		5,127,600
Total Corporate Bonds & Notes (Cost $1,636,626,861)				1,672,069,949
Asset-Backed Securities—15.5%
Asset-Backed - Automobile—0.8%
AmeriCredit Automobile Receivables Trust 1.510%, 05/18/20		6,700,000		6,694,992
DT Auto Owner Trust 1.720%, 05/15/20 (144A)		12,917,907		12,918,167
Exeter Automobile Receivables Trust 1.960%, 03/15/21 (144A)		10,245,369		10,226,578
Flagship Credit Auto Trust 1.930%, 12/15/21 (144A)		16,734,559		16,740,574
				46,580,311

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Credit Card—0.4%
Chase Issuance Trust 1.459%, 01/18/22 (b)		12,000,000	$	12,039,606
Golden Credit Card Trust 1.559%, 02/15/21 (144A) (b)		12,000,000		12,025,104
				24,064,710
Asset-Backed - Home Equity—2.4%
ACE Securities Corp. Home Equity Loan Trust 1.366%, 04/25/36 (b)		7,854,498		7,034,713
1.686%, 10/25/35 (b)		7,100,000		7,000,129
Asset-Backed Funding Certificates Trust 1.916%, 06/25/34 (b)		2,333,647		2,298,513
Asset-Backed Securities Corp. Home Equity Loan Trust 1.296%, 05/25/37 (b)		28,049		19,662
1.666%, 11/25/35 (b)		2,000,000		1,928,467
Bear Stearns Asset-Backed Securities I Trust 1.466%, 04/25/37 (b)		14,257,835		12,790,905
1.676%, 02/25/36 (b)		1,000,000		883,169
2.016%, 10/27/32 (b)		19,041		18,247
2.216%, 10/25/37 (b)		3,714,484		3,724,411
2.221%, 06/25/35 (b)		7,800,000		7,269,151
Citigroup Mortgage Loan Trust 1.376%, 12/25/36 (144A) (b)		9,437,297		6,262,579
1.386%, 05/25/37 (b)		8,664,497		8,568,648
HSI Asset Securitization Corp. Trust 1.386%, 12/25/36 (b)		11,521,485		4,851,856
MASTR Asset-Backed Securities Trust 1.266%, 08/25/36 (b)		6,446,443		3,157,492
1.386%, 10/25/36 (b)		7,172,872		6,895,138
Merrill Lynch Mortgage Investors Trust 1.716%, 06/25/36 (b)		1,753,538		1,721,650
Morgan Stanley ABS Capital I, Inc. Trust 1.276%, 05/25/37 (b)		275,514		163,539
Morgan Stanley ABS Capital, Inc. Trust 1.366%, 06/25/36 (b)		912,835		837,884
Morgan Stanley Home Equity Loan Trust 1.386%, 04/25/37 (b)		22,616,622		14,074,195
Nomura Home Equity Loan, Inc. 1.546%, 11/25/35 (b)		11,000,000		9,333,214
Option One Mortgage Corp. Asset-Backed Certificates 1.856%, 08/25/33 (b)		14,793		14,323
Renaissance Home Equity Loan Trust 2.096%, 08/25/33 (b)		106,933		99,917
5.812%, 11/25/36 (m)		23,067,510		13,696,565
Residential Asset Securities Corp. Trust 1.366%, 07/25/36 (b)		10,669,753		9,232,171
1.496%, 06/25/36 (b)		6,000,000		5,660,534
1.796%, 06/25/33 (b)		969,043		861,722
1.981%, 03/25/34 (b)		1,915,565		1,860,154
Soundview Home Loan Trust 1.396%, 05/25/36 (b)		6,268,435		6,205,492
Asset-Backed - Home Equity—(Continued)
WaMu Asset-Backed Certificates Trust 1.441%, 05/25/47 (b)		12,323,719		10,041,399
				146,505,839
Asset-Backed - Manufactured Housing—0.0%
Conseco Financial Corp. 6.220%, 03/01/30		33,381		35,643
Mid-State Trust 7.791%, 03/15/38		108,554		116,279
				151,922
Asset-Backed - Other—11.2%
Allegro CLO, Ltd. 2.390%, 01/30/26 (144A) (b)		10,000,000		9,999,920
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 1.996%, 05/25/34 (b)		5,736,092		5,596,028
Apidos CLO 2.273%, 07/22/26 (144A) (b)		11,000,000		10,994,445
Ares CLO, Ltd. 2.380%, 08/28/25 (144A) (b)		13,700,000		13,702,959
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 1.596%, 02/25/36 (b)		6,539,719		4,917,333
Atlas Senior Loan Fund, Ltd. 2.408%, 10/15/26 (144A) (b)		14,800,000		14,800,784
Avery Point CLO, Ltd. 2.278%, 01/18/25 (144A) (b)		15,000,000		15,002,895
Catamaran CLO, Ltd. 2.558%, 10/18/26 (144A) (b)		8,000,000		8,006,192
Cent CLO, Ltd. 2.256%, 01/25/26 (144A) (b)		6,700,000		6,696,610
Chapel B.V. 0.330%, 11/17/64 (EUR) (b)		1,335,478		1,504,805
CIFC Funding, Ltd. 2.370%, 01/29/25 (144A) (b)		9,166,944		9,166,870
Citigroup Mortgage Loan Trust, Inc. 1.276%, 07/25/45 (b)		353,530		259,916
1.456%, 10/25/36 (b)		3,326,521		3,315,812
Countrywide Asset-Backed Certificates 1.356%, 02/25/37 (b)		322,430		321,859
1.356%, 04/25/47 (b)		4,977,021		4,679,446
1.366%, 05/25/37 (b)		1,797,072		1,739,824
1.366%, 06/25/47 (b)		557,690		523,070
1.416%, 06/25/47 (b)		9,707,804		8,362,636
1.436%, 09/25/37 (b)		7,871,520		6,466,170
1.496%, 09/25/36 (b)		10,416,652		10,280,026
1.776%, 12/25/35 (b)		3,008,911		3,011,298
4.856%, 10/25/46 (b)		8,139,513		7,383,471
5.167%, 10/25/32 (b)		12,568,991		11,205,404
Credit Suisse Mortgage Trust 4.500%, 03/25/21 (b)		15,823,794		15,834,852
CVP Cascade CLO-1, Ltd. 2.308%, 01/16/26 (144A) (b)		8,000,000		8,006,240

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
CWABS Asset-Backed Certificates Trust 1.366%, 09/25/46 (b)		5,285,696	$	5,199,458
1.366%, 03/25/47 (b)		2,004,648		1,877,959
1.916%, 11/25/35 (b)		10,000,000		8,909,519
2.221%, 01/25/35 (b)		318,300		318,437
Emerson Park CLO, Ltd. 2.138%, 07/15/25 (144A) (b)		10,000,000		10,004,310
First Franklin Mortgage Loan Trust 1.356%, 12/25/36 (b)		7,287,418		4,454,105
1.576%, 10/25/35 (b)		7,255,732		6,908,136
2.641%, 10/25/34 (b)		5,362,296		4,784,825
Flagship, Ltd. 2.276%, 01/20/26 (144A) (b)		13,000,000		12,993,435
Galaxy CLO, Ltd. 2.310%, 11/16/25 (144A) (b)		10,000,000		10,004,980
GoldenTree Loan Opportunities, Ltd. 2.540%, 10/29/26 (144A) (b)		10,200,000		10,201,316
GSAMP Trust 1.386%, 12/25/36 (b)		3,298,675		1,820,386
1.606%, 01/25/36 (b)		14,600,000		14,034,508
2.536%, 12/25/34 (b)		7,152,213		5,071,315
Hillmark Funding, Ltd. 1.422%, 05/21/21 (144A) (b)		642,307		641,901
Home Equity Loan Trust 1.446%, 04/25/37 (b)		15,900,000		13,689,806
Home Equity Mortgage Loan Asset-Backed Trust 1.466%, 03/25/36 (b)		1,677,596		1,675,426
Jamestown CLO, Ltd. 2.378%, 01/17/27 (144A) (b)		17,800,000		17,791,029
KKR Financial CLO, Ltd. 2.603%, 01/23/26 (144A) (b)		6,600,000		6,600,548
KVK CLO, Ltd. 2.308%, 01/15/26 (144A) (b)		17,800,000		17,791,331
Lehman XS Trust 1.386%, 02/25/37 (b)		13,660,110		8,645,904
2.016%, 10/25/35 (b)		3,970,151		3,881,700
Lockwood Grove CLO, Ltd. 2.626%, 04/25/25 (144A) (b)		18,200,000		18,212,121
Long Beach Mortgage Loan Trust 1.371%, 08/25/36 (b)		16,458,894		9,825,280
1.996%, 08/25/35 (b)		10,000,000		8,602,395
Madison Park Funding, Ltd. 2.268%, 01/19/25 (144A) (b)		17,900,000		17,900,967
Morgan Stanley ABS Capital I, Inc. Trust 2.176%, 06/25/35 (b)		3,768,632		3,776,436
MP CLO, Ltd. 2.358%, 01/15/27 (144A) (b)		11,800,000		11,794,053
2.408%, 07/18/26 (144A) (b)		14,800,000		14,850,157
Northwoods Capital, Ltd. 2.254%, 11/04/25 (144A) (b)		10,000,000		9,994,930
OneMain Financial Issuance Trust 3.190%, 03/18/26 (144A)		6,900,000		6,968,776
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.706%, 09/25/35 (b)		5,000,000		4,353,978
2.266%, 10/25/34 (b)		5,800,000		5,514,887
3.016%, 12/25/34 (b)		4,636,570		4,190,195
Asset-Backed - Other—(Continued)
RAMP Trust 1.516%, 05/25/36 (b)		25,761,892		20,763,026
1.576%, 08/25/46 (b)		11,515,856		8,568,253
Residential Asset Securities Corp. Trust 1.376%, 11/25/36 (b)		7,893,645		7,329,828
1.556%, 04/25/37 (b)		21,555,046		18,052,551
Saxon Asset Securities Trust 1.616%, 09/25/47 (b)		2,530,000		2,273,688
Securitized Asset-Backed Receivables LLC Trust 1.466%, 05/25/36 (b)		9,794,599		5,838,820
Shackleton CLO, Ltd. 2.275%, 01/13/25 (144A) (b)		2,600,000		2,598,692
Sound Point CLO, Ltd. 2.148%, 07/15/25 (144A) (b)		8,000,000		7,995,976
2.256%, 01/21/26 (144A) (b)		17,900,000		17,900,054
Soundview Home Loan Trust 1.326%, 02/25/37 (b)		2,558,414		985,823
Specialty Underwriting & Residential Finance Trust 1.486%, 04/25/37 (b)		5,489,469		3,228,250
SpringCastle America Funding LLC 3.050%, 04/25/29 (144A)		12,107,650		12,178,965
Structured Asset Investment Loan Trust 1.951%, 08/25/35 (b)		6,636,266		6,612,597
Structured Asset Securities Corp. Mortgage Loan Trust 1.376%, 03/25/36 (b)		1,878,215		1,869,436
2.116%, 08/25/37 (b)		726,865		711,025
Sudbury Mill CLO, Ltd. 2.308%, 01/17/26 (144A) (b)		10,000,000		9,999,990
2.328%, 01/17/26 (144A) (b)		8,500,000		8,499,991
Symphony CLO, Ltd. 2.188%, 10/15/25 (144A) (b)		14,900,000		14,900,358
TICP CLO, Ltd. 2.316%, 07/20/26 (144A) (b)		8,000,000		7,995,960
2.347%, 04/26/26 (144A) (b)		8,000,000		7,999,952
U.S. Small Business Administration 5.500%, 10/01/18		2,920		2,937
6.220%, 12/01/28		2,494,908		2,764,361
Wells Fargo Home Equity Asset-Backed Securities Trust 1.696%, 12/25/35 (b)		20,861,000		20,346,180
WhiteHorse, Ltd. 2.370%, 02/03/25 (144A) (b)		12,421,804		12,421,704
				666,901,791
Asset-Backed - Student Loan—0.7%
SMB Private Education Loan Trust 1.609%, 06/17/24 (144A) (b)		8,249,550		8,260,823
SoFi Professional Loan Program LLC 1.550%, 03/26/40 (144A)		13,097,683		13,064,923
3.020%, 02/25/40 (144A)		10,340,489		10,384,689
Utah State Board of Regents 1.774%, 01/25/57 (b)		9,690,324		9,712,805
				41,423,240
Total Asset-Backed Securities (Cost $882,389,022)				925,627,813

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Mortgage-Backed Securities—5.8%

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—3.9%
Adjustable Rate Mortgage Trust 3.271%, 11/25/35 (b)		429,850	$	363,176
Alternative Loan Trust 5.500%, 02/25/36		3,989,922		3,617,233
6.000%, 04/25/37		4,329,312		3,424,075
Alternative Loan Trust Resecuritization 3.065%, 03/25/47 (b)		2,650,140		2,607,380
American Home Mortgage Assets Trust 1.652%, 11/25/46 (b)		3,731,877		1,975,737
American Home Mortgage Investment Trust 3.415%, 02/25/45 (b)		1,085,854		1,098,238
Banc of America Alternative Loan Trust 14.265%, 09/25/35 (b)		3,696,052		4,404,563
23.536%, 11/25/46 (b)		1,989,439		2,769,629
Banc of America Funding Trust 3.131%, 02/20/36 (b)		2,936,121		2,901,339
3.179%, 05/25/35 (b)		1,143,031		1,190,599
3.559%, 01/20/47 (b)		206,752		193,619
Banc of America Mortgage Trust 6.000%, 05/25/37		12,607,301		10,370,986
BCAP LLC Trust 4.000%, 02/26/37 (144A) (b)		554,991		552,767
5.250%, 02/26/36 (144A) (b)		4,390,036		3,672,337
5.250%, 08/26/37 (144A) (b)		5,169,898		5,311,033
Bear Stearns Adjustable Rate Mortgage Trust 2.580%, 08/25/35 (b)		17,315		17,573
2.820%, 08/25/35 (b)		463,136		460,779
3.191%, 10/25/35 (b)		3,442,114		3,421,129
3.630%, 02/25/33 (b)		15,218		14,540
Bear Stearns ALT-A Trust 2.056%, 11/25/34 (b)		295,120		290,561
3.250%, 11/25/36 (b)		2,612,391		2,140,820
3.254%, 11/25/36 (b)		4,057,204		3,637,465
3.361%, 09/25/35 (b)		1,051,253		896,901
3.475%, 05/25/35 (b)		1,314,885		1,297,637
3.517%, 05/25/36 (b)		2,599,369		1,834,286
Bear Stearns Structured Products, Inc. Trust 3.063%, 12/26/46 (b)		896,634		775,588
3.421%, 01/26/36 (b)		1,204,410		1,093,342
Chase Mortgage Finance Trust 3.151%, 12/25/35 (b)		3,108,839		3,013,586
3.212%, 09/25/36 (b)		3,431,442		3,068,442
3.328%, 03/25/37 (b)		1,826,727		1,784,543
ChaseFlex Trust 1.516%, 07/25/37 (b)		5,965,654		4,840,011
Chevy Chase Funding LLC Mortgage-Backed Certificate 1.466%, 08/25/35 (144A) (b)		39,918		38,005
Citicorp Mortgage Securities Trust 6.000%, 05/25/37		2,642,614		2,670,208
Citigroup Mortgage Loan Trust 2.690%, 09/25/35 (b)		1,732,521		1,783,996
2.930%, 10/25/35 (b)		2,782,641		2,802,335
3.148%, 10/25/46 (b)		1,853,767		1,610,397
3.180%, 09/25/35 (b)		519,851		535,539
Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust 1.422%, 03/20/46 (b)		174,160		148,100
3.784%, 05/25/35 (b) (c)		1,624,153		134,317
Countrywide Home Loan Mortgage Pass-Through Trust 1.796%, 04/25/35 (b)		134,460		126,661
1.856%, 03/25/35 (b)		590,959		579,301
3.128%, 09/20/36 (b)		3,388,380		2,800,565
5.500%, 12/25/34		6,886,277		6,913,723
Countrywide Home Reperforming Loan REMIC Trust 1.556%, 06/25/35 (144A) (b)		1,950,489		1,797,885
Credit Suisse First Boston Mortgage Securities Corp. 1.590%, 03/25/32 (144A) (b)		58,928		55,340
6.000%, 11/25/35		2,220,682		1,915,238
Deutsche Alt-A Securities Mortgage Loan Trust 1.406%, 08/25/47 (b)		5,387,408		4,942,225
Downey Savings & Loan Association Mortgage Loan Trust 2.949%, 07/19/44 (b)		530,219		531,722
First Horizon Alternative Mortgage Securities Trust 3.484%, 01/25/36 (b) (c)		29,931,736		3,439,704
First Horizon Mortgage Pass-Through Trust 3.142%, 08/25/35 (b)		219,110		188,735
GreenPoint Mortgage Funding Trust 1.391%, 12/25/46 (b)		5,842,831		5,783,745
GreenPoint MTA Trust 1.656%, 06/25/45 (b)		64,623		58,413
GSR Mortgage Loan Trust 3.109%, 09/25/35 (b)		43,598		44,286
3.396%, 04/25/36 (b)		2,391,517		2,174,773
6.000%, 03/25/32		125		127
HarborView Mortgage Loan Trust 1.399%, 01/19/38 (b)		148,816		139,742
1.649%, 05/19/35 (b)		999,363		930,891
IndyMac ARM Trust 2.113%, 01/25/32 (b)		504		446
2.222%, 01/25/32 (b)		21,118		20,533
IndyMac INDX Mortgage Loan Trust 1.336%, 07/25/36 (b)		6,035,627		5,486,673
1.426%, 05/25/46 (b)		7,241,336		6,590,017
JPMorgan Mortgage Trust 3.411%, 07/25/35 (b)		2,339,690		2,332,736
5.750%, 01/25/36		345,725		292,250
Lehman Mortgage Trust 1.816%, 08/25/36 (b)		7,958,400		6,080,171
MASTR Alternative Loan Trust 1.616%, 03/25/36 (b)		684,526		151,262
6.500%, 02/25/35		8,485,135		9,821,021
MASTR Asset Securitization Trust 6.000%, 06/25/36		568,833		556,385
Merrill Lynch Alternative Note Asset Trust 1.204%, 04/25/37 (b)		3,206,657		3,186,979

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Merrill Lynch Mortgage Investors Trust 1.466%, 11/25/35 (b)		44,636	$	42,335
1.596%, 08/25/35 (b)		4,559,761		4,429,670
2.051%, 10/25/35 (b)		108,669		103,428
Morgan Stanley Re-REMIC Trust 1.719%, 03/26/37 (144A) (m)		3,846,534		3,186,177
Nomura Asset Acceptance Corp. Alternative Loan Trust 4.976%, 05/25/35 (m)		1,297,889		1,027,677
RALI Series Trust 6.250%, 01/25/37		4,595,136		3,771,085
RBSSP Resecuritization Trust 1.231%, 06/27/36 (144A) (b)		8,300,000		7,084,073
3.083%, 01/26/36 (144A) (b)		8,631,767		8,730,664
Residential Accredit Loans, Inc. Trust 1.396%, 06/25/46 (b)		1,574,332		683,382
1.656%, 06/25/34 (b)		999,028		979,387
6.000%, 12/25/35		8,629,291		8,232,234
Residential Asset Securitization Trust 6.000%, 06/25/36		4,024,341		2,883,954
RFMSI Trust 1.566%, 06/25/18 (b)		189		187
Sequoia Mortgage Trust 1.562%, 07/20/33 (b)		245,789		231,313
1.849%, 04/19/27 (b)		886,392		831,651
Structured Adjustable Rate Mortgage Loan Trust 3.143%, 01/25/35 (b)		1,499,679		1,468,659
3.336%, 08/25/35 (b)		139,669		138,776
3.347%, 04/25/35 (b)		6,391,149		6,078,351
Structured Asset Mortgage Investments II Trust 1.459%, 07/19/35 (b)		800,227		776,049
1.676%, 05/25/45 (b)		994,509		890,529
WaMu Mortgage Pass-Through Certificates Trust 1.466%, 02/25/45 (b)		9,844,346		9,366,727
2.132%, 06/25/42 (b)		130,435		125,188
2.132%, 08/25/42 (b)		66,226		63,724
Wells Fargo Mortgage-Backed Securities Trust 2.932%, 09/25/33 (b)		460,580		468,232
3.048%, 10/25/36 (b)		1,736,493		1,680,596
3.107%, 03/25/36 (b)		8,981,333		8,875,359
3.194%, 04/25/36 (b)		888,780		892,567
3.247%, 07/25/36 (b)		6,067,582		5,854,897
5.750%, 03/25/36		2,773,486		2,777,866
				231,379,097
Commercial Mortgage-Backed Securities—1.9%
BAMLL Commercial Mortgage Securities Trust 4.159%, 12/15/33 (144A) (b)		15,200,000		15,448,415
Bear Stearns Commercial Mortgage Securities Trust 5.700%, 06/11/50		3,745,558		3,763,643
CSAIL Commercial Mortgage Trust 3.314%, 11/15/49		2,900,000		2,987,621
GS Mortgage Securities Corp. Trust 2.856%, 05/10/34 (144A)		8,900,000		8,934,328
GS Mortgage Securities Trust 3.278%, 11/10/49 (b)		2,500,000		2,572,139
3.722%, 10/10/49 (144A) (b)		13,346,000		13,412,379
Commercial Mortgage-Backed Securities—(Continued)
JPMorgan Chase Commercial Mortgage Securities Corp. 2.609%, 01/15/33 (144A) (b)		10,968,842		10,970,825
JPMorgan Chase Commercial Mortgage Securities Trust 2.962%, 10/05/28 (144A)		8,700,000		8,719,136
LB-UBS Commercial Mortgage Trust 5.866%, 09/15/45 (b)		7,128,052		7,172,890
ML-CFC Commercial Mortgage Trust 6.076%, 08/12/49 (b)		429,091		428,752
Morgan Stanley Bank of America Merrill Lynch Trust 2.952%, 11/15/49		10,000,000		9,940,404
Morgan Stanley Capital Trust 2.289%, 08/14/31 (144A) (b)		21,511,694		21,504,543
Resource Capital Corp., Ltd. 1.889%, 07/15/34 (144A) (b) (l)		6,000,000		6,000,000
				111,855,075
Total Mortgage-Backed Securities (Cost $336,089,600)				343,234,172
Foreign Government—3.0%
Banks—0.1%
Banco Nacional de Desenvolvimento Economico e Social 4.125%, 09/15/17 (EUR)		2,700,000		3,103,183
Provincial—1.2%
Province of Ontario Canada 1.650%, 09/27/19		7,000,000		6,979,588
3.150%, 06/02/22 (CAD)		9,300,000		7,586,944
4.000%, 06/02/21 (CAD)		31,100,000		26,020,109
4.400%, 04/14/20		2,700,000		2,879,564
Province of Quebec Canada 3.500%, 07/29/20		10,600,000		11,094,278
3.500%, 12/01/22 (CAD)		3,300,000		2,742,349
4.250%, 12/01/21 (CAD)		15,200,000		12,915,194
				70,218,026
Sovereign—1.7%
Brazil Letras do Tesouro Nacional 9.344%, 07/01/18 (BRL)		63,600,000		17,659,967
9.531%, 04/01/18 (BRL)		46,700,000		13,239,406
11.149%, 01/01/18 (BRL)		88,100,000		25,481,427
Brazil Notas do Tesouro Nacional 10.000%, 01/01/27 (BRL)		97,500,000		28,592,289
Export-Import Bank of Korea 1.927%, 02/24/20 (144A) (CAD)		7,800,000		6,039,346
Kuwait International Government Bonds 2.750%, 03/20/22 (144A)		12,000,000		12,042,000
				103,054,435
Total Foreign Government (Cost $194,498,013)				176,375,644

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Municipals—0.6%

Security Description	Principal/ Notional Amount*		Value
California State General Obligation Unlimited, Build America Bonds 7.625%, 03/01/40		8,450,000	$	12,909,487
Chicago Transit Authority Transfer Tax Receipts Revenue 6.300%, 12/01/21		270,000		289,675
City of Chicago, IL General Obligation Unlimited 7.750%, 01/01/42		11,400,000		11,619,222
State of Illinois General Obligation Unlimited, Build America Bonds 6.725%, 04/01/35		5,720,000		5,772,281
Tobacco Settlement Financing Authority, Revenue Bonds 7.467%, 06/01/47		6,960,000		6,802,426
Total Municipals (Cost $36,620,463)				37,393,091
Floating Rate Loans (n)—0.2%
Telecommunications—0.1%
Sprint Communications, Inc. 1st Lien Term Loan B, 3.750%, 02/02/24		7,680,750		7,688,976
Transportation—0.1%
Swissport Investments S.A. Term Loan B, 6.250%, 02/09/22 (EUR)		3,000,000		3,477,633
Total Floating Rate Loans (Cost $10,927,468)				11,166,609
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) (k)		10,200,000		340,766
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.930%, Expires 08/20/18 (Counterparty - Goldman Sachs Bank USA) (k)		11,900,000		419,011
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.940%, Expires 08/20/18 (Counterparty - Goldman Sachs Bank USA) (k)		10,400,000		324,178
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 3.020%, Expires 08/21/17 (Counterparty - Morgan Stanley Capital Services LLC) (k)		22,600,000		14,486
				1,098,441
Security Description	Contracts/ Principal/ Notional Amount*		Value
Options on Exchange-Traded Futures Contracts—0.0%
Put - Eurodollar Futures @ $98.25, Expires 03/19/18		2,861		232,456
Put - U.S. Treasury Note 05-Year Futures @ $109.20, Expires 08/25/17		16,848		16,848
Put - U.S. Treasury Note 10-Year Futures @ $111.00, Expires 08/25/17		3,971		3,971
Put - U.S. Treasury Note 10-Year Futures @ $113.00, Expires 08/25/17		453		453
Put - U.S. Treasury Note 10-Year Futures @ $113.50, Expires 08/25/17		671		671
Put - U.S. Treasury Note 10-Year Futures @ $114.00, Expires 08/25/17		277		277
Put - U.S. Treasury Note 10-Year Futures @ $115.00, Expires 08/25/17		364		364
Put - U.S. Treasury Note 10-Year Futures @ $116.50, Expires 08/25/17		612		9,563
				264,603
Put Options—0.0%
Put - OTC - Fannie Mae 30 Yr. Pool 3.500% @ $73.00, Expires 08/07/17, TBA (Counterparty - JPMorgan Chase Bank N.A.)		122,000,000		0
Total Purchased Options (Cost $5,290,354)				1,363,044
Short-Term Investments—20.6%
Certificate of Deposit—3.2%
Barclays Bank plc 1.949%, 11/06/17		40,500,000		40,591,206
1.973%, 12/06/17		2,000,000		2,004,418
Mizuho Bank, Ltd. 1.928%, 12/12/17		35,200,000		35,286,979
Natixis 1.979%, 09/25/17		2,300,000		2,303,473
1.979%, 10/02/17		5,800,000		5,806,380
Norinchukin Bank 1.871%, 10/10/17		29,900,000		29,959,023
Sumitomo Mitsui Banking Corp. 1.946%, 09/15/17		13,700,000		13,718,426
Sumitomo Mitsui Trust Bank, Ltd. 1.860%, 10/06/17		33,500,000		33,559,496
1.997%, 09/18/17		27,600,000		27,641,400
				190,870,801
Commercial Paper—5.6%
Caterpillar Financial Services Co. 1.270%, 07/14/17		39,000,000		38,980,147
Dominion Resources, Inc. 1.400%, 07/11/17		20,300,000		20,291,099

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Enbridge, Energy Partners L.P. 2.000%, 07/21/17		15,000,000	$	14,985,843
Engie S.A. 1.600%, 10/03/17		8,000,000		7,973,294
ENI Finance USA, Inc. 1.400%, 07/12/17		3,800,000		3,798,257
Exelon Generation Co. LLC 1.460%, 07/10/17		31,400,000		31,387,518
Ford Motor Credit Co. 1.700%, 09/12/17		22,700,000		22,628,888
Glencore Funding LLC 1.260%, 07/05/17		25,000,000		24,994,313
Hewlett Packard Enterprise Co. 1.400%, 07/27/17		25,000,000		24,979,038
Kroger Co. (The) 1.300%, 07/05/17		41,900,000		41,891,783
Monsanto Co. 1.750%, 07/31/17		5,700,000		5,692,682
Sempra Energy 1.480%, 08/23/17		13,100,000		13,070,407
Standard Chartered Bank 1.600%, 02/05/18		9,500,000		9,414,716
Syngenta AG 2.000%, 09/14/17		8,100,000		8,071,340
2.020%, 09/14/17		20,000,000		19,929,236
Thermo Fisher Scientific, Inc. 1.430%, 08/15/17		23,000,000		22,955,887
Tyson Foods, Inc. 1.320%, 07/07/17		10,000,000		9,997,239
UDR, Inc. 1.480%, 08/02/17		11,900,000		11,883,725
				332,925,412
Foreign Government—9.3%
Argentina Treasury Bills 2.897%, 09/29/17 (o)		3,100,000		3,077,386
3.190%, 12/15/17 (o)		12,900,000		12,729,862
3.270%, 09/15/17 (o)		5,800,000		5,765,884
3.371%, 04/13/18 (o)		4,200,000		4,097,881
Japan Treasury Bills 0.000%, 07/10/17 (JPY) (o)		780,000,000		6,934,486
0.000%, 07/24/17 (JPY) (o)		5,490,000,000		48,813,141
0.000%, 08/07/17 (JPY) (o)		13,330,000,000		118,524,351
0.000%, 08/21/17 (JPY) (o)		8,290,000,000		73,713,523
0.000%, 08/28/17 (JPY) (o)		24,590,000,000		218,655,002
Mexico Cetes 1,414. 846%, 03/01/18 (MXN) (o)		9,850,000,000		51,714,705
6,907.566%, 08/17/17 (MXN) (o)		2,028,000,000		11,070,849
Total Foreign Government (Cost $556,386,822)				555,097,070
Repurchase Agreements—2.5%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.440% to be repurchased at $39,904,788 on 07/03/17, collateralized by $40,583,000 Federal Home Loan Mortgage Corp. at 3.500% due 03/01/47 with a value of $41,066,929.		39,900,000		39,900,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.330% to be repurchased at $100,911,183 on 07/03/17, collateralized by $87,972,000 U.S. Treasury Bond at 3.625% due 02/15/44 with a value of $101,370,575		100,900,000		100,900,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $6,521,076 on 07/03/17, collateralized by $6,630,000 Federal Home Loan Mortgage Corp. at 0.750% due 07/14/17 with a value of $6,652,323.		6,521,011		6,521,011
				147,321,011
U.S. Treasury—0.0%
U.S. Treasury Bills 0.883%, 08/31/17 (f) (o)		596,000		595,118
Total Short-Term Investments (Cost $1,227,695,674)				1,226,809,412
Total Investments—144.4% (Cost $8,530,935,597) (p)				8,598,946,223
Other assets and liabilities (net)—(44.4)%				(2,643,866,765	)
Net Assets—100.0%			$	5,955,079,458

*	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 June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)	Interest only security.
(d)	All or a portion of this security has been transferred in a secured- borrowing transaction. (See Note 2 of the Notes to Financial Statements)
(e)	All or a portion of the security was pledged as collateral against open swap contracts, swaptions and open forward foreign currency exchange contracts. As of June 30, 2017, the market value of securities pledged was $27,674,383.
(f)	All or a portion of the security was pledged as collateral against TBA securities. As of June 30, 2017, the value of securities pledged amounted to $595,602.

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

(g)	Principal amount of security is adjusted for inflation.
(h)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2017, the market value of securities pledged was $91,669,747.
(i)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $38,134,620.
(j)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(k)	Illiquid security. As of June 30, 2017, these securities represent 0.0% of net assets.
(l)	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 June 30, 2017, the market value of restricted securities was $22,707,712, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.
(m)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(n)	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.
(o)	The rate shown represents current yield to maturity.
(p)	As of June 30, 2017, the aggregate cost of investments was $8,530,935,597. The aggregate unrealized appreciation and depreciation of investments were $165,401,905 and $(97,391,279), respectively, resulting in net unrealized appreciation of $68,010,626.
(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 June 30, 2017, the market value of 144A securities was $867,742,623, which is 14.6% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(REMIC)—	Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Piper Jaffray Cos., 5.060%, 10/09/18		10/08/15	$	5,000,000	$	5,000,000	$	5,104,000
Resource Capital Corp., Ltd., 1.889%, 07/15/34		06/29/17		6,000,000		6,001,641		6,000,000
UBS AG, 1.539%, 12/07/18		06/01/17		11,600,000		11,600,000		11,603,712
							$	22,707,712

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	65,188,255	BNP Paribas S.A.		07/05/17	$	20,210,279	$	(533,182	)
BRL	8,768,382	Citibank N.A.		07/05/17		2,668,000		(21,261	)
BRL	9,821,083	Deutsche Bank AG		07/05/17		2,959,049		5,448
BRL	8,777,720	Goldman Sachs Bank USA		07/05/17		2,653,322		(3,764	)
BRL	75,000,000	UBS AG Stamford		07/05/17		22,670,939		(32,163	)
BRL	3,798,695	JPMorgan Chase Bank N.A.		01/03/18		1,103,470		6,631
CAD	1,626,000	Goldman Sachs Bank USA		07/05/17		1,227,032		26,824
CAD	1,642,000	JPMorgan Chase Bank N.A.		07/05/17		1,260,148		6,046
CAD	76,168,000	JPMorgan Chase Bank N.A.		07/05/17		58,108,026		627,323
CHF	12,698,000	Credit Suisse International		07/05/17		13,031,609		210,648
CHF	9,616,000	Deutsche Bank AG		07/05/17		10,043,334		(15,177	)
CHF	7,698,000	JPMorgan Chase Bank N.A.		07/05/17		7,936,614		91,334
CHF	20,396,000	Credit Suisse International		08/02/17		21,341,202		(33,845	)
DKK	9,455,000	BNP Paribas S.A.		07/03/17		1,364,784		87,519
DKK	63,597,740	Goldman Sachs Bank USA		07/03/17		9,586,635		182,077
DKK	9,390,000	UBS AG Stamford		10/02/17		1,447,831		1,703

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
DKK	1,758,000	BNP Paribas S.A.		01/02/18	$	267,976	$	4,870
EUR	903,000	BNP Paribas S.A.		07/05/17		1,008,280		23,081
EUR	19,381,000	Barclays Bank plc		07/05/17		22,122,747		13,256
EUR	1,496,000	Citibank N.A.		07/05/17		1,700,374		8,281
EUR	31,163,000	JPMorgan Chase Bank N.A.		07/05/17		35,000,814		591,996
EUR	74,077,000	JPMorgan Chase Bank N.A.		07/05/17		82,874,259		1,732,762
EUR	4,106,000	Societe Generale Paris		07/05/17		4,621,204		68,463
EUR	44,668,000	BNP Paribas S.A.		08/02/17		50,884,445		206,234
EUR	20,877,000	Barclays Bank plc		08/02/17		23,865,229		13,613
EUR	7,666,000	JPMorgan Chase Bank N.A.		08/02/17		8,754,172		14,100
GBP	10,101,000	BNP Paribas S.A.		07/05/17		13,098,108		57,936
GBP	32,501,000	BNP Paribas S.A.		07/05/17		41,422,427		908,489
GBP	35,469,000	Barclays Bank plc		07/05/17		45,121,878		1,074,709
GBP	1,175,000	Citibank N.A.		07/05/17		1,506,499		23,880
GBP	1,127,000	Goldman Sachs Bank USA		07/05/17		1,441,061		26,800
GBP	2,003,000	Goldman Sachs Bank USA		07/05/17		2,560,076		48,731
GBP	822,000	JPMorgan Chase Bank N.A.		07/05/17		1,045,029		25,585
GBP	923,000	JPMorgan Chase Bank N.A.		07/05/17		1,185,922		16,239
GBP	3,744,000	UBS AG Stamford		07/05/17		4,803,840		72,531
GBP	21,622,000	UBS AG Stamford		07/05/17		27,480,481		681,085
GBP	11,276,000	Goldman Sachs Bank USA		08/02/17		14,679,471		19,986
GBP	2,531,000	JPMorgan Chase Bank N.A.		08/02/17		3,289,879		9,547
GBP	68,937,000	UBS AG Stamford		08/02/17		88,428,730		1,437,934
INR	15,053,051	Societe Generale Paris		07/20/17		229,380		3,053
INR	15,053,051	Credit Suisse International		12/04/17		229,642		(1,205	)
JPY	1,135,600,000	BNP Paribas S.A.		07/05/17		10,358,866		(262,400	)
JPY	6,302,900,000	Barclays Bank plc		07/05/17		57,371,525		(1,333,294	)
JPY	5,270,500,000	Goldman Sachs Bank USA		07/05/17		47,793,588		(934,286	)
JPY	1,513,900,000	JPMorgan Chase Bank N.A.		07/05/17		13,464,949		(5,069	)
JPY	2,081,400,000	JPMorgan Chase Bank N.A.		07/05/17		18,771,626		(266,181	)
JPY	14,377,700,000	BNP Paribas S.A.		08/02/17		128,580,691		(600,721	)
JPY	1,513,900,000	UBS AG Stamford		08/02/17		13,537,936		(62,284	)
MYR	1,437,265	UBS AG Stamford		09/18/17		337,101		(3,322	)
ZAR	2,906,000	BNP Paribas S.A.		08/04/17		211,907		9,090
Contracts to Deliver
BRL	65,188,255	BNP Paribas S.A.		07/05/17		19,705,053		27,955
BRL	8,768,382	Citibank N.A.		07/05/17		2,650,499		3,760
BRL	9,821,083	Deutsche Bank AG		07/05/17		2,968,709		4,212
BRL	8,777,720	Goldman Sachs Bank USA		07/05/17		2,668,000		18,442
BRL	75,000,000	UBS AG Stamford		07/05/17		26,417,753		3,778,977
BRL	9,821,083	Deutsche Bank AG		08/02/17		2,941,413		(5,688	)
BRL	3,798,695	BNP Paribas S.A.		01/03/18		1,111,054		954
BRL	44,100,000	JPMorgan Chase Bank N.A.		01/03/18		12,095,447		(791,987	)
BRL	44,000,000	JPMorgan Chase Bank N.A.		01/03/18		12,068,020		(790,191	)
BRL	10,000,000	BNP Paribas S.A.		04/03/18		2,648,670		(233,392	)
BRL	145,600,000	JPMorgan Chase Bank N.A.		04/03/18		43,179,122		1,216,297
BRL	51,000,000	JPMorgan Chase Bank N.A.		07/03/18		14,879,650		398,032
BRL	12,600,000	JPMorgan Chase Bank N.A.		07/03/18		3,680,444		102,633
CAD	77,794,000	BNP Paribas S.A.		07/05/17		57,807,171		(2,182,033	)
CAD	76,168,000	JPMorgan Chase Bank N.A.		08/02/17		58,138,408		(627,151	)
CHF	20,396,000	Credit Suisse International		07/05/17		21,303,530		33,325
DKK	1,758,000	BNP Paribas S.A.		07/03/17		265,112		(4,920	)
DKK	61,904,469	Goldman Sachs Bank USA		07/03/17		9,018,322		(490,302	)
DKK	115,909,000	BNP Paribas S.A.		01/02/18		17,093,202		(896,226	)
DKK	93,321,000	BNP Paribas S.A.		01/02/18		13,720,896		(762,805	)
DKK	161,159,000	JPMorgan Chase Bank N.A.		01/02/18		23,605,946		(1,406,418	)

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
DKK	30,300,000	JPMorgan Chase Bank N.A.		01/02/18	$	4,447,359	$	(255,293	)
DKK	48,667,000	UBS AG Stamford		01/02/18		7,151,732		(401,534	)
DKK	404,303,000	BNP Paribas S.A.		04/03/18		59,566,697		(3,527,996	)
DKK	61,885,000	BNP Paribas S.A.		04/03/18		9,349,789		(307,857	)
DKK	12,813,000	BNP Paribas S.A.		04/03/18		1,885,429		(114,141	)
DKK	151,444,700	Citibank N.A.		04/03/18		22,054,538		(1,579,610	)
DKK	83,328,000	Citibank N.A.		04/03/18		12,315,611		(688,385	)
DKK	104,555,000	Goldman Sachs Bank USA		04/03/18		15,550,520		(766,118	)
DKK	101,000,000	Goldman Sachs Bank USA		04/03/18		14,802,222		(959,630	)
DKK	63,597,740	Goldman Sachs Bank USA		04/03/18		9,740,063		(184,870	)
DKK	46,742,000	Goldman Sachs Bank USA		04/03/18		6,817,678		(476,782	)
DKK	27,067,560	Goldman Sachs Bank USA		04/03/18		3,921,982		(302,126	)
DKK	788,810,000	JPMorgan Chase Bank N.A.		04/03/18		115,458,138		(7,641,926	)
DKK	167,920,000	JPMorgan Chase Bank N.A.		04/03/18		24,550,546		(1,654,703	)
DKK	67,230,000	JPMorgan Chase Bank N.A.		04/03/18		9,903,786		(587,990	)
DKK	34,430,000	Societe Generale Paris		04/03/18		5,033,639		(339,436	)
DKK	411,474,000	UBS AG Stamford		04/03/18		60,385,201		(3,828,584	)
EUR	44,668,000	BNP Paribas S.A.		07/05/17		50,809,850		(207,691	)
EUR	3,264,000	JPMorgan Chase Bank N.A.		07/05/17		3,667,581		(60,395	)
EUR	62,317,000	UBS AG Stamford		07/05/17		70,095,720		(1,079,621	)
GBP	29,274,000	Citibank N.A.		07/05/17		37,666,302		(461,608	)
GBP	68,937,000	UBS AG Stamford		07/05/17		88,349,659		(1,437,312	)
INR	15,053,051	Credit Suisse International		07/20/17		232,983		550
JPY	14,377,700,000	BNP Paribas S.A.		07/05/17		128,429,656		599,472
JPY	412,700,000	Goldman Sachs Bank USA		07/05/17		3,727,404		58,144
JPY	780,000,000	Citibank N.A.		07/10/17		7,088,299		151,921
JPY	5,490,000,000	BNP Paribas S.A.		07/24/17		50,579,499		1,729,626
JPY	8,420,000,000	Citibank N.A.		08/07/17		75,845,470		881,182
JPY	4,340,000,000	UBS AG Stamford		08/07/17		39,088,464		448,915
JPY	570,000,000	UBS AG Stamford		08/07/17		5,123,803		49,023
JPY	8,290,000,000	JPMorgan Chase Bank N.A.		08/21/17		74,989,032		1,138,871
JPY	24,590,000,000	Citibank N.A.		08/28/17		222,218,206		3,097,815
KRW	165,512,722,755	Credit Suisse International		09/18/17		147,214,020		2,399,293
MXN	202,800,000	JPMorgan Chase Bank N.A.		08/17/17		9,871,495		(1,227,162	)
MXN	985,000,000	BNP Paribas S.A.		03/01/18		47,102,818		(5,251,054	)
NZD	1,885,000	JPMorgan Chase Bank N.A.		07/05/17		1,332,661		(48,667	)
PHP	15,819,300	Credit Suisse International		09/18/17		314,812		2,457
RUB	133,852,761	Goldman Sachs Bank USA		10/20/17		2,283,690		62,670
SGD	138,637,587	JPMorgan Chase Bank N.A.		09/18/17		100,236,850		(579,512	)
THB	14,297,612	UBS AG Stamford		09/18/17		421,671		768
TRY	1,090,000	Barclays Bank plc		08/15/17		283,826		(22,243	)
TWD	6,414,998,826	Societe Generale Paris		09/18/17		212,529,778		1,086,963
Net Unrealized Depreciation							$	(20,661,452	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		09/15/17		2		AUD	262,535	$	(3,086	)
Euro-Bund Futures		09/07/17		1,155		EUR	189,781,642		(3,222,909	)
Put Options on Euro-Bund Futures, Strike EUR 146.000		08/25/17		1,338		EUR	14,517		(1,299	)
Put Options on Euro-Bund Futures, Strike EUR 152.000		08/25/17		50		EUR	543		1,094
U.S. Treasury Note 10 Year Futures		09/20/17		10,288		USD	1,295,486,626		(4,021,126	)
U.S. Treasury Note 5 Year Futures		09/29/17		19,350		USD	2,285,378,106		(5,252,706	)

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		09/18/17		(1,558	)		USD	(384,777,747	)	$	555,472
90 Day Eurodollar Futures		12/18/17		(2,093	)		USD	(515,929,837	)		397,774
90 Day Eurodollar Futures		03/19/18		(996	)		USD	(245,305,046	)		189,446
90 Day Eurodollar Futures		06/18/18		(1,182	)		USD	(290,829,078	)		160,503
90 Day Eurodollar Futures		12/17/18		(1,002	)		USD	(245,817,922	)		(173,078	)
90 Day Eurodollar Futures		03/18/19		(840	)		USD	(205,949,476	)		(155,024	)
Canada Government Bond 10 Year Futures		09/20/17		(739	)		CAD	(106,673,999	)		2,164,982
Euro-BTP Futures		09/07/17		(79	)		EUR	(10,596,985	)		(90,315	)
Euro-OAT Futures		09/07/17		(3,100	)		EUR	(464,010,445	)		4,251,589
Euro-Schatz Futures		09/07/17		(160	)		EUR	(17,943,448	)		54,193
U.S. Treasury Long Bond Futures		09/20/17		(80	)		USD	(12,162,166	)		(132,834	)
United Kingdom Long Gilt Bond Futures		09/27/17		(746	)		GBP	(95,159,387	)		1,933,053
Net Unrealized Depreciation										$	(3,344,271	)

Written Options

Foreign Currency Written Options	Strike Price		Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation
USD Call/BRL Put	BRL	3.400	Goldman Sachs Bank USA		07/06/17		(26,700,000	)	$	(180,092	)	$	(19,678	)	$	160,414
USD Call/BRL Put	BRL	3.510	JPMorgan Chase Bank N.A.		09/27/17		(89,800,000	)		(1,391,900	)		(1,211,851	)		180,049
USD Call/BRL Put	BRL	3.550	Credit Suisse International		10/02/17		(23,000,000	)		(345,000	)		(272,941	)		72,059
USD Call/BRL Put	BRL	4.250	Deutsche Bank AG		11/17/17		(10,900,000	)		(318,280	)		(22,727	)		295,553
USD Call/BRL Put	BRL	6.300	Credit Suisse International		01/11/18		(17,700,000	)		(942,525	)		(690	)		941,835
Totals									$	(3,177,797	)	$	(1,527,887	)	$	1,649,910

Put Options Written	Strike Price		Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation
Put - OTC - Fannie Mae 30 Yr. Pool 3.500%, TBA	$	101.90	Goldman Sachs & Co., LLC		07/06/17	$	(128,000,000	)	$	(400,000	)	$	(5,286	)	$	394,714
Put - OTC - Fannie Mae 30 Yr. Pool 3.500%, TBA		102.09	Goldman Sachs & Co., LLC		07/06/17		(57,000,000	)		(166,992	)		(6,983	)		160,009
Totals									$	(566,992	)	$	(12,269	)	$	554,723

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	$	(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		(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		(38,800,000	)		(346,040	)		(78	)		345,962
Floor - OTC CPURNSA Index	217.965	Citibank N.A.	Maximum of [(1 + 0.000%)10 - (Final Index/Initial Index)] or 0		09/29/20		(17,500,000	)		(225,750	)		(70	)		225,680
Floor - OTC CPURNSA Index	218.011	Deutsche Bank AG	Maximum of [(1 + 0.000%) 10 - (Final Index/Initial Index)] or 0		10/13/20		(18,000,000	)		(176,400	)		(108	)		176,292
Totals									$	(928,770	)	$	(278	)	$	928,492

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Written Options—(Continued)

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	$	(99,400,000	)	$	(1,540,700	)	$	(1,392	)	$	1,539,308
Put - 5 Yr. IRS	2.800%	Morgan Stanley Capital Services LLC	3M LIBOR		Pay	08/20/18		(45,000,000	)		(1,003,705	)		(198,139	)		805,566
Put - 5 Yr. IRS	2.800%	Goldman Sachs Bank USA	3M LIBOR		Pay	08/20/18		(98,200,000	)		(2,287,027	)		(432,384	)		1,854,643
Totals										$	(4,831,432	)	$	(631,915	)	$	4,199,517

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts			Premiums Received			Market Value			Unrealized Appreciation
Call - Eurodollar Futures	$	98.750		03/19/18		(2,861	)	$	(303,101	)	$	(107,287	)		195,814

Forward Volatility Agreements	Currency Price	Strike Volatility	Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value		Unrealized Appreciation
GBP Put/USD Call	USD	1.264	Citibank N.A.		07/03/17	$	(5,400,000	)	$	(31,239	)	$	—	$	31,239
GBP Put/USD Call	USD	1.263	Citibank N.A.		07/03/17		(20,000,000	)		(124,588	)		—		124,588
Totals									$	(155,827)		$	—	$	155,827

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 CDOR		1.750	%		12/16/46		CAD	4,500,000	$	581,996
Receive		3M LIBOR		1.250	%		06/21/20		USD	183,300,000		(1,577,513	)
Receive		3M LIBOR		1.250	%		06/21/21		USD	149,500,000		(1,072,238	)
Receive		3M LIBOR		1.250	%		06/21/22		USD	208,600,000		(1,726,454	)
Receive		3M LIBOR		2.000	%		12/16/19		USD	268,800,000		(685,951	)
Receive		3M LIBOR		2.250	%		12/16/22		USD	490,100,000		(10,679,287	)
Receive		3M LIBOR		2.250	%		12/21/36		USD	25,400,000		27,607
Receive		3M LIBOR		2.500	%		06/15/46		USD	17,500,000		988,567
Receive		3M LIBOR		2.750	%		12/16/45		USD	120,260,000		(4,645,421	)
Receive		6M LIBOR		0.300	%		03/18/26		JPY	31,660,000,000		(378,028	)
Receive		6M LIBOR		0.300	%		09/20/27		JPY	6,210,000,000		210,821
Receive		6M LIBOR		1.000	%		09/20/22		GBP	92,900,000		782,516
Receive		6M LIBOR		1.500	%		09/20/27		GBP	35,200,000		(151,009	)
Receive		6M LIBOR		1.500	%		09/20/27		GBP	46,000,000		429,424
Receive		6M LIBOR		1.750	%		03/21/48		GBP	21,900,000		307,966
Net Unrealized Depreciation											$	(17,587,004	)

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

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at June 30, 2017(b)			Notional Amount(c)			Unrealized Depreciation
Canadian Natural Resources, Ltd. 3.450%, due 11/15/21		(1.000	%)		03/20/18		0.132	%		USD	3,900,000	$	(439	)

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017(b)			Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
Airbus Group Finance B.V. 5.500%, due 09/25/18		1.000	%		12/20/17		0.075	%		EUR	14,000,000	$	(2,147	)
Berkshire Hathaway, Inc. 1.550%, due 02/09/18		1.000	%		12/20/21		0.414	%		USD	10,500,000		207,528
Enbridge, Inc. 3.500%, due 06/10/24		1.000	%		12/20/17		0.187	%		USD	2,300,000		(685	)
Goldman Sach Group, Inc. 5.950%, due 1/18/18		1.000	%		09/20/20		0.438	%		USD	22,500,000		50,381
Morgan Stanley 3.750%, due 02/25/23		1.000	%		09/20/18		0.243	%		USD	24,100,000		(9,598	)
Tesco plc 6.000%, due 12/14/29		1.000	%		06/20/22		1.532	%		EUR	24,700,000		573,549
Volkswagen International Finance N.V. 5.538%, due 05/22/18		1.000	%		12/20/17		0.111	%		EUR	13,600,000		(37,201	)
Volkswagen International Finance N.V. 5.380%, due 05/22/18		1.000	%		12/20/21		0.550	%		EUR	16,600,000		536,091
Net Unrealized Appreciation												$	1,317,918

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
Petrobras International Finance Co. S.A. 8.375%, due 12/10/18		1.000%		12/20/19	BNP Paribas S.A.		1.744%		USD	3,200,000	$	(57,230)	$	(382,937)	$	325,707
Petrobras International Finance Co. S.A. 8.375%, due 12/10/18		1.000%		03/20/20	BNP Paribas S.A.		1.892%		USD	1,600,000		(37,526)		(308,005)		270,479
Totals											$	(94,756)	$	(690,942)	$	596,186

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 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.		0.010%		USD	1,928,998	$	5,006	$	—	$	5,006

(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

See accompanying notes to financial statements.

BHFTI-25

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

(CHF)—	Swiss Franc
(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
(CDOR)—	Canadian Dollar Offered Rate
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(CPURNSA)—	U.S. Consumer Price for All Urban Consumers Non-Seasonally Adjusted
(IRS)—	Interest Rate Swap
(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	4,204,906,489		$	—	$	4,204,906,489
Total Corporate Bonds & Notes*		—		1,672,069,949			—		1,672,069,949
Total Asset-Backed Securities*		—		925,627,813			—		925,627,813
Total Mortgage-Backed Securities*		—		343,234,172			—		343,234,172
Total Foreign Government*		—		176,375,644			—		176,375,644
Total Municipals		—		37,393,091			—		37,393,091
Total Floating Rate Loans*		—		11,166,609			—		11,166,609
Purchased Options
Interest Rate Swaptions		—		1,098,441			—		1,098,441
Options on Exchange-Traded Futures Contracts		264,603		—			—		264,603
Put Options		—		0			—		0
Total Purchased Options		264,603		1,098,441			—		1,363,044
Total Short-Term Investments*		—		1,226,809,412			—		1,226,809,412
Total Investments	$	264,603	$	8,598,681,620		$	—	$	8,598,946,223
Secured Borrowings (Liability)	$	—	$	(172,275,220	)	$	—	$	(172,275,220	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	25,630,061		$	—	$	25,630,061
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(46,291,513	)		—		(46,291,513	)
Total Forward Contracts	$	—	$	(20,661,452	)	$	—	$	(20,661,452	)

See accompanying notes to financial statements.

BHFTI-26

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2017

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	9,708,106		$	—		$	—	$	9,708,106
Futures Contracts (Unrealized Depreciation)		(13,052,377	)		—			—		(13,052,377	)
Total Futures Contracts	$	(3,344,271	)	$	—		$	—	$	(3,344,271	)
Written Options
Foreign Currency Options at Value	$	—		$	(1,527,887	)	$	—	$	(1,527,887	)
Inflation Capped Options at Value		—			(278	)		—		(278	)
Interest Rate Swaptions at Value		—			(631,915	)		—		(631,915	)
Options on Exchange-Traded Futures Contracts at Value		(107,287	)		—			—		(107,287	)
Forward Volatility Agreements		—			—			—		—
Put Options Written at Value		—			(12,269	)		—		(12,269	)
Total Written Options	$	(107,287	)	$	(2,172,349	)	$	—	$	(2,279,636	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	4,696,446		$	—	$	4,696,446
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(20,965,971	)		—		(20,965,971	)
Total Centrally Cleared Swap Contracts	$	—		$	(16,269,525	)	$	—	$	(16,269,525	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	5,006		$	—	$	5,006
OTC Swap Contracts at Value (Liabilities)		—			(94,756	)		—		(94,756	)
Total OTC Swap Contracts	$	—		$	(89,750	)	$	—	$	(89,750	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-27

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2017

Assets
Investments at value (a)	$	8,598,946,223
Cash		1,035,283
Cash denominated in foreign currencies (b)		11,969,789
Cash collateral (c)		3,066,000
OTC swap contracts at market value		5,006
Unrealized appreciation on forward foreign currency exchange contracts		25,630,061
Receivable for:
Investments sold		9,028,224
TBA securities sold		2,845,966,418
Fund shares sold		2,236,685
Interest		25,219,140
Variation margin on futures contracts		2,561,725
Interest on OTC swap contracts		1,792
Variation margin on centrally cleared swap contracts		8,429,050
Other assets		73,724
Total Assets		11,534,169,120
Liabilities
Due to broker		311,390
Written options at value (d)		2,279,636
Secured borrowings		171,963,784
OTC swap contracts at market value (e)		94,756
Cash collateral (f)		13,165,000
Unrealized depreciation on forward foreign currency exchange contracts		46,291,513
Payables for:
Open OTC swap contracts cash collateral		655,000
Investments purchased		23,892,728
TBA securities purchased		5,314,506,090
Fund shares redeemed		1,563,526
Deferred dollar roll income		311,436
Accrued Expenses:
Management fees		2,138,745
Distribution and service fees		646,714
Deferred trustees’ fees		115,782
Other expenses		1,153,562
Total Liabilities		5,579,089,662
Net Assets	$	5,955,079,458
Net Assets Consist of:
Paid in surplus	$	5,964,448,664
Undistributed net investment income		11,413,102
Accumulated net realized loss		(56,009,176	)
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		35,226,868
Net Assets	$	5,955,079,458
Net Assets
Class A	$	2,802,455,188
Class B		3,109,069,516
Class E		43,554,754
Capital Shares Outstanding*
Class A		246,119,942
Class B		277,716,481
Class E		3,855,316
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.39
Class B		11.20
Class E		11.30

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $8,530,935,597.
(b)	Identified cost of cash denominated in foreign currencies was $12,440,183.
(c)	Includes collateral of $460,000 for futures contracts, and $2,606,000 for centrally cleared swap contracts.
(d)	Premiums received on written options were $9,963,919.
(e)	Net premium paid on OTC swap contracts was $690,942.
(f)	Includes collateral of $6,800,000 for secured borrowing transactions, $5,259,000 for OTC swap, swaptions and foreign currency exchange contracts, and $1,106,000 for TBAs.

Statement of Operations

Six Months Ended June 30, 2017

Investment Income
Interest (a)	$	81,288,883
Total investment income		81,288,883
Expenses
Management fees		14,121,936
Administration fees		93,897
Custodian and accounting fees		367,362
Distribution and service fees—Class B		3,850,157
Distribution and service fees—Class E		32,833
Interest expense		822,923
Audit and tax services		63,884
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		169,639
Insurance		20,533
Miscellaneous		36,415
Total expenses		19,624,281
Less management fee waiver		(1,300,410	)
Net expenses		18,323,871
Net Investment Income		62,965,012
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		71,089,246
Futures contracts		22,648,430
Written options		8,266,583
Swap contracts		(22,665,599	)
Foreign currency transactions		(9,939,880	)
Net realized gain		69,398,780
Net change in unrealized appreciation (depreciation) on:
Investments		92,421,070
Futures contracts		10,949,321
Written options		808,321
Swap contracts		10,803,689
Foreign currency transactions		(68,244,985	)
Net change in unrealized appreciation		46,737,416
Net realized and unrealized gain		116,136,196
Net Increase in Net Assets From Operations	$	179,101,208

(a) Net of foreign withholding taxes of $43,768.

See accompanying notes to financial statements.

BHFTI-28

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	62,965,012		$	154,335,966
Net realized gain (loss)		69,398,780			(44,542,870	)
Net change in unrealized appreciation		46,737,416			54,315,515
Increase in net assets from operations		179,101,208			164,108,611
From Distributions to Shareholders
Net investment income
Class A		(55,050,497	)		(78,673,511	)
Class B		(54,459,696	)		(82,491,583	)
Class E		(793,458	)		(1,236,864	)
Net realized capital gains
Class A		(13,702,525	)		0
Class B		(15,521,013	)		0
Class E		(215,367	)		0
Total distributions		(139,742,556	)		(162,401,958	)
Increase (decrease) in net assets from capital share transactions		52,061,237			(399,623,523	)
Total increase (decrease) in net assets		91,419,889			(397,916,870	)
Net Assets
Beginning of period		5,863,659,569			6,261,576,439
End of period	$	5,955,079,458		$	5,863,659,569
Undistributed net investment income
End of period	$	11,413,102		$	58,751,741

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		3,500,532		$	40,049,788			6,368,702		$	72,916,045
Reinvestments		6,030,967			68,753,022			6,913,314			78,673,511
Redemptions		(6,182,552	)		(71,049,528	)		(25,864,358	)		(295,561,365	)
Net increase (decrease)		3,348,947		$	37,753,282			(12,582,342	)	$	(143,971,809	)
Class B
Sales		6,650,184		$	74,807,049			12,517,555		$	140,917,064
Reinvestments		6,242,704			69,980,709			7,371,902			82,491,583
Redemptions		(11,445,479	)		(129,147,900	)		(42,249,037	)		(474,838,560	)
Net increase (decrease)		1,447,409		$	15,639,858			(22,359,580	)	$	(251,429,913	)
Class E
Sales		45,694		$	520,389			210,066		$	2,390,087
Reinvestments		89,198			1,008,825			109,554			1,236,864
Redemptions		(251,517	)		(2,861,117	)		(690,746	)		(7,848,752	)
Net decrease		(116,625	)	$	(1,331,903	)		(371,126	)	$	(4,221,801	)
Increase (decrease) derived from capital shares transactions				$	52,061,237					$	(399,623,523	)

See accompanying notes to financial statements.

BHFTI-29

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.32		$	11.32		$	12.09		$	11.87		$	12.86		$	12.14
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.31			0.29			0.22			0.21			0.25
Net realized and unrealized gain (loss) on investments		0.23			0.01			(0.26	)		0.31			(0.41	)		0.89
Total from investment operations		0.36			0.32			0.03			0.53			(0.20	)		1.14
Less Distributions
Distributions from net investment income		(0.23	)		(0.32	)		(0.66	)		(0.31	)		(0.55	)		(0.42	)
Distributions from net realized capital gains		(0.06	)		0.00			(0.14	)		0.00			(0.24	)		0.00
Total distributions		(0.29	)		(0.32	)		(0.80	)		(0.31	)		(0.79	)		(0.42	)
Net Asset Value, End of Period	$	11.39		$	11.32		$	11.32		$	12.09		$	11.87		$	12.86
Total Return (%) (b)		3.14	(c)		2.85			0.28			4.49			(1.72	)		9.56
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(d)		0.53			0.52			0.51			0.51			0.51
Gross ratio of expenses to average net assets excluding interest expense (%)		0.51	(d)		0.50			0.52			0.51			0.51			0.51
Net ratio of expenses to average net assets (%) (e)(f)		0.49	(d)		0.50			0.48			0.51			0.51			0.51
Net ratio of expenses to average net assets excluding interest expense (%) (e)(f)		0.46	(d)		0.47			0.48			0.51			0.51			0.51
Ratio of net investment income to average net assets (%)		2.27	(d)		2.68			2.45			1.85			1.73			1.97
Portfolio turnover rate (%)		305	(c)(g)		466	(g)		430	(g)		283	(g)		352	(g)		424	(g)
Net assets, end of period (in millions)	$	2,802.5		$	2,747.6		$	2,891.0		$	4,267.6		$	4,422.4		$	5,052.8
	Class B
	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.12		$	11.12		$	11.89		$	11.68		$	12.66		$	11.96
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.27			0.26			0.19			0.18			0.21
Net realized and unrealized gain (loss) on investments		0.23			0.02			(0.26	)		0.29			(0.40	)		0.88
Total from investment operations		0.34			0.29			0.00			0.48			(0.22	)		1.09
Less Distributions
Distributions from net investment income		(0.20	)		(0.29	)		(0.63	)		(0.27	)		(0.52	)		(0.39	)
Distributions from net realized capital gains		(0.06	)		0.00			(0.14	)		0.00			(0.24	)		0.00
Total distributions		(0.26	)		(0.29	)		(0.77	)		(0.27	)		(0.76	)		(0.39	)
Net Asset Value, End of Period	$	11.20		$	11.12		$	11.12		$	11.89		$	11.68		$	12.66
Total Return (%) (b)		3.03	(c)		2.61			0.01			4.19			(1.92	)		9.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(d)		0.78			0.77			0.76			0.76			0.76
Gross ratio of expenses to average net assets excluding interest expense (%)		0.76	(d)		0.75			0.77			0.76			0.76			0.76
Net ratio of expenses to average net assets (%) (e)(f)		0.74	(d)		0.75			0.73			0.76			0.76			0.76
Net ratio of expenses to average net assets excluding interest expense (%) (e)(f)		0.71	(d)		0.72			0.73			0.76			0.76			0.76
Ratio of net investment income to average net assets (%)		2.02	(d)		2.42			2.24			1.59			1.49			1.72
Portfolio turnover rate (%)		305	(c)(g)		466	(g)		430	(g)		283	(g)		352	(g)		424	(g)
Net assets, end of period (in millions)	$	3,109.1		$	3,071.5		$	3,321.8		$	3,764.4		$	4,169.0		$	4,626.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-30

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.22		$	11.22		$	11.99		$	11.77		$	12.75		$	12.05
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.29			0.27			0.20			0.19			0.23
Net realized and unrealized gain (loss) on investments		0.23			0.01			(0.26	)		0.30			(0.40	)		0.86
Total from investment operations		0.35			0.30			0.01			0.50			(0.21	)		1.09
Less Distributions
Distributions from net investment income		(0.21	)		(0.30	)		(0.64	)		(0.28	)		(0.53	)		(0.39	)
Distributions from net realized capital gains		(0.06	)		0.00			(0.14	)		0.00			(0.24	)		0.00
Total distributions		(0.27	)		(0.30	)		(0.78	)		(0.28	)		(0.77	)		(0.39	)
Net Asset Value, End of Period	$	11.30		$	11.22		$	11.22		$	11.99		$	11.77		$	12.75
Total Return (%) (b)		3.09	(c)		2.69			0.11			4.34			(1.82	)		9.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(d)		0.68			0.67			0.66			0.66			0.66
Gross ratio of expenses to average net assets excluding interest expense (%)		0.66	(d)		0.65			0.67			0.66			0.66			0.66
Net ratio of expenses to average net assets (%) (e)(f)		0.64	(d)		0.65			0.63			0.66			0.66			0.66
Net ratio of expenses to average net assets excluding interest expense (%) (e)(f)		0.61	(d)		0.62			0.63			0.66			0.66			0.66
Ratio of net investment income to average net assets (%)		2.12	(d)		2.52			2.34			1.69			1.59			1.82
Portfolio turnover rate (%)		305	(c)(g)		466	(g)		430	(g)		283	(g)		352	(g)		424	(g)
Net assets, end of period (in millions)	$	43.6		$	44.6		$	48.7		$	56.7		$	64.7		$	78.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2017. (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 43%, 34%, 58%, 112%, 140% and 183% for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

BHFTI-31

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2017

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PIMCO Total Return Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a pricing service to value securities principally traded in these foreign

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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 its 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 NAV 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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income

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and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to futures transactions, foreign currency transactions, option transactions, swap transactions, premium amortization adjustments, convertible preferred stock bond discount, deflationary sell adjustments, adjustments to prior period accumulated balances, paydown reclasses and treasury rolls. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Secured borrowing transactions and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the secured borrowing transaction or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

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The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”. Securities with a market value of $1,396,104 were held by the Portfolio as collateral for TBAs as of June 30, 2017.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

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The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or set aside in the Portfolio’s records, cash or other liquid assets at such a level: that (i) the amount segregated, or set aside, plus the amount deposited with the broker as collateral will equal the current value of the security sold short: and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $147,321,011, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the six months ended June 30, 2017, the Portfolio had an outstanding reverse repurchase agreement balance for 74 days. The average amount of borrowings was $10,575,000 and the annualized weighted average interest rate was 0.79% during the 74 day period. There were no outstanding reverse repurchase agreements as of June 30, 2017.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the six months ended June 30, 2017, the Portfolio entered into secured borrowing transactions involving U.S. Treasury securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

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For the six months ended June 30, 2017, the Portfolio had an outstanding secured borrowing transaction balance for 165 days. For the six months ended June 30, 2017, the Portfolio’s average amount of borrowings was $169,873,995 and the weighted average interest rate was 1.10% during the 165 day period.

At June 30, 2017, the amount of the Portfolio’s outstanding borrowings was $171,963,784. Cash in the amount of $6,800,000 has been received as collateral under the terms of the Master Securities Forward Transaction Agreement (“MSFTA”) as of June 30, 2017. The MSFTA is a master netting agreement (“MNA”) which provides both parties with the rights to set-off in the event of default by either party. The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s secured borrowings by counterparty net of amounts available for offset under the MSFTA and net of the related collateral pledged or received by the Portfolio as of June 30, 2017:

Counterparty	Payable for Secured Borrowings			Financial Instruments Available for Offset(a)		Collateral Pledged(b)		Collateral Received(b)		Net Amount(c)
BNP Paribas S.A.	$	(118,845,232	)	$	122,873,625	$	—	$	5,520,000	$	9,548,393
Goldman Sach & Co., LLC		(6,505,980	)		6,500,307		—		—		(5,673	)
Mongan Stanley & Co. LLC		(34,284,102	)		35,276,063		—		1,280,000		2,271,961
UBS Securities LLC		(12,328,470	)		12,166,647		—		—		(161,823	)
	$	(171,963,784	)	$	176,816,642	$	—	$	6,800,000	$	11,652,858

(a)	Represents market value of borrowings as of June 30, 2017.
(b)	Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction..
(c)	Net amount represents the net amount receivable/payable due to/from the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous		Up to 30 Days			31 - 90 Days			Greater than 90 days		Total
Secured Borrowing Transactions
U.S. Treasury	$	—	$	(40,790,082	)	$	(131,173,702	)	$	—	$	(171,963,784	)
Total Borrowings	$	—	$	(40,790,082	)	$	(131,173,702	)	$	—	$	(171,963,784	)
Gross amount of recognized liabilities for secured borrowing transactions											$	(171,963,784	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the

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contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

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The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer 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 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

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underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either 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 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). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally 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 particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Volatility and Variance Swaps - The Portfolio may invest in volatility and variance swaps. In a volatility swap, the parties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Variance swaps are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself). These swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, the Funds would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Funds would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

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Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (b)	$	1,363,044
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		3,328,897	Unrealized depreciation on centrally cleared swap contracts (c) (d)	$	20,915,901
	Unrealized appreciation on futures contracts (e) (c)		9,708,106	Unrealized depreciation on futures contracts (e) (c)		13,052,377
				Written options at value		751,749
Credit	OTC swap contracts at market value (f)		5,006	OTC swap contracts at market value (f)		94,756
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		1,367,549	Unrealized depreciation on centrally cleared swap contracts (c) (d)		50,070
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		25,630,061	Unrealized depreciation on forward foreign currency exchange contracts		46,291,513
				Written options at value		1,527,887
Total		$	41,402,663		$	82,684,253

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Includes exchange traded purchased options with a value of $264,603 that is not subject to a master netting agreement.
(c)	Financial instrument not subject to a master netting agreement.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(f)	Excludes OTC swap interest receivable of $1,792.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	1,101,578	$	(1,101,578	)	$	—		$	—
BNP Paribas S.A.		3,655,226		(3,655,226	)		—			—
Citibank N.A.		4,166,839		(2,751,028	)		(1,415,811	)		—
Credit Suisse International		2,646,273		(308,681	)		(2,134,000	)		203,592
Deutsche Bank AG		9,660		(9,660	)		—			—
Goldman Sachs Bank USA		1,186,863		(1,186,863	)		—			—
JPMorgan Chase Bank N.A.		5,982,402		(5,982,402	)		—			—

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Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Morgan Stanley Capital Services LLC	$	355,252	$	(199,531	)	$	(155,721	)	$	—
Societe Generale Paris		1,158,479		(339,436	)		(819,043	)		—
UBS AG Stamford		6,470,936		(6,470,936	)		—			—
	$	26,733,508	$	(22,005,341	)	$	(4,524,575	)	$	203,592

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	1,355,537	$	(1,101,578	)	$	(253,959	)	$	—
BNP Paribas S.A.		14,979,174		(3,655,226	)		(11,323,948	)		—
Citibank N.A.		2,751,028		(2,751,028	)		—			—
Credit Suisse International		308,681		(308,681	)		—			—
Deutsche Bank AG		43,706		(9,660	)		(34,046	)		—
Goldman Sachs & Co., LLC		12,269		—			—			12,269
Goldman Sachs Bank USA		4,569,940		(1,186,863	)		(3,169,588	)		213,489
JPMorgan Chase Bank N.A.		17,154,496		(5,982,402	)		(11,172,094	)		—
Morgan Stanley Capital Services LLC		199,531		(199,531	)		—			—
Societe Generale Paris		339,436		(339,436	)		—			—
UBS AG Stamford		6,844,820		(6,470,936	)		(373,884	)		—
	$	48,558,618	$	(22,005,341	)	$	(26,327,519	)	$	225,758

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(1,429,505	)	$	—		$	—		$	(1,429,505	)
Forward foreign currency transactions		—			—			(9,919,435	)		(9,919,435	)
Futures contracts		22,648,430			—			—			22,648,430
Swap contracts		(28,476,949	)		5,811,350			—			(22,665,599	)
Written options		5,116,180			—			3,150,403			8,266,583
	$	(2,141,844	)	$	5,811,350		$	(6,769,032	)	$	(3,099,526	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(1,225,867	)	$	—		$	—		$	(1,225,867	)
Forward foreign currency transactions		—			—			(68,561,526	)		(68,561,526	)
Futures contracts		10,949,321			—			—			10,949,321
Swap contracts		15,133,358			(4,329,669	)		—			10,803,689
Written options		951,098			—			(142,777	)		808,321
	$	25,807,910		$	(4,329,669	)	$	(68,704,303	)	$	(47,226,062	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	407,827,833
Forward foreign currency transactions		3,013,862,838

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Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	3,649,038,459
Futures contracts short		(1,795,788,487	)
Swap contracts		2,425,523,399
Written options		(783,576,626	)

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2017:

Call Options	Notional Amount*			Number of Contracts		Premium Received
Options outstanding December 31, 2016		489,200,000			—	$	4,822,488
Options written		575,453,743			2,861		5,523,899
Options bought back		(378,600,000	)		—		(2,781,703	)
Options exercised		(156,400,200	)		—		(1,072,290	)
Options expired		(354,401,043	)		—		(3,011,496	)
Options outstanding June 30, 2017		175,252,500			2,861	$	3,480,898
Put Options	Notional Amount*			Number of Contracts		Premium Received
Options outstanding December 31, 2016		553,800,000			—	$	7,181,002
Options written		514,501,242			—		2,263,397
Options expired		(519,001,242	)		—		(2,961,378	)
Options outstanding June 30, 2017		549,300,000			—	$	6,483,021

* Amount shown is in the currency in which the transaction was denominated.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one

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amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$21,860,726,770	$	1,278,327,920	$	22,689,339,434	$	1,083,085,645

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$20,994,694,727	$	21,215,834,294

BHFTI-44

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$14,121,936		0.500	%	First $1.2 billion
		0.475	%	Over $1.2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment Management Company LLC (“the Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	$1 billion to $3 billion
0.050%	Over $3 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 amounted to $974,970 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

Effective January 1, 2017, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $325,440 was waived in the aggregate for the six months ended June 30, 2017 and is included in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee.

BHFTI-45

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$162,401,958	$	377,654,103	$	—	$	84,019,535	$	162,401,958	$	461,673,638

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$138,843,115	$	—	$	(187,469,151	)	$	—	$	(48,626,036	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2016, the Portfolio utilized capital loss carryforwards of $15,757,144.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-46

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of PIMCO Total Return Portfolio and the Board of Trustees of Brighthouse Funds Trust I:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Total Return Portfolio (one of the portfolios constituting Brighthouse Funds Trust I) (the “Portfolio”) as of June 30, 2017, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2016, and the financial highlights for the six months then ended and each of the five years in the period then ended December 31, 2016. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2017, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of PIMCO Total Return Portfolio of Brighthouse Funds Trust I as of June 30, 2017, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and the year ended December 31, 2016, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 25, 2017

BHFTI-47

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	478,735,769		14,007,492		31,718,483

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		493,719,603		30,742,140
Robert Boulware		493,701,540		30,760,203
Susan C. Gause		494,021,240		30,440,503
Nancy Hawthorne		493,868,237		30,593,506
Barbara A. Nugent		494,347,441		30,114,303
John Rosenthal		493,610,287		30,851,456
Linda B. Strumpf		493,517,668		30,944,076
Dawn M. Vroegop		492,865,508		31,596,236

BHFTI-48

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Managed by FIAM, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the Pyramis Government Income Portfolio returned 1.92%. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Government Index¹, returned 1.86%, and the Portfolio’s Custom Blended Benchmark² returned 2.23% over the same time period.

MARKET ENVIRONMENT / CONDITIONS

For the six months ending June 30, 2017, the U.S. investment-grade bond market earned a total return of 2.27%, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The market environment during the first half of the year was characterized by rising short-term interest rates, falling intermediate- and long-term interest rates, a flattening U.S. Treasury yield curve (longer term yields fall more than shorter term yields), mixed yield spreads—some narrowing, some widening—and a generally low level of volatility, all of which combined to drive bond prices slightly higher, resulting in a positive price return as well as an attractive coupon return within the Aggregate Bond Index. Longer-dated bonds generally performed better than shorter-dated ones, and lower-quality bonds generally performed better than those of higher quality.

The first half of the year unfolded in three distinct stages.

The year began with cautious optimism, as investors anticipated that the new Trump Administration, working in concert with a Republican-controlled Congress, would enact a bold, pro-growth, populist agenda that might spur the real U.S. economy back to a 3%-per-year growth path after eight years of anemic economic recovery following the Great Recession of 2008. This expansion was expected to be accompanied by surging stock prices, higher inflation expectations, higher interest rates, and renewed strength in the U.S. Market observers quickly began referring to this combination of asset price movements as the “Trump Reflation Trade.” This first investment regime lasted up through the end of February, during which time risk assets were well bid, and the yield on the 10-year U.S Treasury note traded within a narrow range between 2.31% and 2.53%.

In March, market enthusiasm for the Trump Reflation Trade began to fade, as the new Trump Administration clashed repeatedly with the Democrats and even members of its own party on a whole host of issues. The latter was most evident in the failure of the Republican Party to repeal and replace the Affordable Health Care Act, better known as “Obamacare”, despite President Trump’s best efforts to do so. This failure underscored a lingering concern among some investors that President Trump’s ambitious economic program could become stalled in Congress, and the path to meaningful economic policy action could be long. This second investment regime lasted up through June 26^th, during which time the bid for risk assets was mixed, and the yield on the U.S. Treasury note tumbled from 2.53% to 2.14%.

Meanwhile, the U.S. Federal Reserve (the “Fed”) made good on its promise in January to raise short-term interest rates “a few times this year” by raising the Federal Funds rate by 25 basis points (“bps”) at its policy meeting in March, and then by raising it again by another 25 bps at its policy meeting in June. The Fed also announced in April that it plans to begin the process of shrinking its massive $4.5 trillion balance sheet later this year, which prior to the recent era of extraordinary monetary accommodation amounted to only $900 billion. This initiative represents another attempt on the part of the Fed to resume a normal monetary policy program.

The third and final investment regime took place over the course of only four days—from June 27^th to June 30^th—and it was marked by one noteworthy event: the President of the European Central Bank (the “ECB”), Mario Draghi, announced that the ECB is likely to trim back its stimulus efforts if the European economy continues to strengthen—a sign that other central banks around the world are ready to follow the lead of the Fed in its attempt to normalize monetary policy. The yield of the 10-year U.S. Treasury note surged on this news, and it closed the second quarter trading at 2.31%, 14 bps lower than it had traded at the beginning of the year.

U.S. Treasury bonds turned in a solid performance during this period, earning attractive coupon income (1.02%) that was further enhanced by capital appreciation (0.85%), resulting in a total return of 1.87%. U.S. Treasury Inflation Protected Securities (“TIPS”), however, performed not nearly so well, earning a total return of only 0.85%, as inflation expectations fell by about 25 bps during this period, as measured by the breakeven inflation rate on 30-year U.S. TIPS. The change in inflation expectations was driven in part by the Fed’s resolve in normalizing the term structure of interest rates, but also because the Fed’s favorite measure of inflation—the Personal Consumption Expenditure deflator—fell during the first half of the year, declining from 1.75% on December 31, 2016 to 1.39% on May 31, 2017 (the most recent data point available).

U.S. Agency debentures posted a return of 1.66% on a total return basis, but after adjusting for duration, they outperformed comparable U.S. Treasuries by a still respectable 52 bps.

Within the securitized debt space, asset-backed securities (“ABS”) were the top-performing sector, producing a total return of 1.14% while outperforming similar-duration U.S. Treasuries by 54 bps. Performance in this sector was strongest among those securities backed by credit card receivables and automobile loans.

Commercial mortgage-backed securities (“CMBS”) trailed ABS during the period, but still performed well, producing a total return of 2.18% while outperforming similar-duration U.S. Treasuries by 42 bps.

Agency mortgage backed securities (“MBS”) were the laggard during this period, producing a total return of 1.35% while underperforming

BHFTI-1

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Managed by FIAM, LLC

Portfolio Manager Commentary*—(Continued)

similar-duration U.S. Treasuries by 20 bps. Within this sector, mortgages issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”) were the strongest performers (+1 bps on an excess-return, duration-adjusted basis), followed by the mortgages issued by the Federal National Mortgage Association (“Fannie Mae”) (-5 bps) and the Government National Mortgage Association (“Ginnie Mae”) (-65 bps).

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio performed in line with its primary and custom benchmarks over the period.

The Portfolio maintained a neutral to near-neutral duration posture relative to the benchmark in the first half of the year, and ordinarily such a posture would have had little effect on relative performance, regardless of the change in the term structure of interest rates. However, the Portfolio’s yield-curve positioning strategy—i.e., its relative mix of short-term, intermediate-term, and long-term securities versus the benchmark—proved to be crucial, as the Portfolio was slightly short duration at those points on the curve where yields rose—e.g., the 1-year node and the 2-year node—and slightly long duration at those points on the curve where yields fell—e.g., the 7-year node out to the 20-year node. The net effect of this yield-curve positioning strategy was 4 bps of excess return.

In the sector allocation category, the Portfolio pursued a deliberate strategy of overweighting those sectors of the investment universe that appeared to offer the highest potential for relative outperformance, and underweighting those that appeared to offer the least potential. In practice, this strategy expressed itself as a large overweight to securitized debt products, a large underweight to U.S. Treasuries, and a large underweight to U.S. Agency debentures. Within the securitized debt space, the Portfolio maintained a small underweight to in-benchmark securities—i.e., fixed-rate Agency mortgage pass-throughs and hybrid adjustable-rate mortgages (“ARMS”)—and a large overweight to out-of-benchmark securities—i.e., collateralized mortgage obligations (“CMOs”), both Agency and Non-Agency; CMBS, both Agency and Non-Agency; and ABS. Within U.S. Treasuries, the Portfolio pursued a strategy of maintaining a large underweight to nominal U.S. Treasuries, but a small out-of-benchmark allocation to TIPS—i.e., “small” in terms of assets as a percentage of total Portfolio assets, but actually quite significant in terms of return potential, since all of the TIPS in the Portfolio had maturities of 30 years, and were thus quite sensitive to changes in both interest rates and inflation expectations. The position in TIPS was established in the closing days of January, when the Trump Reflation Trade was still well underway. Within U.S. Agencies, the Portfolio pursued a strategy of maintaining a large underweight to the largest issuers—e.g., Fannie Mae, Freddie Mac, and the Federal Home Loan Bank—and a small overweight to certain niche issuers—e.g., the U.S. Agency for International Development and the National Credit Union Administration.

This sector allocation strategy proved to be net-neutral. The largest detractor from relative performance was the out-of-benchmark allocation to TIPS, as TIPS were a lackluster performer relative to nominal U.S. Treasuries. The allocation to TIPS cost the Portfolio and the large underweight to U.S. Agencies was another negative contributor to relative performance, as U.S. Agencies performed well during the period, and the benefits of overweighting certain niche issuers such as the U.S. Agency for International Development were more than offset by the costs of underweighting the largest issuers such as Fannie Mae and the Federal Home Loan Bank. Finally, within the securitized debt space, the large overweight to Agency CMOs had a mildly negative effect on relative performance, and the same could be said of the small underweight to fixed-rate Agency mortgage pass-throughs. This underweight was expressed in part by a small underweight to 30-year Fannie Mae and Freddie Mac fixed-rate pass-throughs, which actually performed reasonably well during the period, despite the spread widening experienced by the sector as a whole.

These detractors from our sector allocation strategy were largely offset by the large overweight to Agency CMBS, which was one of the better-performing spread sectors in the Portfolio’s investment universe during the first half of the year. Within this category, the Portfolio benefited from investing in the so-called super-senior tranches, which lie at the top of a conduit’s capital structure and thus offer superior credit quality.

Security selection worked particularly well in three areas: Agency MBS, U.S. Treasuries, and U.S. Agency debentures. Within the Agency MBS category, the Portfolio’s holdings in 30-year fixed-rate pass-throughs performed especially well, and this was true across most of the coupon stack, with those Agency MBS carrying coupons of 3.0% to 4.5% and 5.5% and above standing out as the most noteworthy outperformers. Many of these securities had certain structural or idiosyncratic features that made them prepay more slowly than the market as a whole, thus allowing the Portfolio to collect premium coupon income for a longer period of time than would otherwise be the case. Within the U.S. Treasury space, the Portfolio generally held longer-dated issues to help manage its duration target and yield-curve exposures, and such issues naturally performed very well in a falling interest-rate environment. Finally, the Portfolio invested in certain debentures that performed especially well—for example, those of the Tennessee Valley Authority and those of Freddie Mac. All told, these relative gains combined to have a positive effect on excess return, and a meaningful one.

The Portfolio made effective use of derivatives—in particular, interest-rate futures contracts—in managing its duration posture and its yield-curve positioning posture during the first half of the year. The notional value of these instruments represented only about 5% to 6% of the Portfolio’s net assets, on average, so their use was careful and deliberate. Nevertheless, derivatives played an important role in insuring that the Portfolio’s duration posture and yield-curve

BHFTI-2

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Managed by FIAM, LLC

Portfolio Manager Commentary*—(Continued)

positioning posture came close to matching those of the benchmark. More importantly, they were used solely for hedging purposes, and not as part of a for-profit investment strategy.

At the end of June, the Portfolio maintained a neutral duration posture and a near-neutral yield-curve positioning posture relative to its custom benchmark. At the sector level, the Portfolio continued to maintain a large overweight to securitized debt products, a large underweight to U.S. Treasuries (but a small out-of-benchmark allocation to U.S. TIPS), and a large underweight to U.S. Agency debentures. Within the securitized debt space, the Portfolio maintained the following positions: a small underweight to in-benchmark securities—i.e., Agency mortgage pass-throughs; and a large overweight to out-of-benchmark securities, including a large allocation to CMOs (both Agency and Non-Agency), a large allocation to CMBS (both Agency and Non-Agency), a moderate allocation to ABS, and a small allocation to Agency Hybrid ARMS. The Portfolio also made a modest use of derivatives—i.e., interest-rate futures contracts—to manage duration target and yield-curve positioning exposures.

At the security level, the Portfolio continued to maintain sizable positions in Agency mortgage pass-throughs that offer premium coupon income and significant protection against faster prepayments. The Portfolio also held a large position in Agency CMOs, about 75% of which carried fixed-rate coupons and about 25% of which carried floating-rate ones; these floating-rate CMOs offer some measure of protection in the event of rising interest rates. In addition, the Portfolio held a large position in Agency CMBS, with a focus on securities of superior credit quality; such securities are likely to perform well in the event that volatility spikes and yield spreads widen. Finally, the Portfolio continued to underweight the larger, more liquid debentures in the U.S. Agency sector in favor of the smaller, less liquid ones, as the latter often offer superior yields with little or no give-up in terms of credit quality.

William Irving

Franco Castagliuolo

Portfolio Managers

FIAM, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-3

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. GOVERNMENT BOND INDEX & THE CUSTOM BENCHMARK

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception3
Pyramis Government Income Portfolio
Class B		1.92		-2.18		1.45		2.90
Bloomberg Barclays U.S. Government Bond Index		1.86		-2.18		1.30		2.55
Custom Benchmark		2.23		-1.91		1.84		3.33

¹ The Bloomberg Barclays U.S. Government Bond Index is an unmanaged index considered representative of fixed-income obligations issued by the U.S. Treasury, government agencies, and quasi-federal corporations.

² The Custom Benchmark is a blended benchmark comprised of the Bloomberg Barclays 5+ Year Treasury Index (40%), the Bloomberg Barclays U.S. MBS Index (35%) and the Bloomberg Barclays U.S. Agency Bond Index (25%)

³ Inception date of the Class B shares is 5/2/2011. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		89.1
Foreign Government		5.1
Asset-Backed Securities		3.3
Mortgage-Backed Securities		2.2
Corporate Bonds & Notes		1.4

BHFTI-4

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Pyramis Government Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)	Actual		0.71	%	$	1,000.00	$	1,019.20	$	3.55
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.27	$	3.56

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-5

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—89.1% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—59.2%
Fannie Mae 15 Yr. Pool 3.000%, 02/01/32		531,949	$	546,558
3.000%, 03/01/32		814,358		836,974
3.000%, TBA (a)		19,600,000		20,116,031
3.500%, 12/01/25		31,190		32,472
3.500%, 03/01/30		77,274		80,618
3.500%, 10/01/30		155,215		162,020
3.500%, 12/01/30		70,195		73,166
3.500%, 02/01/31		803,770		839,709
4.000%, 05/01/29		8,125,681		8,553,876
4.500%, 12/01/23		48,234		49,394
4.500%, 11/01/25		1,102,362		1,165,902
5.000%, 03/01/23		14,779		15,548
Fannie Mae 20 Yr. Pool 3.500%, 01/01/34		2,630,271		2,745,591
4.000%, 11/01/31		1,679,877		1,785,131
4.000%, 08/01/32		1,296,707		1,377,803
Fannie Mae 30 Yr. Pool 2.500%, 01/01/43		3,022,281		2,928,371
3.000%, 09/01/42		2,918,789		2,931,162
3.000%, 10/01/42		6,671,175		6,699,459
3.000%, 11/01/42		4,399,924		4,418,577
3.000%, 12/01/42		1,506,806		1,513,194
3.000%, 01/01/43		6,691,789		6,720,063
3.000%, 08/01/46		2,472,629		2,471,038
3.000%, 11/01/46		6,359,772		6,355,679
3.000%, 12/01/46		14,165,032		14,155,917
3.500%, TBA (a)		9,100,000		9,346,340
4.000%, 10/01/39		147,101		155,375
4.000%, 08/01/40		11,698		12,356
4.000%, 09/01/40		322,251		340,238
4.000%, 10/01/40		279,670		295,316
4.000%, 11/01/40		6,503,853		6,871,703
4.000%, 12/01/40		68,618		72,438
4.000%, 01/01/41		42,465		44,809
4.000%, 02/01/41		23,462		24,764
4.000%, 08/01/41		41,210		43,481
4.000%, 09/01/41		3,275,529		3,456,101
4.000%, 11/01/41		162,326		171,200
4.000%, 12/01/41		42,588		44,939
4.000%, 01/01/42		380,612		401,611
4.000%, 02/01/42		32,539		34,336
4.000%, 04/01/42		597,427		631,840
4.000%, 05/01/42		33,269		35,106
4.000%, 07/01/42		20,421		21,548
4.000%, 09/01/42		45,561		48,065
4.000%, 10/01/42		867,174		915,710
4.000%, 11/01/42		257,227		271,654
4.000%, 04/01/43		312,080		330,157
4.000%, 06/01/43		393,774		415,846
4.000%, 08/01/43		542,720		571,317
4.000%, 09/01/43		2,455,917		2,588,826
4.000%, 02/01/44		153,578		161,521
4.000%, 04/01/44		228,045		239,839
4.000%, 02/01/45		264,709		278,399
4.000%, 06/01/45		670,630		708,503
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.000%, 12/01/45		1,532,639		1,611,898
4.000%, 02/01/46		658,185		695,310
4.000%, 03/01/46		333,833		351,097
4.000%, 05/01/46		76,597		80,558
4.000%, TBA (a)		8,500,000		8,935,293
4.500%, 12/01/40		2,458,623		2,660,004
4.500%, 07/01/41		359,828		389,552
4.500%, 08/01/41		219,350		237,470
4.500%, 11/01/41		4,994,714		5,407,352
4.500%, 09/01/42		1,517,766		1,642,839
4.500%, 12/01/43		350,515		376,656
4.500%, 10/01/44		2,484,109		2,690,938
4.500%, 02/01/45		913,243		987,283
5.000%, 11/01/33		6,980,480		7,751,337
5.000%, 02/01/35		6,183,407		6,868,307
5.000%, 06/01/39		2,911,463		3,192,471
5.000%, 04/01/41		27,928		30,500
5.000%, 06/01/41		62,081		67,921
5.000%, 08/01/41		122,932		134,347
5.500%, 03/01/41		460,291		515,560
6.000%, 01/01/34		109,102		124,584
6.000%, 08/01/34		181,607		207,498
6.000%, 10/01/34		179,302		207,022
6.000%, 11/01/34		149,405		170,498
6.000%, 01/01/35		174,826		197,571
6.000%, 04/01/35		274,632		313,685
6.000%, 06/01/36		429,748		490,421
6.000%, 05/01/37		623,703		706,290
6.000%, 09/01/37		43,502		49,488
6.000%, 10/01/37		510,019		587,434
6.000%, 01/01/38		503,455		580,603
6.000%, 03/01/38		175,193		201,518
6.000%, 07/01/38		94,325		108,690
6.000%, 01/01/40		476,716		552,120
6.000%, 05/01/40		677,878		784,543
6.000%, 07/01/41		661,465		747,991
6.000%, 01/01/42		61,275		70,522
6.500%, 07/01/32		124,299		142,654
6.500%, 12/01/32		36,832		41,990
6.500%, 07/01/35		42,936		49,173
6.500%, 12/01/35		388,098		443,667
6.500%, 08/01/36		654,909		752,806
Fannie Mae ARM Pool 2.571%, 06/01/42 (b)		113,067		116,262
2.695%, 02/01/42 (b)		612,341		637,569
2.944%, 11/01/40 (b)		42,838		45,035
3.023%, 09/01/41 (b)		66,516		69,833
3.029%, 10/01/41 (b)		36,061		37,772
3.247%, 07/01/41 (b)		91,915		96,722
3.380%, 10/01/41 (b)		61,603		64,684
3.553%, 07/01/41 (b)		116,524		122,419
Fannie Mae Grantor Trust 2.898%, 06/25/27		12,400,000		12,313,539
Fannie Mae Pool 3.000%, 08/01/27		179,559		184,019

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool 3.000%, 10/01/27		301,948	$	309,466
3.000%, 11/01/27		107,508		110,182
3.000%, 12/01/27		153,997		157,824
3.000%, 01/01/28		138,350		141,771
3.000%, 02/01/28		130,152		133,390
3.000%, 03/01/28		147,675		151,351
3.000%, 04/01/28		132,813		136,119
3.000%, 05/01/28		144,930		148,524
3.000%, 06/01/28		142,642		146,168
3.000%, 07/01/28		126,662		129,791
3.000%, 08/01/28		149,004		152,687
3.000%, 09/01/28		159,660		163,601
3.000%, 01/01/29		152,252		156,009
3.000%, 03/01/29		133,729		137,031
6.394%, 02/01/39		431,028		468,354
6.500%, 08/01/39		2,131,650		2,478,014
Fannie Mae REMICS (CMO) 2.136%, 03/25/36 (b)		473,311		484,020
2.146%, 06/25/36 (b)		751,400		768,302
3.000%, 05/25/46		6,083,723		6,207,845
4.250%, 03/25/42		2,012,278		2,172,451
4.500%, 09/25/25		3,090,000		3,337,853
4.750%, 01/25/41		451,679		495,928
4.984%, 06/25/45 (b) (c)		2,866,563		477,044
5.000%, 12/25/23		250,336		263,539
5.000%, 12/25/34		393,715		432,031
5.000%, 03/25/35		315,664		346,457
5.000%, 08/25/39		516,215		566,540
5.000%, 02/25/41		247,436		255,917
5.000%, 05/15/41		797,882		965,164
5.334%, 06/25/41 (b) (c)		741,376		112,753
5.334%, 11/25/41 (b) (c)		1,055,454		193,586
5.384%, 08/25/39 (b) (c)		558,684		85,785
5.394%, 04/25/41 (b) (c)		796,792		117,428
5.500%, 05/25/34		132,436		133,314
5.500%, 07/25/34		192,007		200,559
5.500%, 06/25/35		219,462		232,137
5.500%, 08/25/35		1,349,943		1,486,870
6.000%, 06/25/45 (c)		908,878		210,999
Freddie Mac 15 Yr. Gold Pool 2.500%, 07/01/31		420,766		423,622
3.000%, 02/01/31		3,120,419		3,206,924
3.000%, 04/01/31		3,466,885		3,564,959
3.000%, 05/01/31		1,986,621		2,043,811
3.000%, 06/01/31		2,249,226		2,314,218
4.000%, 06/01/24		342,350		359,326
4.000%, 07/01/24		268,241		281,546
4.000%, 09/01/25		231,268		242,700
6.000%, 01/01/24		314,041		338,533
Freddie Mac 20 Yr. Gold Pool 3.500%, 03/01/32		1,529,055		1,596,509
3.500%, 06/01/32		4,178,368		4,362,723
3.500%, 02/01/34		5,865,451		6,131,304
4.000%, 06/01/33		1,829,849		1,944,377
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 3.000%, 11/01/42		223,078		224,350
3.000%, 01/01/43		250,959		251,945
3.000%, 02/01/43		1,258,016		1,263,829
3.000%, 03/01/43		12,703,677		12,752,237
3.000%, 06/01/43		4,065,320		4,073,317
3.500%, 04/01/40		477,410		492,657
3.500%, 05/01/40		541,571		558,867
3.500%, 06/01/40		876,117		904,119
3.500%, 07/01/40		210,032		216,729
3.500%, 08/01/40		387,389		399,732
3.500%, 09/01/40		348,013		359,092
3.500%, 10/01/40		251,272		259,265
3.500%, 11/01/40		306,500		316,250
3.500%, 12/01/40		352,564		363,780
3.500%, 04/01/42		842,590		872,425
3.500%, 07/01/42		159,658		164,743
3.500%, 08/01/42		63,160		65,168
3.500%, 09/01/42		59,646		61,547
3.500%, 10/01/42		2,075,398		2,141,500
3.500%, 01/01/43		944,647		974,733
3.500%, 02/01/43		409,665		422,675
3.500%, 04/01/43		7,460,733		7,698,093
3.500%, 05/01/43		626,847		646,811
3.500%, 11/01/44		579,863		596,174
3.500%, 04/01/46		2,641,422		2,731,421
3.500%, 05/01/46		1,849,096		1,911,352
3.500%, 07/01/46		2,517,565		2,592,167
3.500%, 08/01/46		429,800		442,537
4.000%, 11/01/41		19,601		20,777
4.000%, 09/01/42		148,819		158,026
4.000%, 10/01/42		133,896		141,618
4.000%, 11/01/42		597,429		634,240
4.000%, 12/01/42		231,971		245,897
4.000%, 01/01/43		52,990		55,894
4.000%, 02/01/43		303,748		321,950
4.000%, 03/01/43		123,967		131,176
4.000%, 04/01/43		52,897		56,066
4.000%, 05/01/43		644,715		681,943
4.000%, 06/01/43		51,971		55,085
4.000%, 07/01/43		533,564		566,117
4.000%, 08/01/43		419,778		445,289
4.000%, 09/01/43		687,790		728,139
4.000%, 10/01/43		638,242		675,146
4.000%, 11/01/43		37,605		39,745
4.000%, 01/01/44		776,140		821,153
4.000%, 02/01/44		106,607		112,461
4.000%, 03/01/44		70,344		74,794
4.000%, 04/01/44		84,802		90,173
4.000%, 12/01/44		17,959		18,902
4.000%, 01/01/45		703,916		740,877
4.000%, 12/01/45		765,719		807,216
4.500%, 05/01/39		147,390		159,767
4.500%, 07/01/40		2,884,922		3,101,689
4.500%, 09/01/40		1,244,237		1,344,909
4.500%, 02/01/41		104,288		112,665

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 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		1,079,714	$	1,165,015
4.500%, 09/01/41		122,014		132,524
4.500%, 10/01/41		259,710		282,645
4.500%, 02/01/44		49,456		52,980
5.000%, 01/01/35		241,390		264,636
5.000%, 05/01/35		133,776		146,206
5.000%, 07/01/35		1,665,807		1,825,359
5.000%, 11/01/35		1,469,522		1,626,684
5.000%, 06/01/41		2,471,758		2,735,251
5.000%, 07/01/41		587,989		644,639
5.500%, 03/01/34		1,821,697		2,041,147
5.500%, 07/01/35		1,259,023		1,409,705
Freddie Mac ARM Non-Gold Pool 3.028%, 10/01/41 (b)		608,188		634,650
3.093%, 09/01/41 (b)		662,053		691,977
3.192%, 10/01/42 (b)		366,199		378,519
3.222%, 09/01/41 (b)		68,916		71,790
3.225%, 04/01/41 (b)		60,198		63,367
3.282%, 06/01/41 (b)		83,081		87,507
3.395%, 12/01/40 (b)		2,001,461		2,097,480
3.421%, 05/01/41 (b)		63,404		66,107
3.620%, 05/01/41 (b)		91,635		95,281
3.648%, 06/01/41 (b)		94,437		99,989
Freddie Mac Multifamily Aggregation Risk Transfer Trust 1.349%, 02/25/20 (b)		11,611,000		11,641,539
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.883%, 05/25/19		4,452,000		4,467,794
2.086%, 03/25/19		4,570,000		4,599,392
2.313%, 03/25/20		1,469,000		1,484,999
2.323%, 10/25/18		2,530,162		2,550,319
2.412%, 08/25/18		1,295,297		1,304,369
2.566%, 09/25/20 (b)		697,000		709,977
2.669%, 02/25/23		3,925,193		4,002,126
2.776%, 03/25/23		4,331,804		4,441,699
2.991%, 09/25/21		1,224,000		1,267,710
3.016%, 02/25/23		6,742,402		6,953,396
3.090%, 08/25/22 (b)		29,800,000		30,982,568
3.974%, 01/25/21 (b)		17,750,000		18,882,109
4.084%, 11/25/20 (b)		980,000		1,044,282
Freddie Mac REMICS (CMO) 1.559%, 03/15/34 (b)		451,851		451,738
2.059%, 02/15/33 (b)		285,161		290,668
3.500%, 02/15/26		2,500,000		2,625,147
3.500%, 11/15/31		2,734,564		2,856,013
4.000%, 01/15/41		9,904,188		10,663,943
4.250%, 03/15/40		4,419,657		4,660,197
4.500%, 12/15/26		1,784,150		1,897,200
4.500%, 09/15/27		1,108,063		1,144,228
4.500%, 02/15/41		42,503		45,793
5.000%, 10/15/34		470,206		514,881
5.000%, 12/15/37		153,594		165,927
5.000%, 03/15/41		500,000		572,070
5.000%, 04/15/41		711,129		827,295
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac REMICS (CMO) 5.500%, 05/15/34		2,406,717		2,666,810
5.500%, 11/15/36		787,066		873,531
5.500%, 06/15/41		4,220,000		4,747,307
Ginnie Mae I 30 Yr. Pool 3.000%, 05/15/42		647,318		656,627
3.000%, 04/15/43		242,214		245,500
3.000%, 05/15/43		297,299		301,303
3.000%, 03/15/45		116,033		117,372
3.500%, 11/15/41		338,619		353,942
3.500%, 02/15/42		324,056		338,704
3.500%, 03/15/42		328,293		342,882
3.500%, 05/15/42		1,116,477		1,161,991
3.500%, 06/15/42		755,302		784,653
4.000%, 09/15/40		1,876,913		2,003,032
4.000%, 10/15/40		163,954		173,039
4.000%, 03/15/41		852,011		908,711
4.000%, 06/15/41		33,219		34,977
4.000%, 09/15/41		191,295		202,469
4.000%, 10/15/41		984,477		1,045,814
4.000%, 11/15/41		294,333		311,441
4.000%, 12/15/41		854,658		907,404
4.000%, 01/15/42		48,823		51,454
4.000%, 02/15/42		52,089		55,126
4.000%, 03/15/42		234,561		248,242
4.000%, 11/15/42		55,240		58,533
4.000%, 01/15/43		60,927		64,560
4.500%, 08/15/39		2,427,747		2,631,126
4.500%, 06/15/40		785,533		843,429
4.500%, 07/15/40		165,471		178,922
4.500%, 03/15/41		875,753		943,969
4.500%, 04/15/41		75,958		82,029
5.000%, 03/15/39		93,709		104,027
5.000%, 07/15/39		193,091		211,698
5.000%, 08/15/39		173,742		192,567
5.000%, 09/15/39		121,819		135,153
5.000%, 04/15/40		57,939		63,672
5.000%, 08/15/40		216,124		239,856
5.000%, 04/15/41		140,579		156,010
5.000%, 09/15/41		113,221		124,425
5.500%, 10/15/39		25,930		28,882
6.000%, 06/15/36		1,057,814		1,204,279
Ginnie Mae II 30 Yr. Pool 3.000%, 09/20/46		2,130,112		2,153,836
3.000%, 11/20/46		99,228		100,333
3.000%, 12/20/46		981,217		992,145
3.000%, 01/20/47		20,838,581		21,070,662
3.000%, 02/20/47		397,722		402,152
3.000%, 06/20/47		44,321,337		44,814,949
3.500%, 12/20/42		575,609		598,732
3.500%, 04/20/46		95,533		99,440
3.500%, 05/20/46		3,943,735		4,101,068
3.500%, 06/20/46		7,460,680		7,756,377
4.000%, 09/20/39		203,628		216,629
4.000%, 10/20/40		28,895		30,688
4.000%, 11/20/40		2,026,576		2,137,695

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 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		2,521,084	$	2,668,874
4.000%, 11/20/41		940,479		995,643
4.000%, 04/20/42		1,236,815		1,307,919
4.000%, 06/20/42		92,055		97,336
4.000%, 08/20/44		344,846		363,165
4.000%, 10/20/44		2,515,983		2,649,636
4.000%, 11/20/44		5,594,518		5,891,708
4.000%, 12/20/44		141,848		149,384
4.500%, 02/20/40		219,861		236,260
4.500%, 09/20/40		23,524		25,285
Ginnie Mae II Pool 4.300%, 08/20/61 (b)		680,111		694,413
4.511%, 12/20/61 (b)		7,610,143		7,832,433
4.641%, 02/20/62 (b)		675,081		696,000
4.676%, 02/20/62 (b)		867,092		893,079
4.683%, 01/20/62 (b)		2,836,104		2,918,615
5.470%, 08/20/59 (b)		22,448		22,780
Government National Mortgage Association (CMO) 0.987%, 05/20/66 (b)		7,231,520		7,278,810
1.293%, 08/20/60 (b)		208,678		207,354
1.293%, 09/20/60 (b)		242,038		240,103
1.374%, 07/20/60 (b)		257,472		255,622
1.410%, 08/20/66 (b)		6,894,927		6,916,332
1.483%, 02/20/61 (b)		311,063		310,992
1.493%, 12/20/60 (b)		575,072		575,124
1.493%, 02/20/61 (b)		93,131		93,134
1.493%, 04/20/61 (b)		200,066		200,085
1.493%, 05/20/61 (b)		398,466		397,992
1.523%, 06/20/61 (b)		271,909		272,160
1.593%, 10/20/61 (b)		949,536		952,442
1.623%, 01/20/62 (b)		952,412		955,446
1.623%, 03/20/62 (b)		599,995		602,512
1.643%, 05/20/61 (b)		1,184,199		1,186,989
1.643%, 11/20/65 (b)		1,715,703		1,721,785
1.650%, 01/20/63		1,454,535		1,449,666
1.692%, 01/20/38 (b)		50,986		51,177
1.693%, 11/20/61 (b)		878,298		883,031
1.693%, 01/20/62 (b)		599,323		602,578
1.702%, 12/16/39 (b)		195,720		197,059
1.712%, 07/20/37 (b)		210,686		211,636
1.750%, 03/20/63		6,958,986		6,934,027
1.772%, 11/16/39 (b)		263,164		265,151
2.500%, 06/20/63		34,473,481		34,736,651
2.500%, 05/20/65		5,355,284		5,401,296
2.500%, 06/20/65		1,450,912		1,462,648
2.750%, 05/20/64		1,644,716		1,661,578
3.500%, 11/20/36 (c)		228,275		16,536
3.500%, 09/20/63		3,152,720		3,237,197
4.000%, 12/20/40		5,411,570		5,764,020
4.500%, 05/16/40		80,000		86,772
4.500%, 05/20/40 (c)		37,552		3,455
4.500%, 12/20/40		1,792,048		1,944,528
4.888%, 07/20/41 (b) (c)		285,689		45,663
5.000%, 12/20/39		3,935,594		4,557,238
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 5.000%, 03/20/40		3,190,000		3,619,649
5.010%, 09/20/60 (b)		2,635,039		2,732,251
5.150%, 08/20/60		2,296,991		2,389,435
5.296%, 07/20/60 (b)		3,185,298		3,294,763
7.050%, 04/20/39 (b)		1,606,709		1,680,803
7.184%, 08/20/39 (b)		3,550,500		3,803,399
				673,102,121
Federal Agencies—2.9%
Federal Home Loan Mortgage Corp. 6.250%, 07/15/32		7,568,000		10,758,230
6.750%, 03/15/31		481,000		695,915
Federal National Mortgage Association 1.500%, 11/30/20		2,000		1,988
2.625%, 09/06/24		7,000,000		7,181,776
6.625%, 11/15/30		1,430,000		2,044,417
Tennessee Valley Authority 5.250%, 09/15/39		557,000		729,716
5.500%, 06/15/38		6,117,000		8,201,649
5.880%, 04/01/36		2,127,000		2,915,249
				32,528,940
U.S. Treasury—27.0%
U.S. Treasury Bonds 2.500%, 02/15/46		5,001,000		4,654,836
2.875%, 08/15/45		22,188,000		22,311,942
3.000%, 11/15/44		9,140,000		9,431,337
3.000%, 11/15/45		9,700,000		9,990,622
3.000%, 02/15/47		12,421,000		12,813,032
3.000%, 05/15/47		4,400,000		4,540,936
3.625%, 02/15/44 (d)		49,159,000		56,646,161
4.375%, 05/15/40		7,000,000		8,933,750
4.375%, 05/15/41		8,966,000		11,492,942
4.750%, 02/15/37		9,468,000		12,613,894
5.000%, 05/15/37		6,500,000		8,918,455
5.250%, 02/15/29		21,405,000		27,641,711
6.125%, 08/15/29		5,339,000		7,438,519
U.S. Treasury Inflation Indexed Bonds 1.000%, 02/15/46 (e)		6,302,784		6,297,131
U.S. Treasury Notes 1.125%, 09/30/21		15,000		14,591
1.500%, 04/15/20		3,438,000		3,435,583
1.500%, 05/15/20		2,246,000		2,243,455
1.500%, 08/15/26		4,153,000		3,885,165
1.750%, 06/30/22		10,397,000		10,329,586
2.000%, 12/31/21		5,788,000		5,829,830
2.000%, 07/31/22		5,828,000		5,855,089
2.000%, 06/30/24		20,142,000		19,964,186
2.000%, 08/15/25		18,254,000		17,943,828
2.000%, 11/15/26		12,243,000		11,937,880
2.125%, 03/31/24		3,634,000		3,636,696
2.125%, 05/15/25		7,717,000		7,668,468
2.250%, 02/15/27		1,000,000		995,352

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes 2.375%, 05/15/27		10,000,000	$	10,063,280
				307,528,257
Total U.S. Treasury & Government Agencies (Cost $1,020,925,494)				1,013,159,318
Foreign Government—5.1%
Sovereign—5.1%
Hashemite Kingdom of Jordan Government AID Bonds 2.503%, 10/30/20		13,375,000		13,687,293
3.000%, 06/30/25		5,389,000		5,635,870
Israel Government AID Bonds 5.500%, 09/18/23		13,878,000		16,522,564
5.500%, 12/04/23		8,920,000		10,603,891
5.500%, 04/26/24		1,900,000		2,268,195
Ukraine Government AID Bonds 1.471%, 09/29/21		9,388,000		9,179,051
Total Foreign Government (Cost $52,686,348)				57,896,864
Asset-Backed Securities—3.3%
Asset-Backed - Automobile—0.0%
American Credit Acceptance Receivables Trust 1.950%, 09/12/19 (144A)		149,998		150,002
Asset-Backed - Other—0.7%
Nationstar HECM Loan Trust Zero Coupon, 02/25/26 (144A) (b)		971,145		971,456
1.968%, 05/25/27 (144A)		6,289,947		6,290,512
				7,261,968
Asset-Backed - Student Loan—2.6%
Access Group, Inc. 1.352%, 11/22/24 (b)		1,180,568		1,180,455
Goal Capital Funding Trust 1.359%, 05/28/30 (b)		1,473,240		1,472,560
Illinois Student Assistance Commission 2.206%, 04/25/22 (b)		551,567		554,050
Navient Student Loan Trust 1.516%, 07/26/66 (144A) (b)		3,626,387		3,626,386
1.616%, 07/26/66 (144A) (b)		8,390,816		8,397,874
1.636%, 08/27/29 (b)		4,391,000		4,397,274
1.816%, 07/26/66 (144A) (b)		3,846,000		3,861,860
SLM Student Loan Trust 1.236%, 01/25/24 (b)		3,395,315		3,392,160
1.326%, 07/25/23 (b)		3,039,296		3,038,706
				29,921,325
Total Asset-Backed Securities (Cost $37,304,615)				37,333,295
Mortgage-Backed Securities—2.2%
Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—0.9%
CSMC 1.779%, 10/26/37 (144A) (b)		728,970		728,308
National Credit Union Administration Guaranteed Notes Trust 1.454%, 11/06/17 (b)		1,065,463		1,065,972
1.464%, 03/06/20 (b)		44,156		44,163
1.534%, 01/08/20 (b)		5,778,709		5,785,054
Nomura Resecuritization Trust 3.298%, 03/26/37 (144A) (b)		848,770		850,148
RBSSP Resecuritization Trust 3.016%, 07/26/45 (144A) (b)		1,017,960		1,024,109
Thornburg Mortgage Securities Trust 1.856%, 09/25/43 (b)		379,828		366,794
				9,864,548
Commercial Mortgage-Backed Securities—1.3%
CDGJ Commercial Mortgage Trust 2.559%, 12/15/27 (144A) (b)		7,069,619		7,078,487
GS Mortgage Securities Trust 2.045%, 03/10/50		4,136,978		4,146,278
SCG Trust 2.809%, 11/15/26 (144A) (b)		3,750,000		3,721,599
				14,946,364
Total Mortgage-Backed Securities (Cost $24,849,593)				24,810,912
Corporate Bonds & Notes—1.4%
Diversified Financial Services—0.6%
Private Export Funding Corp. 4.300%, 12/15/21		6,000,000		6,575,118
Sovereign—0.8%
National Credit Union Administration Guaranteed Notes Trust 3.450%, 06/12/21		8,645,000		9,099,174
Total Corporate Bonds & Notes (Cost $16,500,777)				15,674,292
Short-Term Investment—3.1%
Repurchase Agreement—3.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $35,130,354 on 07/03/17, collateralized by $33,535,000 U.S. Treasury Note at 3.625% due 2/15/20 with a value of $35,832,718.		35,130,003		35,130,003
Total Short-Term Investments (Cost $35,130,003)				35,130,003
Total Investments—104.2% (Cost $1,187,396,830) (f)				1,184,004,684
Other assets and liabilities (net)—(4.2)%				(47,378,374	)
Net Assets—100.0%			$	1,136,626,310

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

*	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 June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)	Interest only security.
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged amounted to $1,045,141.
(e)	Principal amount of security is adjusted for inflation.
(f)	As of June 30, 2017, the aggregate cost of investments was $1,187,396,830. The aggregate unrealized appreciation and depreciation of investments were $14,827,851 and $(18,219,997), respectively, resulting in net unrealized depreciation of $(3,392,146).
(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 June 30, 2017, the market value of 144A securities was $36,700,741, which is 3.2% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(CMO)—	Collateralized Mortgage Obligation
(REMIC)—	Real Estate Mortgage Investment Conduit

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Ginnie Mae II 30 Yr. Pool		3.000	%		TBA	$	(36,900,000	)	$	(37,545,750	)	$	(37,271,882	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		09/20/17		43		USD	6,558,903	$	49,660
U.S. Treasury Note 10 Year Futures		09/20/17		605		USD	76,127,286		(180,880	)
U.S. Treasury Note 2 Year Futures		09/29/17		68		USD	14,717,883		(22,445	)
Net Unrealized Depreciation								$	(153,665	)

(USD)— United States Dollar

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,013,159,318		$	—	$	1,013,159,318
Total Foreign Government*		—			57,896,864			—		57,896,864
Total Asset-Backed Securities*		—			37,333,295			—		37,333,295
Total Mortgage-Backed Securities*		—			24,810,912			—		24,810,912
Total Corporate Bonds & Notes*		—			15,674,292			—		15,674,292
Total Short-Term Investment*		—			35,130,003			—		35,130,003
Total Investments	$	—		$	1,184,004,684		$	—	$	1,184,004,684
TBA Forward Sales Commitments	$	—		$	(37,271,882	)	$	—	$	(37,271,882	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	49,660		$	—		$	—	$	49,660
Futures Contracts (Unrealized Depreciation)		(203,325	)		—			—		(203,325	)
Total Futures Contracts	$	(153,665	)	$	—		$	—	$	(153,665	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	1,184,004,684
Cash collateral for futures contracts		40
Receivable for:
TBA securities sold (b)		61,328,482
Fund shares sold		29,929
Principal paydowns		99,861
Interest		4,996,008
Total Assets		1,250,459,004
Liabilities
Forward sales commitments, at value		37,271,882
Payables for:
Investments purchased		12,584,360
TBA securities purchased (b)		62,272,778
Fund shares redeemed		457,482
Variation margin on futures contracts		200,719
Interest on forward sales commitments		58,425
Accrued Expenses:
Management fees		400,851
Distribution and service fees		236,148
Deferred trustees’ fees		98,903
Other expenses		251,146
Total Liabilities		113,832,694
Net Assets	$	1,136,626,310
Net Assets Consist of:
Paid in surplus	$	1,180,553,846
Undistributed net investment income		10,239,531
Accumulated net realized loss		(50,895,124	)
Unrealized depreciation on investments and futures contracts		(3,271,943	)
Net Assets	$	1,136,626,310
Net Assets
Class B	$	1,136,626,310
Capital Shares Outstanding*
Class B		108,428,429
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.48

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,187,396,830.
(b)	Included within TBA securities sold is $45,145,392 related to TBA forward sale commitments and included within TBA securities purchased is $7,535,435 related to TBA forward sale commitments.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Interest (a)	$	14,569,058
Securities lending income		47,712
Total investment income		14,616,770
Expenses
Management fees		2,444,895
Administration fees		18,344
Custodian and accounting fees		78,944
Distribution and service fees—Class B		1,441,278
Audit and tax services		34,660
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		30,635
Insurance		4,594
Miscellaneous		8,376
Total expenses		4,106,428
Net Investment Income		10,510,342
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(1,068,781	)
Futures contracts		939,688
Net realized loss		(129,093	)
Net change in unrealized appreciation (depreciation) on:
Investments		12,083,902
Futures contracts		(102,073	)
Net change in unrealized appreciation		11,981,829
Net realized and unrealized gain		11,852,736
Net Increase in Net Assets From Operations	$	22,363,078

(a) Net of foreign withholding taxes of $5,294.

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,510,342		$	21,981,620
Net realized gain (loss)		(129,093	)		3,213,521
Net change in unrealized appreciation (depreciation)		11,981,829			(8,195,041	)
Increase in net assets from operations		22,363,078			17,000,100
From Distributions to Shareholders
Net investment income
Class B		(24,889,633	)		(27,531,578	)
Total distributions		(24,889,633	)		(27,531,578	)
Increase (decrease) in net assets from capital share transactions		(76,157,083	)		8,185,651
Total decrease in net assets		(78,683,638	)		(2,345,827	)
Net Assets
Beginning of period		1,215,309,948			1,217,655,775
End of period	$	1,136,626,310		$	1,215,309,948
Undistributed net investment income
End of period	$	10,239,531		$	24,618,822

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		1,534,099		$	16,270,841			18,030,819		$	195,363,692
Reinvestments		2,361,445			24,889,633			2,532,804			27,531,578
Redemptions		(11,104,585	)		(117,317,557	)		(19,896,042	)		(214,709,619	)
Net increase (decrease)		(7,209,041	)	$	(76,157,083	)		667,581		$	8,185,651
Increase (decrease) derived from capital shares transactions				$	(76,157,083	)				$	8,185,651

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.51		$	10.59		$	10.80		$	10.31		$	11.05		$	10.73
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.18			0.17			0.18			0.13			0.10
Net realized and unrealized gain (loss) on investments		0.10			(0.03	)		(0.12	)		0.59			(0.61	)		0.24
Total from investment operations		0.20			0.15			0.05			0.77			(0.48	)		0.34
Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.26	)		(0.28	)		(0.16	)		(0.00	)(b)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.10	)		(0.02	)
Total distributions		(0.23	)		(0.23	)		(0.26	)		(0.28	)		(0.26	)		(0.02	)
Net Asset Value, End of Period	$	10.48		$	10.51		$	10.59		$	10.80		$	10.31		$	11.05
Total Return (%) (c)		1.92	(d)		1.32			0.43			7.56			(4.52	)		3.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.71	(e)		0.70			0.70			0.71			0.70			0.70
Net ratio of expenses to average net assets (%) (f)		0.71	(e)		0.70			0.70			0.71			0.70			0.70
Ratio of net investment income to average net assets (%)		1.82	(e)		1.67			1.59			1.72			1.24			0.94
Portfolio turnover rate (%)		106	(d)(g)		216	(g)		214	(g)		281	(g)		329	(g)		457	(g)
Net assets, end of period (in millions)	$	1,136.6		$	1,215.3		$	1,217.7		$	1,271.2		$	1,314.4		$	1,631.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from net investment income were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 58%, 116%, 117%, 151%, 212% and 262% for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Pyramis Government Income Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 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 options on swaps (“swaptions”), and futures contracts that are traded over-the-counter (“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.

BHFTI-16

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017—(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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to TIPS adjustments, foreign currency transactions, premium amortization adjustments and paydown transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

BHFTI-17

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required

BHFTI-18

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

to pay a premium, which would increase the cost of the security sold short. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or set aside in the Portfolio’s records, cash or other liquid assets at such a level: that (i) the amount segregated, or set aside, plus the amount deposited with the broker as collateral will equal the current value of the security sold short: and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $35,130,003, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign

BHFTI-19

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	49,660	Unrealized depreciation on futures contracts (a) (b)	$	203,325

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	939,688
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	(102,073	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	58,283,333

‡ Averages are based on activity levels during the year.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing

BHFTI-20

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$1,179,141,943	$	45,007,215	$	1,312,792,113	$	25,912,908

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$558,747,802	$590,506,840

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$2,444,895		0.520	%	First $100 million
		0.440	%	$100 million to $500 million
		0.400	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. FIAM, LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-21

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.010%		Over $1.3 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$27,531,578	$	28,865,138	$	—	$	—	$	27,531,578	$	28,865,138

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$24,703,651	$	—	$	(23,040,291	)	$	(42,979,513	)	$	(41,316,153	)

BHFTI-22

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

During the year ended December 31, 2016, the Portfolio utilized $1,380,712 of accumulated capital losses.

As of December 31, 2016, the Portfolio had accumulated short-term capital losses of $28,727,850 and accumulated long-term capital losses of $14,251,663.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-23

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
105,778,373		4,539,339		8,699,153

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		110,708,013		8,308,852
Robert Boulware		110,713,859		8,303,005
Susan C. Gause		110,650,907		8,365,958
Nancy Hawthorne		110,578,533		8,438,331
Barbara A. Nugent		110,669,957		8,346,907
John Rosenthal		110,640,176		8,376,688
Linda B. Strumpf		110,619,732		8,397,132
Dawn M. Vroegop		110,711,428		8,305,437

BHFTI-24

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Managed by FIAM, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class B shares of the Pyramis Managed Risk Portfolio returned 9.16%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

Underpinned by a turnaround in export-oriented sectors and manufacturing activity, the global economy continued to experience a relatively steady, synchronized expansion during the period, overshadowing political uncertainty in the U.S. and Europe. Unlike during the second half of 2016 when investors’ reflationary hopes pushed up both real yields and inflation expectations, real long-term yields remained relatively steady while inflation expectations and oil prices flagged during the second half of the period. Most asset markets experienced unusually low volatility during the period, even compared to the relatively calm levels of the past five years. The steady economic backdrop combined with ample global monetary accommodation supported the relatively tranquil environment. This backdrop gave the Federal Reserve (the “Fed”) confidence to continue gradually hiking its short-term policy rate, although the environment remained weaker than during prior periods of Fed tightening. Overall, the period saw broad-based gains across asset categories. Commodities were an exception and posted negative returns for the period as prices came under pressure.

Non-U.S. equities spearheaded a global stock market rally. Following several years of profit recession, international corporate earnings accelerated into positive territory and caught up with U.S. corporate profit growth. Valuations for most foreign equity markets were lower than those in the U.S., with many countries’ valuations in the bottom half of their 20-year range. Major indices of both developed and emerging markets posted dollar-based double-digit returns for the period. A weaker dollar in the second half of the period boosted returns in most developed markets. Weaker relative performers included commodity prices and commodity-exporting areas, such as Canada and Latin America. In the U.S., the equity market saw a reversal of the post-November 2016 election performance trend. Instead of value and small-cap stocks leading, growth and large-cap stocks outpaced other U.S. equity categories for the period. The outperformance was driven in part by these categories’ exposure to the improving international backdrop, while waning confidence in the potential for new tax and fiscal policies muted enthusiasm for smaller-cap companies that might be greater beneficiaries. Most U.S. equity sectors posted positive returns during the period. The best performer was Information Technology. Energy stocks continued their significant relative underperformance amid falling crude oil prices. The other sector with negative returns was Telecommunication Services amidst price competition.

Fixed income categories generally posted positive returns for the period. Emerging market debt was a top performer, benefiting from stable global growth and continued narrowing in credit spreads. Long bonds were also strong performers on a drop in long-term yields. While still posting a modest gain, Treasury-Inflation Protected Securities (“TIPS”) were one of the worst performers as inflation expectations weakened. Despite a fourth policy rate hike from the Fed, bond yields moved even lower across categories later in the period. Yields remained extremely low relative to history, with high-yield corporate bonds approaching all-time lows. Credit spreads also compressed further for most categories, making many sectors expensive relative to their own histories.

Broadly speaking, the global business cycle ended the period with most developed economies in more mature (mid-to-late) stages, with the Eurozone not as far along as the U.S. Recession risks remained low globally, although policy was less accommodative in several countries. The Eurozone was on a cyclical upswing, enjoying a reasonably synchronized mid-cycle expansion across both its core and periphery. Consumer and industrial-sector confidence were at multi-year highs and deflationary pressures abated amid a steady rebound in core inflation. In the U.S., the economy remained in a mature expansion boosted by global improvement. With the unemployment rate falling to a cycle low later in the period, tightening labor markets continued to boost consumers.

Boosted by extremely accommodative monetary and fiscal policy in 2015, China exited its growth recession in 2016 and economic activity rebounded to multi-year highs. Late in 2016, policymakers became less accommodative, raising interbank rates and imposing restrictions on the property market. Consequently, while China’s economy remained broadly steady during the period, there were signs of slowing momentum in industrial activity and housing.

PORTFOLIO REVIEW / PERIOD END POSITIONING

At the beginning of the period, relative to its strategic asset allocation, the Portfolio was moderately overweight developed market equities with an overweight in the U.S. offsetting a slight underweight in foreign developed equity. Given low yields and spreads relative to history, the Portfolio continued to have low expectations for bond returns. With more attractive return opportunities in other asset classes, the Portfolio’s investment grade debt underweight was the biggest relative asset allocation position. Opportunistic asset allocation exposure included TIPS, commodities, floating rate debt, high yield debt, Real Estate Investment Trusts (“REITs”), and emerging markets equity and debt.

The Portfolio maintained its higher-risk positioning throughout the period, reflecting the generally constructive market environment and low volatility, except for brief spikes on geopolitical and policy uncertainty. However, the Portfolio shifted its equity tilt by trimming the U.S. equity position on market strength during the period to an eventual underweight as initial investor enthusiasm for the new Washington, DC administration faded with policy timing questions. Proceeds were used to boost foreign developed equity to an overweight position, reflecting earlier cycle overseas economies, relatively attractive valuations, and comparable, if not better, earnings

BHFTI-1

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Managed by FIAM, LLC

Portfolio Manager Commentary*—(Continued)

outlooks. In addition, the Portfolio’s opportunistic position in TIPS was reduced as weakening oil prices and muted inflation pressures mitigated any concerns about potential overheating. A floating rate bank loan allocation, another opportunistic inflation-sensitive asset class, was also reduced. Some of the funds from these transactions were reallocated to partially reducing the Portfolio’s investment grade debt underweight. A portion of the proceeds was used to increase the cash position to a modest overweight. Besides TIPS and floating rate bank loans, other opportunistic asset classes were little changed.

As of June 30, 2017, the Portfolio continued to favor equities over bonds. The Portfolio was overweight foreign developed equities and underweight U.S. equity. In addition, there was modest exposure to emerging market equities, real estate, and commodities. An underweight position in investment grade debt continued to be the Portfolio’s largest active asset allocation position. Fixed income holdings were weighted toward investment grade credit with additional positions in high yield debt, floating rate debt, emerging markets debt, TIPS, and long Treasuries. The Portfolio was overweight cash. Overall, the Portfolio’s end-of-period positioning was “risk on”, though slightly muted versus the beginning of the period.

For the period, the Portfolio’s security selection and asset allocation both contributed to performance. The Portfolio’s stock picking enjoyed a strong period, particularly in U.S. and foreign developed equities, as growth and large-cap stocks returned to favor. In addition, investment grade debt security selection was positive. Regarding asset allocation, the investment grade debt underweight was the primary contributor while fixed income lagged in the market rally. With international markets leading the equity advance, the overweight in foreign developed equity built early in the period and consistent opportunistic exposure to emerging markets were also accretive. These asset allocation decisions more than offset the negative impact of opportunistic positions in underperforming inflation-sensitive assets including commodities, floating rate debt, and TIPS. Other opportunistic positions in REITs, high yield debt, emerging market debt, and long U.S. Treasuries were marginal detractors. The interest rate overlay (an interest rate swap on the 10-year U.S. Treasury) had a positive impact on performance.

The Portfolio used certain derivative instruments during the period, specifically futures contracts, to help provide liquidity, additional diversification and balance the sources of risk. At period end, the Portfolio held S&P 500 Index futures (U.S. equities), MSCI EAFE Index futures (foreign equities), MSCI Emerging Markets Index futures (foreign equities) and U.S. Treasury futures (U.S. government bonds).

Xuehai En

Portfolio Manager

FIAM, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		Since Inception2
Pyramis Managed Risk Portfolio
Class B		9.16		10.34		7.02
Dow Jones Moderate Index		7.27		10.35		6.98

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/19/2013. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Fidelity Total Bond Fund		16.2
Fidelity Overseas Fund		8.5
iShares iBoxx $ Investment Grade Corporate Bond ETF		4.1
Fidelity Blue Chip Growth Fund		3.8
Fidelity Conservative Income Bond Fund		3.8
Fidelity Large Cap Stock Fund		3.5
Vanguard Value ETF		3.3
Fidelity Equity Dividend Income Fund		3.3
Fidelity Value Discovery Fund		2.9
Fidelity Corporate Bond Fund		2.9

Top Sectors

	% of Net Assets
Mutual Funds		84.0

BHFTI-3

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Pyramis Managed Risk Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B(a)(b)	Actual		0.63	%	$	1,000.00	$	1,091.60	$	3.27
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

^(b) The annualized expense ratio does not include the expenses of the Underlying Portfolios in which the Portfolio invests.

BHFTI-4

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Funds—84.0% of Net Assets

Security Description	Shares		Value
Investment Company Securities—84.0%
Fidelity Blue Chip Growth Fund (a)		423,159	$	34,038,938
Fidelity Blue Chip Value Fund (a)		190,141		3,487,185
Fidelity Conservative Income Bond Fund (a)		3,369,947		33,834,273
Fidelity Contrafund (a)		25,896		2,958,309
Fidelity Corporate Bond Fund (a)		2,229,414		25,794,324
Fidelity Diversified International Fund (a)		216,458		8,381,249
Fidelity Equity Dividend Income Fund (a)		1,060,559		29,568,374
Fidelity Floating Rate High Income Fund (a)		1,843,141		17,767,884
Fidelity Inflation Protected Bond Index Fund (a)		212,635		2,073,188
Fidelity International Small Cap Fund (a)		419,737		11,584,754
Fidelity International Small Cap Opportunities Fund (a)		762,933		13,366,587
Fidelity Japan Smaller Companies Fund (a)		476,018		8,054,223
Fidelity Large Cap Stock Fund (a)		997,485		30,832,269
Fidelity OTC Portfolio (a)		156,823		16,140,182
Fidelity Overseas Fund (a)		1,608,925		75,458,580
Fidelity Stock Selector Large Cap Value Fund (a)		688,617		13,324,730
Fidelity Total Bond Fund (a)		13,465,429		143,541,470
Fidelity Value Discovery Fund (a)		951,491		26,146,977
iShares 20+ Year Treasury Bond ETF (b)		69,495		8,695,214
iShares Core MSCI Europe ETF (b)		50,961		2,388,542
iShares Core U.S. Aggregate Bond ETF (b)		151,457		16,586,056
iShares iBoxx $ Investment Grade Corporate Bond ETF		304,027		36,638,294
iShares J.P. Morgan USD Emerging Markets Bond ETF (b)		80,470		9,202,549
iShares PHLX Semiconductor ETF (b)		53,676		7,525,375
iShares Residential Real Estate Capped ETF		20,005		1,301,725
iShares U.S. Financial Services ETF		90,189		10,224,727
iShares U.S. Healthcare Providers ETF		12,025		1,786,614
iShares U.S. Medical Devices ETF (b)		73,831		12,300,983
iShares U.S. Technology ETF (b)		72,894		10,184,750
PowerShares DB Commodity Index Tracking ETF (b) (c)		447,611		6,467,979
SPDR S&P Biotech ETF (b)		180,461		13,927,980
SPDR S&P Insurance ETF		41,026		3,612,750
VanEck Vectors Fallen Angel High Yield Bond ETF (b)		152,819		4,529,555
VanEck Vectors Oil Services ETF (b)		109,355		2,710,910
Vanguard Consumer Discretionary ETF (b)		76,319		10,835,008
Vanguard Consumer Staples ETF (b)		15,531		2,190,182
Vanguard FTSE Developed Markets ETF (b)		497,499		20,556,659
Vanguard Health Care ETF		11,333		1,670,144
Vanguard Industrials ETF (b)		115,904		14,883,233
Vanguard Materials ETF (b)		29,071		3,535,034
Vanguard Value ETF		307,824		29,723,485
WisdomTree Europe Hedged Equity Fund		143,159		8,923,101
WisdomTree Japan Hedged Equity Fund		174,299		9,063,548
Total Mutual Funds (Cost $699,003,325)				745,817,893
Short-Term Investment—14.9%
Security Description	Principal Amount*		Value
Repurchase Agreement—14.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $132,610,977 on 07/03/17, collateralized by $134,835,000 U.S. Treasury Floating Rate Note at 1.183% due 01/31/19 with a value of $135,265,663.		132,609,651		132,609,651
Total Short-Term Investments (Cost $132,609,651)				132,609,651
Securities Lending Reinvestments (d)—8.5%
Certificates of Deposit—2.4%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		995,818		997,900
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (e)		2,000,000		2,001,952
Cooperative Rabobank UA New York 1.555%, 10/13/17 (e)		500,000		500,576
1.558%, 10/13/17 (e)		1,000,000		1,001,357
Credit Suisse AG New York 1.432%, 10/16/17 (e)		1,000,000		1,000,214
1.466%, 10/25/17 (e)		1,500,000		1,500,089
DNB NOR Bank ASA 1.412%, 07/28/17 (e)		900,000		900,112
HSBC Bank New York 1.411%, 08/01/17 (e)		1,500,000		1,500,448
KBC Bank NV
Zero Coupon, 08/22/17		1,495,109		1,497,585
1.200%, 07/18/17		1,000,000		1,000,000
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (e)		1,000,000		1,000,224
Royal Bank of Canada New York 1.555%, 10/13/17 (e)		1,000,000		1,001,011
Shizuoka Bank New York 1.220%, 07/17/17		3,000,000		3,000,012
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (e)		1,000,000		999,909
Sumitomo Mitsui Trust Bank, Ltd., New York 1.377%, 10/11/17 (e)		2,500,000		2,501,761
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (e)		900,000		900,805
				21,303,955
Commercial Paper—0.9%
Barton Capital S.A. 1.290%, 09/12/17		1,993,550		1,995,104
ING Funding LLC 1.234%, 12/07/17 (e)		2,000,000		2,000,691
LMA S.A. & LMA Americas 1.150%, 07/07/17		2,499,441		2,499,680
Sheffield Receivables Co. 1.190%, 07/28/17		1,993,786		1,998,120
				8,493,595

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Master Demand Notes—0.1%
Natixis Financial Products LLC 1.410%, 07/03/17 (e)		1,000,000	$	1,000,000
Repurchase Agreements—4.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $390,084 on 07/03/17, collateralized by $406,034 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $397,850.		390,049		390,049
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $2,023,750 on 10/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $10,000,917 on 07/03/17, collateralized by $9,961,568 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $10,200,001.		10,000,000		10,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $5,000,500 on 07/03/17, collateralized by $5,083,667 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $5,100,015.		5,000,000		5,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,000,775 on 07/03/17, collateralized by $217 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,111,824.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $2,763,324 on 09/29/17, collateralized by various Common Stock with a value of $3,025,001.		2,750,000		2,750,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $5,004,632 on 07/07/17, collateralized by $4,508,413 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $5,103,330.		5,000,000		5,000,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $4,000,417 on 07/03/17, collateralized by $3,606,731 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $4,082,664.		4,000,000		4,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $812,958 on 10/02/17, collateralized by various Common Stock with a value of $880,000.		800,000		800,000
Natixis New York Repurchase Agreement dated 06/29/17 at 1.270% to be repurchased at $5,001,235 on 07/06/17, collateralized by $9,970,309 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $5,100,594.		5,000,000		5,000,000
Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $5,000,558 on 07/03/17, collateralized by $9,970,309 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $5,100,594.		5,000,000		5,000,000
				40,940,049
Time Deposits—0.5%
Australia New Zealand Bank 1.150%, 07/03/17		400,000		400,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		1,700,000		1,700,000
Standard Chartered plc 1.200%, 07/03/17		2,000,000		2,000,000
				4,100,000
Total Securities Lending Reinvestments (Cost $75,828,100)				75,837,599
Total Investments—107.4% (Cost $907,441,076) (f)				954,265,143
Other assets and liabilities (net)—(7.4)%				(66,095,354	)
Net Assets—100.0%			$	888,169,789

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(b)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $72,807,525 and the collateral received consisted of cash in the amount of $75,817,752. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(c)	Non-income producing security.
(d)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)	As of June 30, 2017, the aggregate cost of investments was $907,441,076. The aggregate unrealized appreciation and depreciation of investments were $49,170,909 and $(2,346,842), respectively, resulting in net unrealized appreciation of $46,824,067.
(ETF)—	Exchange-Traded Fund

Futures Contracts

Futures Contracts – Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
MSCI EAFE Mini Index Futures		09/15/17		350		USD	33,245,720	$	(177,720	)
MSCI Emerging Markets Index Mini Futures		09/15/17		288		USD	14,643,870		(124,350	)
S&P 500 Index E-Mini Futures		09/15/17		619		USD	75,213,359		(286,504	)
U.S. Treasury Long Bond Futures		09/20/17		566		USD	86,359,882		627,243
U.S. Treasury Note 10 Year Futures		09/20/17		1,417		USD	178,337,726		(459,944	)
Net Unrealized Depreciation								$	(421,275	)

(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	745,817,893		$	—		$	—	$	745,817,893
Total Short-Term Investment*		—			132,609,651			—		132,609,651
Total Securities Lending Reinvestments*		—			75,837,599			—		75,837,599
Total Investments	$	745,817,893		$	208,447,250		$	—	$	954,265,143
Collateral for Securities Loaned (Liability)	$	—		$	(75,817,752	)	$	—	$	(75,817,752	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	627,243		$	—		$	—	$	627,243
Futures Contracts (Unrealized Depreciation)		(1,048,518	)		—			—		(1,048,518	)
Total Futures Contracts	$	(421,275	)	$	—		$	—	$	(421,275	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	325,301,996
Affiliated investments at value (c)		496,353,496
Repurchase Agreement		132,609,651
Cash collateral for futures contracts		8,347,700
Receivable for:
Investments sold		5,622,211
Fund shares sold		74,856
Dividends and interest		593,823
Variation margin on futures contracts		140,505
Total Assets		969,044,238
Liabilities
Collateral for securities loaned		75,817,752
Payables for:
Investments purchased		3,591,400
Fund shares redeemed		128,157
Variation margin on futures contracts		716,906
Accrued Expenses:
Management fees		255,713
Distribution and service fees		182,378
Deferred trustees’ fees		79,645
Other expenses		102,498
Total Liabilities		80,874,449
Net Assets	$	888,169,789
Net Assets Consist of:
Paid in surplus	$	809,238,866
Undistributed net investment income		3,422,644
Accumulated net realized gain		29,105,487
Unrealized appreciation on investments, affiliated investments and futures contracts		46,402,792
Net Assets	$	888,169,789
Net Assets
Class B	$	888,169,789
Capital Shares Outstanding*
Class B		73,443,979
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	12.09

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement and affiliated investments, was $308,021,258.
(b)	Includes securities loaned at value of $72,807,525.
(c)	Identified cost of affiliated investments was $466,810,167.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	2,490,131
Dividends from affiliated investments		2,935,285
Interest		48,442
Securities lending income		795,213
Total investment income		6,269,071
Expenses
Management fees		1,896,271
Administration fees		13,436
Custodian and accounting fees		25,132
Distribution and service fees—Class B		1,053,484
Audit and tax services		15,845
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		14,904
Insurance		2,831
Miscellaneous		5,835
Total expenses		3,072,440
Less management fee waiver		(434,400	)
Net expenses		2,638,040
Net Investment Income		3,631,031
Net Realized and Unrealized Gain
Net realized gain on:
Investments		5,247,479
Affiliated investments		6,550,882
Futures contracts		16,172,249
Capital gain distributions from Affiliated Underlying Portfolios		355,889
Net realized gain		28,326,499
Net change in unrealized appreciation on:
Investments		11,027,970
Affiliated investments		29,150,639
Futures contracts		1,940,438
Net change in unrealized appreciation		42,119,047
Net realized and unrealized gain		70,445,546
Net Increase in Net Assets From Operations	$	74,076,577

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,631,031		$	8,302,745
Net realized gain		28,326,499			4,715,083
Net change in unrealized appreciation		42,119,047			23,018,648
Increase in net assets from operations		74,076,577			36,036,476
From Distributions to Shareholders
Net investment income
Class B		(8,964,953	)		(5,895,125	)
Net realized capital gains
Class B		(72,298	)		(1,988,717	)
Total distributions		(9,037,251	)		(7,883,842	)
Increase in net assets from capital share transactions		5,355,104			101,191,061
Total increase in net assets		70,394,430			129,343,695
Net Assets
Beginning of period		817,775,359			688,431,664
End of period	$	888,169,789		$	817,775,359
Undistributed net investment income
End of period	$	3,422,644		$	8,756,566

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		4,046,975		$	48,001,010			14,187,390		$	153,790,588
Reinvestments		745,648			9,037,251			720,644			7,883,842
Redemptions		(4,425,819	)		(51,683,157	)		(5,492,349	)		(60,483,369	)
Net increase		366,804		$	5,355,104			9,415,685		$	101,191,061
Increase derived from capital shares transactions				$	5,355,104					$	101,191,061

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013(a)
Net Asset Value, Beginning of Period	$	11.19		$	10.81		$	11.46		$	10.59		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.05			0.12			0.13			0.11			0.10
Net realized and unrealized gain (loss) on investments		0.97			0.37			(0.25	)		0.80			0.76
Total from investment operations		1.02			0.49			(0.12	)		0.91			0.86
Less Distributions
Distributions from net investment income		(0.12	)		(0.08	)		(0.09	)		0.00			(0.08	)
Distributions from net realized capital gains		(0.00	)(c)		(0.03	)		(0.44	)		(0.04	)		(0.19	)
Total distributions		(0.12	)		(0.11	)		(0.53	)		(0.04	)		(0.27	)
Net Asset Value, End of Period	$	12.09		$	11.19		$	10.81		$	11.46		$	10.59
Total Return (%) (d)		9.16	(e)		4.57			(1.25	)		8.64			8.59	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (f)		0.73	(g)		0.73			0.74			0.82			1.15	(g)
Net ratio of expenses to average net assets (%) (f)(h)		0.63	(g)		0.63			0.63			0.70			0.80	(g)
Ratio of net investment income to average net assets (%) (i)		0.86	(g)		1.06			1.13			0.99			1.39	(g)
Portfolio turnover rate (%)		20	(e)		84			93			62			88	(e)
Net assets, end of period (in millions)	$	888.2		$	817.8		$	688.4		$	308.4		$	143.8

(a)	Commencement of operations was April 19, 2013.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Distributions from net realized capital gains were less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(g)	Computed on an annualized basis.
(h)	Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).
(i)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Pyramis Managed Risk Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 80% of its assets in shares of affiliated mutual funds offered by Fidelity Investments (“Underlying Portfolios”) and exchange-traded funds (“Underlying ETFs”) offered by Fidelity Investments and other sponsors and approximately 20% of its assets in derivative instruments such as stock index futures.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at reported net asset value (“NAV”) per share on the valuation date. Investments in the Underlying ETFs are valued at the closing market quotation for their shares. These types of investments are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios and Underlying ETFs, please refer to the prospectuses for such Underlying Portfolios and Underlying ETFs.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

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.

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.

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

BHFTI-11

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios and ETFs. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $ 132,609,651, which is reflected as repurchase agreement on the Statement of Assets and Liabilities. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $40,940,049, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

BHFTI-12

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Mutual Funds in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

BHFTI-13

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	627,243	Unrealized depreciation on futures contracts (a) (b)	$	459,944
Equity				Unrealized depreciation on futures contracts (a)		588,574
Total		$	627,243		$	1,048,518

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity		Total
Futures contracts	$	4,556,988	$	11,615,261	$	16,172,249
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity		Total
Futures contracts	$	1,557,934	$	382,504	$	1,940,438

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	192,795,367

‡ Averages are based on activity levels during the year.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

BHFTI-14

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	143,977,675	$	0	$	152,127,813

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement (“Management Agreement”) with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.450% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $1,896,271.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. FIAM, LLC (the “Subadvisor”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, through April 30, 2018, to waive its management fee in the same amount as any fees MetLife or its affiliates receive from the Subadvisor and its affiliates for recordkeeping and other administrative services. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

BHFTI-15

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Underlying Portfolios

A summary of the Portfolio’s transactions in the securities of Affiliated Underlying Portfolios during the six months ended June 30, 2017 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Fidelity Blue Chip Growth Fund		439,844		23,952		(40,637	)		423,159
Fidelity Blue Chip Value Fund		190,141		—		—			190,141
Fidelity Conservative Income Bond Fund		3,435,105		18,129		(83,287	)		3,369,947
Fidelity Contrafund		48,797		315		(23,216	)		25,896
Fidelity Corporate Bond Fund		2,500,116		38,650		(309,352	)		2,229,414
Fidelity Diversified International Fund		187,839		41,338		(12,719	)		216,458
Fidelity Equity Dividend Income Fund		1,865,445		145,301		(950,187	)		1,060,559
Fidelity Floating Rate High Income Fund		2,444,312		44,853		(646,024	)		1,843,141
Fidelity Inflation Protected Bond Index Fund (formerly, Spartan Inflation Protected Bond Index Fund)		852,704		311		(640,380	)		212,635
Fidelity International Small Cap Fund		740,914		—		(321,177	)		419,737
Fidelity International Small Cap Opportunities Fund		328,075		488,206		(53,348	)		762,933
Fidelity Japan Smaller Companies Fund		476,018		—		—			476,018
Fidelity Large Cap Stock Fund		870,242		148,221		(20,978	)		997,485
Fidelity OTC Portfolio		224,425		18,973		(86,575	)		156,823
Fidelity Overseas Fund		1,523,040		99,199		(13,314	)		1,608,925
Fidelity Real Estate Investment Portfolio		92,927		174		(93,101	)		—
Fidelity Stock Selector Large Cap Value Fund		1,055,412		58,872		(425,667	)		688,617
Fidelity Total Bond Fund		10,991,201		2,474,228		—			13,465,429
Fidelity Value Discovery Fund		192,785		758,706		—			951,491

BHFTI-16

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios		Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios		Ending Value as of June 30, 2017
Fidelity Blue Chip Growth Fund	$	219,859	$	—	$	—	$	34,038,938
Fidelity Blue Chip Value Fund		—		—		—		3,487,185
Fidelity Conservative Income Bond Fund		1,667		—		182,672		33,834,273
Fidelity Contrafund		413,006		32,206		781		2,958,309
Fidelity Corporate Bond Fund		75,071		—		444,699		25,794,324
Fidelity Diversified International Fund		11,687		—		—		8,381,249
Fidelity Equity Dividend Income Fund		1,820,307		—		159,466		29,568,374
Fidelity Floating Rate High Income Fund		198,194		—		435,222		17,767,884
Fidelity Inflation Protected Bond Index Fund (formerly, Spartan Inflation Protected Bond Index Fund)		142,740		—		3,063		2,073,188
Fidelity International Small Cap Fund		1,007,113		—		—		11,584,754
Fidelity International Small Cap Opportunities Fund		112,985		—		—		13,366,587
Fidelity Japan Smaller Companies Fund		—		—		—		8,054,223
Fidelity Large Cap Stock Fund		69,577		323,683		76,925		30,832,269
Fidelity OTC Portfolio		1,647,771		—		—		16,140,182
Fidelity Overseas Fund		64,480		—		—		75,458,580
Fidelity Real Estate Investment Portfolio		193,309		—		7,342		—
Fidelity Stock Selector Large Cap Value Fund		573,116		—		4,697		13,324,730
Fidelity Total Bond Fund		—		—		1,620,418		143,541,470
Fidelity Value Discovery Fund		—		—		—		26,146,977
	$	6,550,882	$	355,889	$	2,935,285	$	496,353,496

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$5,895,125	$	9,562,054	$	1,988,717	$	10,349,516	$	7,883,842	$	19,911,570

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$8,822,004	$	35,602	$	5,099,429	$	—	$	13,957,035

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTI-17

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-18

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
64,934,499		4,006,382		4,578,063

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		67,201,699		6,317,245
Robert Boulware		67,293,472		6,225,472
Susan C. Gause		67,369,258		6,149,686
Nancy Hawthorne		67,312,123		6,206,821
Barbara A. Nugent		67,241,924		6,277,021
John Rosenthal		67,304,581		6,214,363
Linda B. Strumpf		67,012,251		6,506,693
Dawn M. Vroegop		67,195,280		6,323,665

BHFTI-19

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Managed by Schroders Investment Management North Americas Inc.

Portfolio Manager Commentary*

For the six months ended June 30, 2017, the Class B shares of the Schroders Global Multi-Asset Portfolio returned 7.11%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets marched ever higher in the first quarter of 2017, extending strong performance from the fourth quarter of 2016. Better than expected business sentiment, coupled with expectations of fiscal reform and increased public spending all contributed to the equity rally. Anti-euro politicians were rejected in the Netherlands, reducing political risk in Europe. Risk appetite was also supported, boosting flows into riskier assets such as emerging markets. We saw a synchronized upswing in global economic data, a weaker U.S. dollar and rising bond yields across the board. Investors on the other hand, questioned the ability of the Trump administration to deliver its policy agenda in light of its failure to repeal the Affordable Care Act, one of the central promises of the new administration. While growth improved across much of the world, investor confidence in the U.K. deteriorated as inflation picked up sharply and wage growth slowed. Prime Minister Teresa May invoked Article 50, marking the beginning of the U.K.’s separation from the European Union and a time of increased political uncertainty. Japanese markets were modestly higher on the back of falling unemployment and evidence indicating economic expansion. The yen, on the other hand, strengthened significantly, partially due to U.S. treasury yields pausing their upwards movement and thus they held relatively unchanged at the end of the period. Investment grade bonds outperformed government bonds.

Moving into the second quarter, this period was filled with key political developments and crucial central bank decisions. Markets took a pause in early April in response to the ongoing political wrangling in the U.S. The domestic economy fared well, with unemployment falling again. The Federal Reserve (the “Fed”) also raised the Federal Funds rate by 0.25%, which was expected by investors and priced into the market. Janet Yellen, chair of the Fed, noted that inflation is likely understated and as a result, will continue to tighten monetary policy gradually. Across the Atlantic, Marine Le Pen was defeated in the French election, a crucial victory for pro-euro campaigners as Emmanuel Macron was elected as president and achieved a majority in parliament. Elsewhere in Europe, Theresa May’s choice to call elections in the U.K. weakened the stability of her government. Political uncertainty increased as the U.K. began its Brexit negotiations under a cloud of uncertainty. Despite falling unemployment and improved consumer confidence, global bonds and equities sold off at the end of June after European Central Bank (the “ECB”) indicated it may soon reduce quantitative easing given the suggested improvement in the eurozone inflation outlook. Similar to Fed chair Janet Yellen, the ECB president Mario Draghi stressed that forces weighing on eurozone inflation are temporary and likely understated. With the exception of Europe and the U.K., other major developed and emerging markets managed to hold onto their equity gains from earlier in the quarter. Emerging market equities were one of the strongest performing regions during the period, aided by weakness in the U.S. dollar and improving emerging market growth. Bonds on the other hand reacted unfavorably to the less dovish tone from central bankers as the reduction in monetary stimulus could put pressure on government bond markets.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Schroders Global Multi-Asset Portfolio aims to capture global growth opportunities while protecting against market volatility. The Portfolio’s strategic exposure contains actively-managed Schroders equity and bond portfolios, supplemented with passive investments (e.g. Exchange Traded Funds and futures) to facilitate rapid implementation of Schroders’ thematic and tactical views in a cost-effective manner. Schroders seeks to pre-emptively manage risk in its strategic exposures through forward-looking market views, complemented by a Volatility Management Strategy aiming to cap portfolio volatility at 10% over 12-month periods. The Portfolio employs an interest rate overlay to improve diversification and balance the sources of risk through utilizing 10-year interest rate swaps.

The Portfolio underperformed its benchmark during the six month period ending June 30, 2017. While economic growth has remained broadly supportive, inflation has not come through as expected and market participants began to question the ability of President Trump’s administration to push through all of its reflationary policies. Therefore, while we have retained a pro-cyclical stance, portfolio activity over the period focused on taking profits and trimming back from areas that require higher levels of inflation. Generally speaking, in a low growth world, investors begin to reach for riskier stocks to generate higher returns. This leads to quality and growth stocks outperforming value stocks, which is what occurred in the first quarter of the year. Rather than holding only quality or value stocks, the Portfolio is invested in financially sound core stocks, which is a combination of quality and value. The U.S. economy and highly cyclical assets were at risk of a slowdown in the first quarter of the year and to hedge this risk, the Portfolio established a long U.S. healthcare position to capitalize on valuation opportunities in the sector. Around the same time, we have reinvested in more diversifying positions, and put cash to work in carry strategies (to benefit from interest rate differentials) as inflation expectations have receded. We believe we are in the midst of the first globally synchronized recovery since 2009/2010. The challenge is that asset valuations are significantly more expensive than they were 7 or 8 years ago. To mitigate this risk, we focused our Portfolio on undervalued assets which lagged the QE-induced rally in recent years, such as emerging market equities. Emerging market equities were beneficiaries of the weaker U.S. dollar and favorable starting valuations. The weaker U.S. dollar environment loosened relative liquidity conditions for emerging market economies supporting our bullish stance; as a result the Portfolio’s tactical overweight position in emerging market equities contributed to performance.

BHFTI-1

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Managed by Schroders Investment Management North Americas Inc.

Portfolio Manager Commentary*—(Continued)

We also highlighted the risk that higher bond yields posed to equity valuations with a yield of 3% on the U.S. 10-year Treasury being viewed as a critical level in the beginning of the period. From a valuation standpoint, we had identified a number of opportunities within government bonds that had arisen in part because of central bank policies, but also due to increasing economic growth uncertainty and heightened political risk. Spreads continued to tighten in February, with a number of developed market government bond yields falling globally, aiding our government bond allocation. This was a primary contributor to performance. From a currency standpoint, after years of being long U.S. dollars, we moved to an underweight position in the U.S. dollar after a number of weaker than expected macroeconomic reports. We increased the U.S. dollar underweight in the second half of the period. We increased the Portfolio’s overweight euro position during the period which aided performance as the currency strengthened after voters’ rejection of nationalist anti-EU candidates in March and April. As the period progressed, the euro was further supported in June by growing signs that the ECB could put an end to an extended era of easy money leading to expectations of higher interest rates in the Eurozone.

The headwinds to the Portfolio’s performance primarily came from its equity allocation, specifically the Portfolio’s underweight U.S. equity position. U.S. equity markets reached all-time highs in the beginning of the period as investors had reacted positively to President Trump’s proposed policy overhaul. Within fixed income, the Bloomberg Barclays U.S. Corporate Index had positive performance of the six month period which meant the Portfolio’s strategic underweight Investment Grade bond position detracted from performance. Established in 2016, the underweight Korean won position served to further diversify the Portfolio and reduce risk; unexpectedly, worries regarding slowing Chinese growth lessened, weighing on the Portfolio’s performance.

The Portfolio primarily used derivative instruments to adjust equity, fixed income, currency and interest-rate exposures. The derivatives positions performed in line with expectations and facilitated the Portfolio’s overall performance by providing a cost-effective and liquid approach to gaining the desired market exposure versus implementation via physical instruments.

As of June 30, 2017, the Portfolio’s allocation to Developed Equities was 59.3%, the allocation to Investment Grade bonds was 32.2% and Government debt was 3.0%. We held approximately 5.1% in Opportunistic asset classes, specifically, Emerging Market Equities, Emerging Market Debt and Real Estate. The Portfolio’s cash level was 0.3% as of the end of June. The Volatility Management Cap was not active during the six month period. The calculated volatility of the Portfolio’s positioning as of the end of the period was less than 10% per year.

Johanna Kyrklund

Philip Chandler

Michael Hodgson

Angus Sippe

Portfolio Managers

Schroders Investment Management North Americas Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Schroders Global Multi-Asset Portfolio
Class B		7.11		8.42		7.32		7.25
Dow Jones Moderate Index		7.27		10.35		7.87		7.28

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/23/2012. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Equity Sectors

	% of Net Assets
Financials		12.1
Information Technology		7.2
Health Care		5.9
Industrials		4.3
Consumer Discretionary		4.3

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		30.1
U.S. Treasury & Government Agencies		2.1
Municipals		0.0

BHFTI-3

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Schroders Global Multi-Asset Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class B	Actual		0.96	%	$	1,000.00	$	1,071.10	$	4.93
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.03	$	4.81

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTI-4

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—39.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.5%
Boeing Co. (The)		1,700	$	336,175
Curtiss-Wright Corp.		6,500		596,570
General Dynamics Corp.		4,800		950,880
HEICO Corp.		1,250		89,800
Huntington Ingalls Industries, Inc.		3,700		688,792
Meggitt plc		90,970		565,914
QinetiQ Group plc		70,324		247,683
Safran S.A.		9,137		838,100
United Technologies Corp.		17,800		2,173,558
				6,487,472
Air Freight & Logistics—0.1%
Cia de Distribucion Integral Logista Holdings S.A.		5,710		150,146
Expeditors International of Washington, Inc.		679		38,350
Oesterreichische Post AG		3,099		134,699
Royal Mail plc		52,811		289,901
				613,096
Airlines—0.2%
Alaska Air Group, Inc.		6,400		574,464
Dart Group plc		13,800		110,675
Delta Air Lines, Inc.		17,400		935,076
Deutsche Lufthansa AG		18,624		425,277
Southwest Airlines Co.		3,300		205,062
				2,250,554
Auto Components—0.6%
Bridgestone Corp.		33,000		1,425,012
Cie Generale des Etablissements Michelin		8,043		1,069,306
Continental AG		1,224		264,149
Cooper Tire & Rubber Co.		2,700		97,470
Delphi Automotive plc		13,900		1,218,335
Fox Factory Holding Corp. (a)		4,900		174,440
Gentex Corp. (b)		45,044		854,485
HI-LEX Corp.		1,900		48,236
Keihin Corp.		3,700		50,611
Lear Corp.		3,700		525,696
Linamar Corp.		3,000		147,872
Magna International, Inc.		10,300		477,113
NHK Spring Co., Ltd.		10,500		110,604
Nokian Renkaat Oyj		16,880		699,448
Piolax, Inc.		2,500		69,829
Toyota Boshoku Corp.		2,600		48,927
TS Tech Co., Ltd.		2,800		81,733
Xinyi Glass Holdings, Ltd. (a)		196,000		194,348
				7,557,614
Automobiles—0.3%
Honda Motor Co., Ltd.		2,000		54,646
Mazda Motor Corp.		23,200		324,688
Peugeot S.A.		14,312		285,698
Subaru Corp.		49,100		1,659,598
Suzuki Motor Corp.		16,800		798,432
				3,123,062
Banks — 3.1%
Aichi Bank, Ltd. (The)		600		33,858
Aozora Bank, Ltd.		13,000		49,578
Awa Bank, Ltd. (The)		17,000		115,839
Bank Hapoalim B.M.		86,104		580,380
Bank Leumi Le-Israel B.M.		96,600		469,106
Bank of America Corp.		103,400		2,508,484
Bank of Ireland (a)		373,673		98,849
Bank of Kyoto, Ltd. (The)		66,000		623,848
Barclays plc		598,321		1,583,346
BNP Paribas S.A.		26,611		1,935,468
BOC Hong Kong Holdings, Ltd.		142,500		683,110
Chiba Bank, Ltd. (The)		50,000		363,556
Citigroup, Inc.		52,100		3,484,448
Commerzbank AG (a)		11,959		143,226
Dah Sing Banking Group, Ltd.		20,000		42,578
First International Bank of Israel, Ltd.		7,528		136,480
Hachijuni Bank, Ltd. (The)		78,300		498,526
HSBC Holdings plc		226,340		2,100,903
Hyakugo Bank, Ltd. (The)		18,000		73,319
Industrial & Commercial Bank of China, Ltd. - Class H		290,000		195,822
Israel Discount Bank, Ltd. - Class A (a)		33,260		87,554
Iyo Bank, Ltd. (The)		51,100		423,950
Japan Post Bank Co., Ltd.		21,100		270,410
JPMorgan Chase & Co.		61,300		5,602,820
KB Financial Group, Inc.		4,550		229,105
KeyCorp		53,400		1,000,716
Lloyds Banking Group plc		1,462,003		1,261,894
Mediobanca S.p.A.		115,869		1,149,713
Mitsubishi UFJ Financial Group, Inc.		34,700		234,004
Piraeus Bank S.A. (a)		183,117		44,912
Raiffeisen Bank International AG (a)		21,766		550,859
Royal Bank of Scotland Group plc (a)		170,409		549,159
Shinsei Bank, Ltd.		464,000		811,702
Shizuoka Bank, Ltd. (The)		64,000		579,754
Societe Generale S.A.		23,883		1,298,536
SpareBank 1 SR Bank ASA		6,470		55,407
Standard Chartered plc (a)		76,537		776,341
Sumitomo Mitsui Financial Group, Inc.		36,000		1,408,347
Sydbank A/S		5,083		191,566
Wells Fargo & Co.		85,900		4,759,719
Yamanashi Chuo Bank, Ltd. (The)		7,000		29,613
				37,036,805
Beverages — 0.4%
Boston Beer Co., Inc. (The) - Class A (a) (b)		2,300		303,945
Coca-Cola Amatil, Ltd.		103,112		730,827
Coca-Cola Co. (The)		48,400		2,170,740
Dr Pepper Snapple Group, Inc.		7,000		637,770
Monster Beverage Corp. (a)		3,000		149,040
National Beverage Corp.		2,000		187,120
PepsiCo, Inc.		5,600		646,744
Royal Unibrew A/S		3,465		166,222
				4,992,408

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—1.0%
AbbVie, Inc.		40,158	$	2,911,857
Abcam plc		9,019		114,424
Adverum Biotechnologies, Inc. (a)		5,057		12,642
Amgen, Inc.		22,260		3,833,840
CSL, Ltd.		5,387		572,405
Gilead Sciences, Inc.		37,000		2,618,860
United Therapeutics Corp. (a)		9,700		1,258,381
				11,322,409
Building Products—0.0%
Sekisui Jushi Corp.		3,000		55,123
Capital Markets—1.3%
Affiliated Managers Group, Inc.		3,700		613,682
Ameriprise Financial, Inc.		7,000		891,030
Artisan Partners Asset Management, Inc. - Class A		9,300		285,510
Ashmore Group plc		70,982		326,653
Azimut Holding S.p.A.		8,845		177,904
CI Financial Corp.		25,800		549,901
Close Brothers Group plc		19,923		391,817
Daiwa Securities Group, Inc.		23,000		136,663
Deutsche Bank AG		19,261		342,043
Deutsche Boerse AG		4,347		459,701
Evercore Partners, Inc. - Class A		6,700		472,350
Federated Investors, Inc. - Class B (b)		17,400		491,550
Franklin Resources, Inc.		10,600		474,774
Goldman Sachs Group, Inc. (The)		9,890		2,194,591
IG Group Holdings plc		26,630		197,154
Investec plc		110,034		822,293
Jupiter Fund Management plc		16,271		107,082
Macquarie Group, Ltd.		19,533		1,328,732
Moelis & Co. - Class A		3,400		132,090
Morgan Stanley		39,400		1,755,664
Nomura Holdings, Inc.		113,200		681,266
T. Rowe Price Group, Inc. (b)		2,568		190,571
UBS Group AG (a)		99,111		1,682,474
Waddell & Reed Financial, Inc. - Class A (b)		26,300		496,544
				15,202,039
Chemicals—1.2%
AdvanSix, Inc. (a)		200		6,248
Agrium, Inc.		4,500		407,839
Albemarle Corp.		5,900		622,686
Asahi Kasei Corp.		42,000		452,431
BASF SE		14,806		1,376,277
Celanese Corp. - Series A		8,900		844,966
Chase Corp.		256		27,315
Chemours Co. (The)		10,900		413,328
Covestro AG (144A)		21,567		1,557,366
Daicel Corp.		15,700		195,728
Eastman Chemical Co.		5,400		453,546
Fuso Chemical Co., Ltd.		10,800		350,800
Intrepid Potash, Inc. (a) (b)		27,800		62,828
Kuraray Co., Ltd.		6,900		125,360
Chemicals—(Continued)
LG Chem, Ltd.		372		94,616
Lotte Chemical Corp.		1,862		560,391
LyondellBasell Industries NV - Class A		30,400		2,565,456
NOF Corp.		58,000		739,327
Shikoku Chemicals Corp.		2,000		24,645
Shin-Etsu Chemical Co., Ltd.		7,800		708,567
Sociedad Quimica y Minera de Chile S.A. (ADR)		6,300		208,026
Sumitomo Seika Chemicals Co., Ltd.		1,300		63,937
Terra Nitrogen Co. L.P.		1,800		154,548
Toagosei Co., Ltd.		12,000		156,326
Tosoh Corp.		135,000		1,388,209
Valvoline, Inc.		25,200		597,744
Westlake Chemical Corp.		7,500		496,575
Zeon Corp.		9,000		96,128
				14,751,213
Commercial Services & Supplies—0.5%
Aggreko plc		22,934		275,171
Copart, Inc. (a)		17,600		559,504
Deluxe Corp.		14,500		1,003,690
Edenred		33,826		882,936
Intrum Justitia AB (b)		25,051		854,314
KAR Auction Services, Inc.		11,600		486,852
Loomis AB - Class B		4,739		169,806
PayPoint plc		3,945		45,450
Pilot Corp.		2,300		97,705
Pitney Bowes, Inc.		41,800		631,180
Societe BIC S.A.		1,352		160,460
Stericycle, Inc. (a)		8,700		663,984
Transcontinental, Inc. - Class A (b)		18,900		374,560
Waste Connections, Inc.		3,450		222,223
				6,427,835
Communications Equipment—0.4%
Cisco Systems, Inc.		130,800		4,094,040
Juniper Networks, Inc.		40,900		1,140,292
				5,234,332
Construction & Engineering—0.1%
Maeda Road Construction Co., Ltd.		18,000		359,407
Nichireki Co., Ltd.		2,000		23,659
Nippo Corp.		5,000		100,662
Taisei Corp.		71,000		648,823
				1,132,551
Consumer Finance—0.4%
American Express Co.		15,900		1,339,416
Capital One Financial Corp.		15,300		1,264,086
Credit Acceptance Corp. (a)		472		121,370
Discover Financial Services		19,300		1,200,267
Gentera S.A.B. de C.V.		145,559		218,474
Synchrony Financial		36,800		1,097,376
				5,240,989

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Containers & Packaging—0.2%
Bemis Co., Inc.		11,700	$	541,125
Packaging Corp. of America		6,500		724,035
Sonoco Products Co.		13,001		668,511
				1,933,671
Diversified Consumer Services—0.1%
H&R Block, Inc.		24,000		741,840
Diversified Financial Services—0.2%
Banca Mediolanum S.p.A.		60,893		506,124
Berkshire Hathaway, Inc. - Class B (a)		4,100		694,417
Corp. Financiera Alba S.A.		1,850		111,791
Industrivarden AB - C Shares		15,514		372,098
Investor AB - B Shares		17,853		863,570
Voya Financial, Inc.		10,700		394,723
				2,942,723
Diversified Telecommunication Services—1.6%
AT&T, Inc.		103,611		3,909,243
BCE, Inc.		25,500		1,148,365
BT Group plc		313,423		1,203,589
Chunghwa Telecom Co., Ltd.		160,000		567,736
HKT Trust & HKT, Ltd.		588,000		772,727
Nippon Telegraph & Telephone Corp.		29,100		1,376,543
Proximus		19,626		686,579
Singapore Telecommunications, Ltd.		579,400		1,637,159
Swisscom AG		2,833		1,368,084
Telekomunikasi Indonesia Persero Tbk PT		1,760,200		595,384
Telenor ASA		79,434		1,317,407
Telstra Corp., Ltd.		529,876		1,754,569
Verizon Communications, Inc.		59,500		2,657,270
Verizon Communications, Inc. (London Listed Shares)		10,693		477,549
				19,472,204
Electric Utilities—0.4%
CK Infrastructure Holdings, Ltd.		48,000		403,007
CLP Holdings, Ltd.		126,500		1,338,465
Endesa S.A.		13,057		301,560
Enel Americas S.A. (ADR)		6,332		59,711
Enel S.p.A.		179,232		965,178
NextEra Energy, Inc.		8,700		1,219,131
Red Electrica Corp. S.A.		31,383		657,196
Transmissora Alianca de Energia Eletrica S.A.		7,100		47,235
				4,991,483
Electrical Equipment—0.5%
ABB, Ltd.		34,413		851,384
Eaton Corp. plc		21,600		1,681,128
Emerson Electric Co.		21,400		1,275,868
Hubbell, Inc.		5,900		667,703
Nissin Electric Co., Ltd.		27,500		292,117
Rockwell Automation, Inc.		5,500		890,780
Vestas Wind Systems A/S		5,768		534,424
				6,193,404
Electronic Equipment, Instruments & Components—0.1%
Flytech Technology Co., Ltd.		15,008		48,948
Ingenico Group S.A.		5,135		465,923
Keyence Corp.		1,300		572,219
Nichicon Corp.		6,900		74,276
				1,161,366
Energy Equipment & Services—0.3%
Atwood Oceanics, Inc. (a) (b)		20,200		164,630
CARBO Ceramics, Inc. (a) (b)		9,500		65,075
Diamond Offshore Drilling, Inc. (a) (b)		27,900		302,157
Ensco plc - Class A		54,700		282,252
John Wood Group plc		11,667		97,593
Noble Corp. plc (b)		86,000		311,320
Rowan Cos. plc - Class A (a) (b)		26,800		274,432
Schlumberger, Ltd.		7,900		520,136
Subsea 7 S.A.		24,256		327,009
Tecnicas Reunidas S.A.		1,606		62,261
TGS Nopec Geophysical Co. ASA		10,375		213,019
Transocean, Ltd. (a) (b)		38,000		312,740
Unit Corp. (a)		3,000		56,190
				2,988,814
Equity Real Estate Investment Trusts—0.2%
BWP Trust		41,580		95,163
Canadian Real Estate Investment Trust		2,900		102,578
Charter Hall Group		68,561		289,644
Chesapeake Lodging Trust		7,680		187,930
Mapletree Greater China Commercial Trust		110,800		87,030
Mapletree Industrial Trust		127,000		171,598
Park Hotels & Resorts, Inc.		7,400		199,504
Public Storage		1,800		375,354
Quality Care Properties, Inc. (a)		11,700		214,227
RioCan Real Estate Investment Trust		9,700		180,042
Shopping Centres Australasia Property Group		43,046		72,407
				1,975,477
Food & Staples Retailing—0.4%
Create SD Holdings Co., Ltd.		4,600		106,453
CVS Health Corp.		19,300		1,552,878
J Sainsbury plc		109,938		360,681
Lawson, Inc.		14,400		1,006,334
Metro, Inc.		7,700		253,421
North West Co., Inc. (The)		2,900		69,906
Walgreens Boots Alliance, Inc.		21,600		1,691,496
				5,041,169
Food Products—1.0%
Archer-Daniels-Midland Co.		10,600		438,628
Blue Buffalo Pet Products, Inc. (a)		23,200		529,192
Campbell Soup Co.		18,800		980,420
General Mills, Inc.		27,200		1,506,880
Ingredion, Inc.		7,000		834,470
J.M. Smucker Co. (The)		6,400		757,312
Kellogg Co.		17,800		1,236,388
Leroy Seafood Group ASA		56,758		308,243

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—(Continued)
Marine Harvest ASA (a)		30,081	$	514,874
Nestle S.A.		34,636		3,017,142
Salmar ASA		19,615		486,397
Tate & Lyle plc		74,850		645,876
WH Group, Ltd. (144A)		618,500		624,280
				11,880,102
Gas Utilities—0.1%
Gas Natural SDG S.A.		11,988		281,682
UGI Corp.		7,000		338,870
				620,552
Health Care Equipment & Supplies—0.5%
Edwards Lifesciences Corp. (a)		3,100		366,544
Hologic, Inc. (a)		16,900		766,922
IDEXX Laboratories, Inc. (a)		800		129,136
Intuitive Surgical, Inc. (a)		200		187,074
Medtronic plc		27,900		2,476,125
Stryker Corp.		3,200		444,096
Zimmer Biomet Holdings, Inc.		8,400		1,078,560
				5,448,457
Health Care Providers & Services—1.0%
Cigna Corp.		8,500		1,422,815
Express Scripts Holding Co. (a)		25,900		1,653,456
HCA Healthcare, Inc. (a)		13,600		1,185,920
Humana, Inc.		5,200		1,251,224
Laboratory Corp. of America Holdings (a)		6,800		1,048,152
McKesson Corp.		5,800		954,332
MEDNAX, Inc. (a)		14,333		865,283
Molina Healthcare, Inc. (a)		6,100		421,998
NMC Health plc		5,871		167,080
Quest Diagnostics, Inc.		5,508		612,269
Triple-S Management Corp. - Class B (a)		2,900		49,039
UnitedHealth Group, Inc.		9,900		1,835,658
				11,467,226
Health Care Technology—0.0%
AGFA-Gevaert NV (a)		26,049		126,707
Cerner Corp. (a)		5,000		332,350
M3, Inc.		3,500		96,640
				555,697
Hotels, Restaurants & Leisure—0.4%
Cracker Barrel Old Country Store, Inc. (b)		2,100		351,225
Domino’s Pizza, Inc.		1,400		296,142
Flight Centre Travel Group, Ltd.		16,389		482,818
Genting Singapore plc		170,300		134,257
Greggs plc		12,054		169,558
Kangwon Land, Inc.		6,762		206,021
McDonald’s Corp.		8,800		1,347,808
Restaurant Brands International, Inc.		8,300		519,326
Starbucks Corp.		2,800		163,268
William Hill plc		104,006		344,692
Yum! Brands, Inc.		6,600		486,816
				4,501,931
Household Durables—0.2%
Fujitsu General, Ltd.		19,900		461,785
Garmin, Ltd. (b)		12,800		653,184
JM AB		8,925		315,985
Leggett & Platt, Inc.		5,406		283,977
Man Wah Holdings, Ltd.		445,200		399,849
Persimmon plc		8,616		251,715
Token Corp.		300		36,951
Tupperware Brands Corp.		7,851		551,376
				2,954,822
Household Products—0.6%
Colgate-Palmolive Co.		1,000		74,130
Energizer Holdings, Inc.		14,800		710,696
Kimberly-Clark Corp.		12,400		1,600,964
Procter & Gamble Co. (The)		34,359		2,994,387
Reckitt Benckiser Group plc		13,827		1,402,923
				6,783,100
Independent Power and Renewable Electricity Producers—0.0%
Engie Brasil Energia S.A.		21,000		215,014
Uniper SE		15,593		293,274
				508,288
Industrial Conglomerates—0.5%
3M Co.		7,400		1,540,606
Carlisle Cos., Inc.		8,000		763,200
General Electric Co.		39,000		1,053,390
Honeywell International, Inc.		7,700		1,026,333
Hopewell Holdings, Ltd.		26,500		100,994
Siemens AG		10,981		1,509,856
Smiths Group plc		21,824		454,693
				6,449,072
Insurance—1.1%
Aegon NV		28,089		144,338
Aflac, Inc.		16,000		1,242,880
American Financial Group, Inc.		2,800		278,236
American National Insurance Co.		812		94,590
Amtrust Financial Services, Inc.		9,300		140,802
Assured Guaranty, Ltd.		10,200		425,748
Athene Holding, Ltd. - Class A (a)		7,900		391,919
AXA S.A.		38,858		1,070,896
Beazley plc		28,226		179,569
Chesnara plc		7,256		36,576
CNA Financial Corp.		2,200		107,250
Euler Hermes Group		3,671		437,234
Everest Re Group, Ltd.		3,026		770,389
FBL Financial Group, Inc. - Class A		435		26,753
First American Financial Corp.		14,800		661,412
Grupo Catalana Occidente S.A.		4,217		177,609
HCI Group, Inc. (b)		3,200		150,336
Japan Post Holdings Co., Ltd.		37,600		466,818
Legal & General Group plc		251,138		845,277
National Western Life Group, Inc. - Class A		400		127,848
NN Group NV		14,043		499,989

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Principal Financial Group, Inc.		14,665	$	939,587
Sampo Oyj - A Shares		2,673		137,411
Sony Financial Holdings, Inc.		16,989		290,977
Standard Life plc		100,458		522,370
Sun Life Financial, Inc.		22,700		811,514
Swiss Re AG		14,493		1,327,723
Universal Insurance Holdings, Inc. (b)		7,759		195,527
Validus Holdings, Ltd.		17,100		888,687
				13,390,265
Internet & Direct Marketing Retail—0.5%
Amazon.com, Inc. (a)		4,000		3,872,000
boohoo.com plc (a)		54,349		164,519
PetMed Express, Inc. (b)		6,600		267,960
Priceline Group, Inc. (The) (a)		600		1,122,312
Trade Me Group, Ltd.		27,245		106,490
				5,533,281
Internet Software & Services—1.2%
Alphabet, Inc. - Class A (a)		3,800		3,532,784
Alphabet, Inc. - Class C (a)		3,960		3,598,571
carsales.com, Ltd.		39,863		352,851
eBay, Inc. (a)		53,400		1,864,728
Facebook, Inc. - Class A (a)		21,400		3,230,972
j2 Global, Inc.		8,046		684,634
Mixi, Inc.		16,400		909,588
Yahoo Japan Corp.		37,300		162,448
				14,336,576
IT Services—1.2%
Accenture plc - Class A		9,700		1,199,696
Alliance Data Systems Corp.		800		205,352
Amdocs, Ltd.		14,203		915,525
CGI Group, Inc. - Class A (a)		16,068		820,995
Cognizant Technology Solutions Corp. - Class A		20,300		1,347,920
FleetCor Technologies, Inc. (a)		800		115,368
Infosys, Ltd. (ADR) (b)		38,100		572,262
International Business Machines Corp.		23,100		3,553,473
Kanematsu Electronics, Ltd.		5,100		156,934
MasterCard, Inc. - Class A		12,200		1,481,690
Net 1 UEPS Technologies, Inc. (a)		5,600		55,216
Paychex, Inc.		8,700		495,378
PayPal Holdings, Inc. (a)		12,700		681,609
Visa, Inc. - Class A		23,800		2,231,964
Western Union Co. (The)		52,400		998,220
				14,831,602
Leisure Products—0.1%
Hasbro, Inc.		6,500		724,815
Heiwa Corp.		15,900		354,766
				1,079,581
Life Sciences Tools & Services—0.1%
Bio-Techne Corp.		5,000		587,500
Charles River Laboratories International, Inc. (a)		5,600		566,440
				1,153,940
Machinery—0.8%
Alfa Laval AB		1,975		40,468
Atlas Copco AB - A Shares		29,687		1,143,382
Barnes Group, Inc.		4,700		275,091
Crane Co.		3,700		293,706
Cummins, Inc.		9,800		1,589,756
Daiwa Industries, Ltd.		2,000		21,864
Donaldson Co., Inc.		11,600		528,264
Greenbrier Cos., Inc. (The) (b)		8,200		379,250
Harmonic Drive Systems, Inc.		4,900		170,476
Hillenbrand, Inc.		11,300		407,930
IDEX Corp. (b)		2,429		274,501
IMI plc		22,429		349,312
Ingersoll-Rand plc		7,200		658,008
JTEKT Corp.		24,100		353,806
Kitz Corp.		8,400		78,533
Kyokuto Kaihatsu Kogyo Co., Ltd.		3,000		48,318
Lincoln Electric Holdings, Inc.		5,400		497,286
Nordson Corp.		2,300		279,036
Sandvik AB		44,388		698,983
Shinmaywa Industries, Ltd.		17,000		143,746
Snap-on, Inc.		7,300		1,153,400
Takeuchi Manufacturing Co., Ltd.		21,600		397,292
Yangzijiang Shipbuilding Holdings, Ltd.		172,700		149,291
				9,931,699
Marine—0.0%
Scorpio Bulkers, Inc. (a)		12,500		88,750
Media—1.1%
AMC Networks, Inc. - Class A (a)		3,300		176,253
Comcast Corp. - Class A		16,000		622,720
Gannett Co., Inc.		19,450		169,604
Informa plc		55,454		483,617
ITV plc		464,472		1,098,508
John Wiley & Sons, Inc. - Class A		431		22,735
Mediaset Espana Comunicacion S.A.		34,052		424,263
Meredith Corp. (b)		3,900		231,855
Metropole Television S.A.		12,456		290,018
Omnicom Group, Inc. (b)		18,600		1,541,940
ProSiebenSat.1 Media SE		25,366		1,061,497
Publicis Groupe S.A.		15,536		1,163,935
RTL Group S.A. (a)		2,100		158,824
Scripps Networks Interactive, Inc. - Class A (b)		16,200		1,106,622
SES S.A.		17,020		399,115
SES S.A. (London Listed Shares)		7,137		167,310
SKY Network Television, Ltd.		27,790		70,265
Viacom, Inc. - Class B		9,900		332,343
Walt Disney Co. (The)		25,900		2,751,875
WPP plc		59,220		1,245,991
				13,519,290
Metals & Mining—0.6%
Acacia Mining plc		67,913		263,707
Alacer Gold Corp. (a)		53,400		85,651
APERAM S.A. (b)		1,936		90,425
Argonaut Gold, Inc. (a)		45,200		82,606

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—(Continued)
Ausdrill, Ltd.		4,930	$	6,951
BHP Billiton plc		59,332		908,998
BHP Billiton, Ltd.		43,449		775,011
Boliden AB		13,066		357,047
Dowa Holdings Co., Ltd.		48,000		363,204
Eldorado Gold Corp.		39,900		105,842
Goldcorp, Inc.		14,000		180,506
Highland Gold Mining, Ltd.		5,802		10,715
KGHM Polska Miedz S.A.		3,843		114,558
Kumba Iron Ore, Ltd. (a)		9,050		118,581
MACA, Ltd.		10,971		13,910
MMC Norilsk Nickel PJSC (ADR)		6,172		84,742
Nevsun Resources, Ltd.		8,300		20,033
Northern Star Resources, Ltd.		95,725		350,803
OZ Minerals, Ltd.		29,864		170,099
Perseus Mining, Ltd. (a)		275,211		61,529
Regis Resources, Ltd.		93,836		273,158
Rio Tinto plc		27,662		1,166,332
Rio Tinto, Ltd.		13,543		657,734
St. Barbara, Ltd. (a)		101,451		227,705
Tahoe Resources, Inc.		8,300		71,556
Teck Resources, Ltd. - Class B		42,100		729,803
Troy Resources, Ltd. (a)		2,277		137
Turquoise Hill Resources, Ltd. (a)		48,100		127,965
Yamana Gold, Inc.		70,300		169,678
Yamato Kogyo Co., Ltd.		3,600		92,449
				7,681,435
Multi-Utilities—0.1%
Centrica plc		308,855		805,077
Engie S.A.		28,591		434,063
				1,239,140
Multiline Retail—0.1%
Kohl’s Corp.		4,200		162,414
Lifestyle International Holdings, Ltd.		21,500		29,522
Macy’s, Inc.		7,500		174,300
Next plc		12,464		625,979
Seria Co., Ltd.		3,400		164,145
				1,156,360
Oil, Gas & Consumable Fuels—2.3%
Antero Resources Corp. (a)		20,300		438,683
Athabasca Oil Corp. (a)		111,300		86,685
Baytex Energy Corp. (a) (b)		83,800		203,555
Bill Barrett Corp. (a) (b)		19,300		59,251
Birchcliff Energy, Ltd.		32,200		151,713
Bonavista Energy Corp.		47,900		100,099
BP plc		113,067		653,195
Cairn Energy plc (a)		17,935		40,268
Cameco Corp. (b)		32,300		294,157
Cardinal Energy, Ltd.		4,610		17,135
Chevron Corp.		22,581		2,355,876
China Shenhua Energy Co., Ltd. - Class H		75,000		166,984
Crescent Point Energy Corp.		20,700		158,347
Oil, Gas & Consumable Fuels—(Continued)
Crew Energy, Inc. (a)		59,300		183,369
Enbridge Income Fund Holdings, Inc.		26,300		652,835
Exxon Mobil Corp.		59,400		4,795,362
Galp Energia SGPS S.A.		22,410		340,390
Gener8 Maritime, Inc. (a)		22,100		125,749
Gran Tierra Energy, Inc. (a)		30,813		69,021
Hess Corp.		7,700		337,799
Husky Energy, Inc. (a)		14,600		165,725
Inpex Corp.		59,200		570,935
International Seaways, Inc. (a)		12,500		270,875
Japan Petroleum Exploration Co., Ltd.		17,400		362,032
Koninklijke Vopak NV		7,130		331,003
Lukoil PJSC (ADR)		4,708		229,703
Magellan Midstream Partners L.P.		1,028		73,266
Marathon Oil Corp. (b)		54,400		644,640
Marathon Petroleum Corp.		8,300		434,339
MEG Energy Corp. (a) (b)		65,500		192,439
Murphy Oil Corp. (b)		6,100		156,343
Neste Oyj		6,169		243,354
Obsidian Energy, Ltd. (a)		82,900		104,200
OMV AG		11,141		579,179
Ophir Energy plc (a)		56,771		63,205
Pengrowth Energy Corp. (a) (b)		48,800		38,384
Polskie Gornictwo Naftowe i Gazownictwo S.A.		120,758		205,724
PTT Exploration & Production PCL (NVDR)		146,300		371,143
Renewable Energy Group, Inc. (a)		8,200		106,190
Repsol S.A.		26,698		409,581
RMP Energy, Inc. (a)		46,700		22,327
Royal Dutch Shell plc - A Shares		53,869		1,430,925
Royal Dutch Shell plc - A Shares		7,597		202,065
Royal Dutch Shell plc - B Shares		55,579		1,492,811
Scorpio Tankers, Inc.		21,600		85,752
Spectra Energy Partners L.P.		3,100		132,990
Statoil ASA		27,522		457,417
Suncor Energy, Inc.		39,900		1,165,801
Surge Energy, Inc. (b)		69,900		112,655
Tatneft PJSC (ADR)		7,655		288,842
Teekay Tankers, Ltd. - Class A		69,400		130,472
Tethys Oil AB		6,434		44,672
Total Gabon		33		5,367
Total S.A.		42,569		2,109,146
Tourmaline Oil Corp. (a)		11,100		238,640
United Tractors Tbk PT		281,500		579,893
Valero Energy Corp.		16,000		1,079,360
Whiting Petroleum Corp. (a) (b)		50,100		276,051
Woodside Petroleum, Ltd.		36,291		831,929
				27,469,848
Paper & Forest Products—0.2%
Mondi plc		31,487		826,319
Schweitzer-Mauduit International, Inc.		6,600		245,718
UPM-Kymmene Oyj		32,281		920,653
West Fraser Timber Co., Ltd.		5,200		246,126
				2,238,816

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Products—0.2%
Edgewell Personal Care Co. (a)		7,600	$	577,752
Hengan International Group Co., Ltd.		28,500		210,270
Nu Skin Enterprises, Inc. - Class A		15,500		974,020
USANA Health Sciences, Inc. (a)		5,000		320,500
				2,082,542
Pharmaceuticals—3.4%
Astellas Pharma, Inc.		166,000		2,032,533
Bayer AG		19,811		2,563,227
Corcept Therapeutics, Inc. (a) (b)		15,900		187,620
Dechra Pharmaceuticals plc		7,247		160,407
GlaxoSmithKline plc		121,642		2,591,113
Indivior plc (a)		198,406		809,058
Ipsen S.A.		1,176		161,045
Johnson & Johnson		42,100		5,569,409
Kaken Pharmaceutical Co., Ltd.		11,000		600,835
Merck & Co., Inc.		51,800		3,319,862
Mylan NV (a)		37,700		1,463,514
Novartis AG		45,427		3,793,562
Novo Nordisk A/S - Class B		52,736		2,262,112
Pfizer, Inc.		142,400		4,783,216
Recordati S.p.A.		14,634		595,437
Roche Holding AG		14,722		3,759,058
Sanofi		31,436		3,021,379
Sawai Pharmaceutical Co., Ltd.		6,600		370,984
Shionogi & Co., Ltd.		11,100		619,155
Taro Pharmaceutical Industries, Ltd. (a) (b)		6,100		683,566
Teva Pharmaceutical Industries, Ltd. (ADR)		39,200		1,302,224
				40,649,316
Professional Services—0.2%
Dun & Bradstreet Corp. (The)		10,000		1,081,500
Equifax, Inc.		1,000		137,420
Nielsen Holdings plc		20,000		773,200
Seek, Ltd.		17,813		231,434
				2,223,554
Real Estate Management & Development—0.3%
Deutsche Euroshop AG		8,560		337,687
Henderson Land Development Co., Ltd.		50,436		281,345
Hongkong Land Holdings, Ltd.		54,200		398,929
Hysan Development Co., Ltd.		43,000		205,381
Sino Land Co., Ltd.		182,000		298,404
Sun Hung Kai Properties, Ltd.		32,000		470,143
Swire Pacific, Ltd. - Class A		28,500		278,348
Swire Properties, Ltd.		59,600		196,847
UOL Group, Ltd.		6,300		34,975
Wharf Holdings, Ltd. (The)		52,000		431,048
Wheelock & Co., Ltd.		20,000		150,922
				3,084,029
Road & Rail—0.5%
Central Japan Railway Co.		13,800		2,251,574
ComfortDelGro Corp., Ltd.		99,300		166,090
CSX Corp.		25,500		1,391,280
Road & Rail—(Continued)
Norfolk Southern Corp.		6,400		778,880
Union Pacific Corp.		12,200		1,328,702
Utoc Corp.		3,700		15,496
				5,932,022
Semiconductors & Semiconductor Equipment—0.9%
Analog Devices, Inc.		3,400		264,520
Broadcom, Ltd.		1,200		279,660
Intel Corp.		105,700		3,566,318
KLA-Tencor Corp.		3,100		283,681
Maxim Integrated Products, Inc.		4,000		179,600
Melexis NV (b)		3,316		272,156
NVIDIA Corp.		4,700		679,432
Phison Electronics Corp.		44,000		543,243
QUALCOMM, Inc.		55,100		3,042,622
Synaptics, Inc. (a) (b)		88		4,551
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (b)		11,800		412,528
Texas Instruments, Inc.		12,100		930,853
				10,459,164
Software—1.8%
Activision Blizzard, Inc.		5,900		339,663
Adobe Systems, Inc. (a)		6,300		891,072
CA, Inc.		48,800		1,682,136
Check Point Software Technologies, Ltd. (a)		8,200		894,456
Citrix Systems, Inc. (a)		14,500		1,153,910
COLOPL, Inc.		19,900		201,926
Dassault Systemes SE		1,182		105,930
GungHo Online Entertainment, Inc.		182,100		468,792
Intuit, Inc.		2,300		305,463
Micro Focus International plc		4,064		120,250
Microsoft Corp.		87,700		6,045,161
Nexon Co., Ltd. (a)		74,200		1,469,196
Open Text Corp.		20,303		640,809
Oracle Corp.		73,000		3,660,220
Oracle Corp. Japan		2,500		162,469
Playtech plc		79,120		979,698
SAP SE		2,359		246,561
Software AG		5,653		247,779
UBISOFT Entertainment S.A. (a)		8,313		471,980
VMware, Inc. - Class A (a) (b)		15,200		1,328,936
				21,416,407
Specialty Retail—0.7%
ABC-Mart, Inc.		4,600		271,034
Adastria Co., Ltd.		8,200		228,611
Bed Bath & Beyond, Inc.		11,800		358,720
Best Buy Co., Inc. (b)		6,700		384,111
Buckle, Inc. (The) (b)		18,905		336,509
Cato Corp. (The) - Class A		3,700		65,083
Dick’s Sporting Goods, Inc.		5,300		211,099
Dunelm Group plc		11,669		91,454
Foot Locker, Inc. (b)		3,800		187,264
GameStop Corp. - Class A (b)		3,700		79,957

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
Gap, Inc. (The) (b)		20,600	$	452,994
Halfords Group plc		20,463		91,212
Hennes & Mauritz AB - B Shares		12,894		322,037
Home Depot, Inc. (The)		6,200		951,080
JD Sports Fashion plc		45,188		206,042
L Brands, Inc.		11,700		630,513
Ross Stores, Inc.		12,300		710,079
Sally Beauty Holdings, Inc. (a)		10,400		210,600
Shimamura Co., Ltd.		3,100		379,395
TJX Cos., Inc. (The)		14,400		1,039,248
Truworths International, Ltd.		48,740		266,357
Urban Outfitters, Inc. (a)		5,300		98,262
Williams-Sonoma, Inc. (b)		7,200		349,200
				7,920,861
Technology Hardware, Storage & Peripherals—1.5%
Apple, Inc.		73,700		10,614,274
Brother Industries, Ltd.		11,400		263,801
Catcher Technology Co., Ltd.		49,000		583,715
Foxconn Technology Co., Ltd.		112,000		338,032
Hewlett Packard Enterprise Co.		66,600		1,104,894
HP, Inc.		42,700		746,396
MCJ Co., Ltd.		6,100		64,324
Neopost S.A.		6,716		312,040
NetApp, Inc.		19,000		760,950
Samsung Electronics Co., Ltd.		285		591,313
Seagate Technology plc (b)		33,800		1,309,750
Western Digital Corp.		16,500		1,461,900
				18,151,389
Textiles, Apparel & Luxury Goods—0.3%
Bijou Brigitte AG		106		7,138
Burberry Group plc		13,184		285,634
Carter’s, Inc.		4,400		391,380
Fossil Group, Inc. (a) (b)		3,200		33,120
Fujibo Holdings, Inc.		2,000		56,241
Hugo Boss AG		5,253		368,704
LVMH Moet Hennessy Louis Vuitton SE		1,259		315,835
Michael Kors Holdings, Ltd. (a)		5,100		184,875
Moncler S.p.A.		8,908		208,920
Ralph Lauren Corp.		3,200		236,160
Steven Madden, Ltd. (a)		7,594		303,380
Van de Velde NV		570		30,503
VF Corp. (b)		13,100		754,560
				3,176,450
Thrifts & Mortgage Finance—0.0%
Genworth MI Canada, Inc. (b)		17,400		478,742
Tobacco—1.0%
Altria Group, Inc.		21,300		1,586,211
British American Tobacco Malaysia Bhd		9,600		97,092
British American Tobacco plc		22,003		1,498,011
Imperial Brands plc		35,574		1,599,662
Japan Tobacco, Inc.		38,100		1,339,130
Tobacco—(Continued)
KT&G Corp.		5,073		518,422
Philip Morris International, Inc.		24,100		2,830,545
Scandinavian Tobacco Group A/S (144A)		20,518		334,324
Swedish Match AB		36,326		1,280,815
Universal Corp.		8,800		569,360
				11,653,572
Trading Companies & Distributors—0.1%
Inaba Denki Sangyo Co., Ltd.		1,300		49,410
ITOCHU Corp.		51,500		766,495
Kanamoto Co., Ltd.		2,400		79,929
MonotaRO Co., Ltd.		5,100		164,646
Wakita & Co., Ltd.		5,600		65,033
WW Grainger, Inc.		3,000		541,590
				1,667,103
Transportation Infrastructure—0.2%
Abertis Infraestructuras S.A.		33,038		612,579
ASTM S.p.A.		7,020		121,717
Atlantia S.p.A.		20,238		571,547
Fraport AG Frankfurt Airport Services Worldwide		3,675		325,091
Societa Iniziative Autostradali e Servizi S.p.A.		14,279		157,768
TAV Havalimanlari Holding A/S		29,069		155,879
Westshore Terminals Investment Corp.		5,200		84,248
Zhejiang Expressway Co., Ltd. - Class H		118,000		154,168
				2,182,997
Water Utilities—0.0%
Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		16,700		158,984
Guangdong Investment, Ltd.		250,000		344,579
				503,563
Wireless Telecommunication Services—0.6%
China Mobile, Ltd.		27,500		291,270
KDDI Corp.		102,200		2,707,491
M1, Ltd.		6,400		10,136
NTT DoCoMo, Inc.		105,300		2,485,622
Rogers Communications, Inc. - Class B		15,700		741,537
SK Telecom Co., Ltd.		985		228,664
Vodacom Group, Ltd.		21,666		272,026
				6,736,746
Total Common Stocks (Cost $441,169,047)				472,007,940
Corporate Bonds & Notes—30.1%
Aerospace/Defense—0.7%
Lockheed Martin Corp. 4.700%, 05/15/46		2,970,000		3,337,229
Rockwell Collins, Inc. 3.500%, 03/15/27		4,850,000		4,918,079
				8,255,308

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Agriculture—0.7%
Altria Group, Inc. 3.875%, 09/16/46		1,060,000	$	1,029,634
4.750%, 05/05/21		660,000		719,867
Philip Morris International, Inc. 1.375%, 02/25/19		765,000		759,989
1.625%, 02/21/19		2,115,000		2,108,357
2.625%, 03/06/23 (b)		1,306,000		1,301,825
3.250%, 11/10/24		1,330,000		1,354,003
Reynolds American, Inc. 4.000%, 06/12/22		1,070,000		1,133,834
				8,407,509
Banks—9.1%
Bank of America Corp. 3.300%, 01/11/23		1,410,000		1,437,774
3.705%, 04/24/28 (b) (c)		4,775,000		4,809,977
4.443%, 01/20/48 (c)		2,010,000		2,125,939
5.625%, 07/01/20		1,045,000		1,144,386
Bank of New York Mellon Corp. (The) 2.600%, 02/07/22		1,000,000		1,006,992
Bank of Nova Scotia (The) 2.450%, 03/22/21		2,305,000		2,315,066
Barclays Bank plc 5.140%, 10/14/20		940,000		1,006,069
10.179%, 06/12/21 (144A)		625,000		782,793
BB&T Corp. 1.816%, 06/15/20 (c)		4,615,000		4,638,075
2.450%, 01/15/20		1,500,000		1,516,757
2.750%, 04/01/22		3,150,000		3,196,535
BPCE S.A. 3.000%, 05/22/22 (144A) (b)		2,465,000		2,486,438
Capital One Financial Corp. 3.050%, 03/09/22 (b)		3,670,000		3,698,835
3.200%, 02/05/25		970,000		949,496
Capital One N.A. 2.950%, 07/23/21		860,000		866,351
Citigroup, Inc. 2.750%, 04/25/22		4,005,000		3,998,660
3.300%, 04/27/25		1,000,000		1,000,298
Cooperatieve Rabobank UA 3.875%, 02/08/22		700,000		742,621
Credit Suisse Group AG 3.574%, 01/09/23 (144A) (b)		1,410,000		1,444,878
Danske Bank A/S 2.800%, 03/10/21 (144A)		3,275,000		3,322,841
Discover Bank 3.200%, 08/09/21		1,000,000		1,018,494
Fifth Third Bank 1.883%, 09/27/19 (c)		1,540,000		1,549,032
3.850%, 03/15/26		1,435,000		1,461,024
First Republic Bank
2.375%, 06/17/19		1,215,000		1,221,560
4.625%, 02/13/47		1,945,000		1,997,966
Goldman Sachs Group, Inc. (The) 2.800%, 11/29/23 (c)		389,000		401,535
Banks—(Continued)
Goldman Sachs Group, Inc. (The)
2.875%, 02/25/21		194,000		196,080
2.959%, 02/25/21 (c)		490,000		507,907
3.000%, 04/26/22		1,080,000		1,088,298
3.625%, 01/22/23		3,440,000		3,550,486
3.750%, 05/22/25		1,000,000		1,023,991
5.250%, 07/27/21		1,460,000		1,600,233
5.750%, 01/24/22		2,000,000		2,251,748
HSBC Holdings plc 2.650%, 01/05/22		1,885,000		1,880,653
4.875%, 01/14/22		1,555,000		1,693,526
ING Bank NV 2.750%, 03/22/21 (144A)		1,070,000		1,082,761
JPMorgan Chase & Co. 2.950%, 10/01/26		5,000,000		4,825,505
2.972%, 01/15/23 (b)		1,770,000		1,791,054
M&T Bank Corp. 5.125%, 11/01/26 (c)		2,115,000		2,196,956
Morgan Stanley 2.500%, 04/21/21		510,000		509,607
2.625%, 11/17/21		4,575,000		4,568,256
3.750%, 02/25/23		1,140,000		1,185,387
3.875%, 01/27/26 (b)		1,602,000		1,649,225
5.500%, 01/26/20		755,000		814,408
PNC Bank N.A. 1.850%, 07/20/18		1,160,000		1,161,324
2.550%, 12/09/21		1,150,000		1,157,470
2.950%, 02/23/25		2,425,000		2,419,178
3.250%, 06/01/25		1,290,000		1,309,608
Regions Bank 2.250%, 09/14/18		545,000		547,213
Royal Bank of Scotland Group plc 3.875%, 09/12/23		2,415,000		2,465,978
Santander UK plc 2.042%, 08/24/18 (c)		1,500,000		1,509,569
Standard Chartered plc 1.700%, 04/17/18 (144A)		1,585,000		1,582,305
2.100%, 08/19/19 (144A)		1,585,000		1,579,174
SunTrust Banks, Inc. 2.700%, 01/27/22		1,690,000		1,693,529
U.S. Bancorp 3.150%, 04/27/27		3,875,000		3,881,463
UBS Group Funding Switzerland AG 3.000%, 04/15/21 (144A)		1,592,000		1,616,416
3.491%, 05/23/23 (144A)		961,000		983,202
4.125%, 09/24/25 (144A)		1,644,000		1,723,298
Wells Fargo & Co. 3.584%, 05/22/28 (c)		1,230,000		1,243,076
4.750%, 12/07/46		1,150,000		1,227,825
				108,657,101
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		4,590,000		4,726,465

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—(Continued)
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		915,000	$	885,588
				5,612,053
Biotechnology—0.3%
Amgen, Inc. 2.650%, 05/11/22		310,000		311,035
3.875%, 11/15/21 (b)		955,000		1,006,618
4.500%, 03/15/20		900,000		954,506
5.750%, 03/15/40		605,000		721,434
				2,993,593
Building Materials—0.1%
Johnson Controls International plc 3.750%, 12/01/21		660,000		689,029
4.500%, 02/15/47		430,000		457,046
				1,146,075
Chemicals—0.4%
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P. 2.450%, 05/01/20 (144A)		500,000		502,044
Mosaic Co. (The) 4.250%, 11/15/23 (b)		900,000		947,012
Sherwin-Williams Co. (The) 3.450%, 06/01/27		3,495,000		3,518,085
				4,967,141
Commercial Services—0.1%
Moody’s Corp. 2.750%, 12/15/21		1,240,000		1,250,408
S&P Global, Inc. 2.500%, 08/15/18		465,000		468,244
				1,718,652
Computers—0.4%
DXC Technology Co. 4.750%, 04/15/27 (144A)		1,770,000		1,845,551
Hewlett Packard Enterprise Co. 3.600%, 10/15/20		1,235,000		1,273,407
International Business Machines Corp. 7.625%, 10/15/18		1,785,000		1,918,004
				5,036,962
Diversified Financial Services—0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22		1,490,000		1,529,101
Capital One Bank USA N.A. 3.375%, 02/15/23		1,225,000		1,235,459
Discover Financial Services 4.100%, 02/09/27 (b)		2,430,000		2,434,199
Diversified Financial Services —(Continued)
HSBC Finance Corp. 6.676%, 01/15/21		1,220,000		1,374,896
				6,573,655
Electric—1.0%
Berkshire Hathaway Energy Co. 6.500%, 09/15/37		345,000		463,253
Duke Energy Carolinas LLC 4.300%, 06/15/20		540,000		575,902
Duke Energy Florida LLC 6.400%, 06/15/38		1,925,000		2,630,066
Duke Energy Ohio, Inc. 3.700%, 06/15/46		660,000		646,974
Electricite de France S.A. 6.500%, 01/26/19 (144A)		180,000		192,316
Georgia Power Co. 3.250%, 03/30/27		1,000,000		996,951
4.300%, 03/15/42		1,107,000		1,135,244
Great Plains Energy, Inc. 3.900%, 04/01/27		1,090,000		1,102,671
4.850%, 04/01/47		940,000		967,251
PPL Electric Utilities Corp. 4.750%, 07/15/43		625,000		713,166
Public Service Co. of Colorado 4.750%, 08/15/41		1,065,000		1,194,927
Southern California Edison Co. 4.500%, 09/01/40		1,025,000		1,136,593
5.500%, 03/15/40		335,000		418,142
				12,173,456
Electronics—0.2%
Amphenol Corp. 3.200%, 04/01/24		1,001,000		1,011,199
Fortive Corp. 2.350%, 06/15/21		870,000		864,968
Keysight Technologies, Inc. 4.600%, 04/06/27		990,000		1,039,966
				2,916,133
Environmental Control—0.0%
Republic Services, Inc. 5.250%, 11/15/21		415,000		461,478
Food—0.8%
Kroger Co. (The) 2.600%, 02/01/21		1,404,000		1,404,052
5.000%, 04/15/42		260,000		266,747
Mondelez International Holdings Netherlands B.V. 1.625%, 10/28/19 (144A)		3,315,000		3,283,856
Smithfield Foods, Inc. 2.700%, 01/31/20 (144A)		1,855,000		1,864,780
Tyson Foods, Inc. 3.550%, 06/02/27		2,170,000		2,195,315
				9,014,750

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Forest Products & Paper—0.1%
International Paper Co. 4.400%, 08/15/47		470,000	$	473,057
4.800%, 06/15/44		135,000		144,101
5.150%, 05/15/46		785,000		874,878
				1,492,036
Gas—0.0%
Nisource Finance Corp. 4.800%, 02/15/44		230,000		249,152
Healthcare-Products—0.9%
Abbott Laboratories 4.750%, 11/30/36		3,180,000		3,461,309
Becton Dickinson and Co. 3.363%, 06/06/24		3,890,000		3,898,893
Boston Scientific Corp. 2.650%, 10/01/18		940,000		948,630
Medtronic, Inc. 4.625%, 03/15/45		2,071,000		2,330,776
				10,639,608
Healthcare-Services—0.3%
Humana, Inc. 3.950%, 03/15/27		1,215,000		1,266,220
UnitedHealth Group, Inc. 1.700%, 02/15/19		2,435,000		2,433,356
				3,699,576
Household Products/Wares—0.8%
Reckitt Benckiser Treasury Services plc 2.750%, 06/26/24 (144A)		9,595,000		9,513,586
Housewares—0.4%
Newell Brands, Inc. 3.850%, 04/01/23		4,991,000		5,240,246
Insurance—1.4%
Aflac, Inc. 4.000%, 10/15/46		930,000		916,333
American International Group, Inc. 3.300%, 03/01/21		1,086,000		1,117,312
3.900%, 04/01/26		1,000,000		1,023,025
6.400%, 12/15/20		1,150,000		1,301,337
Arch Capital Finance LLC 5.031%, 12/15/46		1,280,000		1,423,032
Berkshire Hathaway Finance Corp. 4.400%, 05/15/42		425,000		462,864
Hartford Financial Services Group, Inc. (The) 6.625%, 03/30/40		945,000		1,276,574
Liberty Mutual Group, Inc. 5.000%, 06/01/21 (144A)		120,000		130,418
Manulife Financial Corp. 4.061%, 02/24/32 (c)		970,000		978,648
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21		720,000		782,760
Insurance—(Continued)
Metropolitan Life Global Funding I 2.650%, 04/08/22 (144A)		1,455,000		1,459,652
Prudential Financial, Inc. 5.100%, 08/15/43		3,760,000		4,364,044
5.800%, 11/16/41		1,105,000		1,375,766
Swiss Re Treasury U.S. Corp. 4.250%, 12/06/42 (144A)		415,000		426,706
				17,038,471
Machinery-Diversified—0.1%
Roper Technologies, Inc. 2.800%, 12/15/21		705,000		711,002
Media—0.5%
CBS Corp. 2.500%, 02/15/23		2,738,000		2,711,718
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 6.484%, 10/23/45		985,000		1,182,210
Viacom, Inc. 3.450%, 10/04/26		665,000		640,668
4.850%, 12/15/34		690,000		685,759
6.250%, 02/28/57 (b) (c)		517,000		537,680
				5,758,035
Mining—0.5%
Barrick North America Finance LLC 5.750%, 05/01/43		330,000		399,963
BHP Billiton Finance USA, Ltd. 3.850%, 09/30/23		580,000		617,265
5.000%, 09/30/43		585,000		676,956
Glencore Funding LLC 4.125%, 05/30/23 (144A)		3,680,000		3,776,011
				5,470,195
Miscellaneous Manufacturing—0.4%
Hexcel Corp. 3.950%, 02/15/27		1,382,000		1,415,197
Siemens Financieringsmaatschappij NV 2.700%, 03/16/22 (144A) (b)		3,090,000		3,130,173
				4,545,370
Multi-National—0.1%
FMS Wertmanagement AoeR 1.625%, 11/20/18		1,215,000		1,217,106
Oil & Gas—2.4%
Anadarko Petroleum Corp. 3.450%, 07/15/24		1,000,000		976,825
4.850%, 03/15/21 (b)		485,000		517,660
5.550%, 03/15/26 (b)		2,014,000		2,250,655
Canadian Natural Resources, Ltd. 3.850%, 06/01/27		1,380,000		1,368,819

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Cenovus Energy, Inc. 4.250%, 04/15/27 (144A) (b)		4,055,000	$	3,862,902
Continental Resources, Inc. 5.000%, 09/15/22		1,250,000		1,226,562
Devon Energy Corp. 3.250%, 05/15/22 (b)		2,510,000		2,494,546
EQT Corp. 4.875%, 11/15/21		1,000,000		1,066,535
Hess Corp. 4.300%, 04/01/27 (b)		687,000		671,051
Marathon Petroleum Corp. 5.125%, 03/01/21		830,000		899,676
Nabors Industries, Inc. 5.000%, 09/15/20		370,000		369,075
5.500%, 01/15/23 (144A) (b)		905,000		857,488
Noble Energy, Inc. 4.150%, 12/15/21		1,255,000		1,322,375
5.050%, 11/15/44		1,030,000		1,057,830
6.000%, 03/01/41		350,000		391,646
Phillips 66 1.786%, 04/15/19 (144A) (c)		565,000		566,311
4.300%, 04/01/22		525,000		562,560
Shell International Finance B.V. 4.000%, 05/10/46		3,959,000		3,909,176
Statoil ASA 3.700%, 03/01/24		1,920,000		2,016,797
Valero Energy Corp. 3.400%, 09/15/26		155,000		151,627
6.625%, 06/15/37		905,000		1,117,765
9.375%, 03/15/19		343,000		383,840
				28,041,721
Pharmaceuticals—0.9%
AbbVie, Inc. 2.900%, 11/06/22		440,000		444,139
Allergan Funding SCS 3.800%, 03/15/25		1,430,000		1,479,119
AmerisourceBergen Corp. 4.250%, 03/01/45 (b)		560,000		567,152
Cardinal Health, Inc. 3.079%, 06/15/24		1,435,000		1,438,461
EMD Finance LLC 2.400%, 03/19/20 (144A)		1,935,000		1,947,347
2.950%, 03/19/22 (144A)		1,168,000		1,188,737
Shire Acquisitions Investments Ireland DAC 2.400%, 09/23/21		3,255,000		3,217,044
				10,281,999
Pipelines—1.6%
Enbridge, Inc. 6.000%, 01/15/77 (c)		3,045,000		3,197,250
Energy Transfer L.P. 4.050%, 03/15/25		682,000		684,738
4.150%, 10/01/20		1,575,000		1,635,804
5.150%, 02/01/43		1,200,000		1,138,913
Pipelines—(Continued)
Fermaca Enterprises S de RL de C.V. 6.375%, 03/30/38 (144A)		452,167		482,123
ONEOK Partners L.P. 3.375%, 10/01/22		1,379,000		1,391,623
6.125%, 02/01/41		550,000		627,219
8.625%, 03/01/19		145,000		159,505
Plains All American Pipeline L.P. / PAA Finance Corp. 3.650%, 06/01/22		914,000		932,425
4.300%, 01/31/43		305,000		260,970
4.900%, 02/15/45		2,020,000		1,877,675
Sabine Pass Liquefaction LLC 4.200%, 03/15/28 (144A)		2,725,000		2,753,100
Williams Partners L.P. 3.350%, 08/15/22		420,000		422,254
4.000%, 09/15/25 (b)		2,605,000		2,652,948
5.400%, 03/04/44		555,000		586,193
				18,802,740
Real Estate—0.0%
American Campus Communities Operating Partnership L.P. 3.750%, 04/15/23		444,000		456,807
Real Estate Investment Trusts—1.5%
Alexandria Real Estate Equities, Inc. 3.900%, 06/15/23		410,000		423,615
4.500%, 07/30/29		540,000		572,404
American Tower Corp. 3.375%, 10/15/26 (b)		6,435,000		6,295,946
AvalonBay Communities, Inc. 3.350%, 05/15/27		1,330,000		1,334,037
CBL & Associates L.P. 4.600%, 10/15/24 (b)		825,000		759,346
Crown Castle International Corp. 5.250%, 01/15/23		2,555,000		2,838,194
Digital Realty Trust L.P. 3.400%, 10/01/20		705,000		723,059
3.625%, 10/01/22		295,000		302,449
3.950%, 07/01/22		945,000		990,581
ERP Operating L.P. 4.625%, 12/15/21		562,000		607,270
Ventas Realty L.P. 3.125%, 06/15/23		1,865,000		1,853,933
3.500%, 02/01/25		1,740,000		1,728,723
				18,429,557
Retail—1.1%
CVS Health Corp. 3.875%, 07/20/25		4,075,000		4,236,965
Darden Restaurants, Inc. 3.850%, 05/01/27		2,535,000		2,575,664
Home Depot, Inc. (The) 4.250%, 04/01/46		350,000		375,506
4.400%, 04/01/21		700,000		754,468
5.950%, 04/01/41		990,000		1,308,936

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
McDonald’s Corp. 3.500%, 07/15/20		466,000	$	485,189
4.875%, 12/09/45		2,034,000		2,267,635
Wal-Mart Stores, Inc. 3.625%, 07/08/20		1,480,000		1,556,811
				13,561,174
Semiconductors—0.5%
Analog Devices, Inc. 3.125%, 12/05/23		2,355,000		2,380,123
QUALCOMM, Inc. 2.600%, 01/30/23		3,148,000		3,136,516
				5,516,639
Software—0.4%
Fidelity National Information Services, Inc. 2.250%, 08/15/21		1,055,000		1,043,646
Microsoft Corp. 2.875%, 02/06/24		1,535,000		1,559,970
3.300%, 02/06/27		795,000		818,906
4.100%, 02/06/37 (b)		1,505,000		1,621,069
				5,043,591
Telecommunications—1.0%
AT&T, Inc. 4.250%, 03/01/27		442,000		457,007
5.150%, 03/15/42		1,915,000		1,955,585
Deutsche Telekom International Finance B.V. 1.717%, 09/19/19 (144A) (c)		3,855,000		3,856,766
Telefonica Emisiones S.A.U. 5.213%, 03/08/47		2,390,000		2,580,559
Verizon Communications, Inc. 4.272%, 01/15/36		3,185,000		3,074,022
				11,923,939
Textiles—0.1%
Cintas Corp. No. 2 2.900%, 04/01/22		1,380,000		1,401,571
Transportation—0.2%
Kansas City Southern de Mexico S.A. de C.V. 3.000%, 05/15/23		470,000		471,577
Norfolk Southern Corp. 3.150%, 06/01/27		1,000,000		996,503
Union Pacific Corp. 3.646%, 02/15/24		360,000		380,698
3.799%, 10/01/51		835,000		817,635
				2,666,413
Total Corporate Bonds & Notes (Cost $353,575,860)				359,634,400
Mutual Funds—5.9%
Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—5.9%
BB Biotech AG (b)		3,416		209,952
iShares Core S&P 500 ETF (b)		92,287		22,463,579
iShares J.P. Morgan USD Emerging Markets Bond ETF		208,417		23,834,568
Vanguard REIT ETF		283,484		23,594,373
Total Mutual Funds (Cost $64,481,575)				70,102,472
U.S. Treasury & Government Agencies—2.1%
U.S. Treasury—2.1%
U.S. Treasury Bonds 2.500%, 02/15/46		1,700,000		1,582,328
2.500%, 05/15/46		6,200,000		5,768,182
2.875%, 11/15/46		2,076,100		2,087,535
3.000%, 02/15/47		5,937,000		6,124,383
U.S. Treasury Inflation Indexed Notes 0.625%, 01/15/24 (d)		370,129		375,402
U.S. Treasury Notes 1.125%, 09/30/21		1,075,000		1,045,689
1.500%, 06/15/20		2,185,000		2,181,928
1.625%, 02/15/26		1,895,000		1,800,991
1.875%, 02/28/22		787,900		788,854
2.000%, 11/15/26		1,330,000		1,296,854
2.125%, 11/30/23		1,630,000		1,635,539
Total U.S. Treasury & Government Agencies (Cost $25,305,041)				24,687,685
Municipals—0.0%
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33 (Cost $514,274)		550,000		514,866
Preferred Stock—0.0%
Automobiles—0.0%
Porsche Automobil Holding SE (Cost $155,545)		2,980		167,434
Rights—0.0%
Oil, Gas & Consumable Fuels—0.0%
Repsol S.A. (a) (Cost $12,733)		26,698		12,197

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—20.0%

Security Description	Principal Amount*		Value
Repurchase Agreement—20.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $238,429,254 on 07/03/17, collateralized by $240,175,000 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.355%, maturity dates ranging from 11/03/17 - 11/28/17, with a value of $243,202,819.		238,426,870	$	238,426,870
Total Short-Term Investments (Cost $238,426,870)				238,426,870
Securities Lending Reinvestments (e)—5.6%
Certificates of Deposit—2.4%
Bank of Montreal Chicago 1.276%, 09/06/17 (c)		1,500,000		1,500,276
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		807,405		800,888
1.602%, 11/16/17 (c)		2,000,000		2,001,952
BNP Paribas New York 1.524%, 08/04/17 (c)		1,250,000		1,250,149
Canadian Imperial Bank 1.630%, 10/27/17 (c)		500,000		500,563
Credit Suisse AG New York 1.466%, 10/25/17 (c)		1,500,000		1,500,089
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
KBC Bank NV 1.220%, 07/27/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		1,000,000		999,990
Mizuho Bank, Ltd., New York 1.610%, 08/02/17 (c)		2,000,000		2,000,610
National Australia Bank London 1.480%, 11/09/17 (c)		3,000,000		3,002,430
Norinchukin Bank New York 1.687%, 07/12/17 (c)		3,000,000		3,000,363
Royal Bank of Canada New York 1.532%, 03/20/18 (c)		3,000,000		3,002,160
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (c)		600,000		600,233
Sumitomo Mitsui Trust Bank, Ltd., New York 1.342%, 11/16/17 (c)		1,000,000		999,937
1.552%, 08/16/17 (c)		1,000,000		1,000,301
Toronto Dominion Bank New York 1.467%, 03/13/18 (c)		400,000		400,297
1.475%, 01/10/18 (c)		2,000,000		2,003,325
UBS, Stamford 1.722%, 07/31/17 (c)		1,101,124		1,100,628
				28,664,181
Commercial Paper—0.5%
Commonwealth Bank Australia 1.391%, 03/01/18 (c)		2,000,000		2,001,558
Erste Abwicklungsanstalt 1.379%, 07/18/17 (c)		3,100,000		3,100,180
ING Funding LLC 1.277%, 11/13/17 (c)		500,000		499,964
				5,601,702
Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $372,125 on 07/03/17, collateralized by $387,341 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $379,533.		372,091		372,091
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $50,594 on 10/02/17, collateralized by various Common Stock with a value of $55,000.		50,000		50,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $9,000,825 on 07/03/17, collateralized by $8,965,411 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $9,180,001.		9,000,000		9,000,000
Deutsche Bank AG, London
Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $7,000,700 on 07/03/17, collateralized by $7,117,133 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $7,140,021.		7,000,000		7,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,000,775 on 07/03/17, collateralized by $217 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,111,824.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $3,768,169 on 09/29/17, collateralized by various Common Stock with a value of $4,125,001.		3,750,000		3,750,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $1,000,104 on 07/03/17, collateralized by $901,683 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $1,020,666.		1,000,000		1,000,000

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $304,859 on 10/02/17, collateralized by various Common Stock with a value of $330,000.		300,000	$	300,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $1,000,098 on 07/03/17, collateralized by $1,501,763 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $1,020,000.		1,000,000		1,000,000
				24,472,091
Time Deposits—0.6%
ABN AMRO Bank NV 1.180%, 07/07/17		500,000		500,000
Australia New Zealand Bank 1.060%, 07/03/17		1,000,000		1,000,000
1.150%, 07/03/17		200,000		200,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
DZ Bank AG New York 1.060%, 07/03/17		100,000		100,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		700,000		700,000
Standard Chartered plc 1.200%, 07/03/17		3,000,000		3,000,000
				7,500,000
Total Securities Lending Reinvestments (Cost $66,222,494)				66,237,974
Total Investments—103.2% (Cost $1,189,863,439) (f)				1,231,791,838
Other assets and liabilities (net)—(3.2)%				(38,100,461	)
Net Assets—100.0%			$	1,193,691,377

*	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 June 30, 2017, the market value of securities loaned was $64,189,820 and the collateral received consisted of cash in the amount of $66,230,620. 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 June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(d)	Principal amount of security is adjusted for inflation.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(f)	As of June 30, 2017, the aggregate cost of investments was $1,189,863,439. The aggregate unrealized appreciation and depreciation of investments were $58,365,122 and $(16,436,723), respectively, resulting in net unrealized appreciation of $41,928,399.
(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 June 30, 2017, the market value of 144A securities was $60,759,943, which is 5.1% 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	13,614,000	UBS AG		07/25/17		USD	10,338,131	$	122,865
CAD	18,622,000	UBS AG		07/25/17		USD	14,084,358		281,021
CHF	8,949,000	UBS AG		07/25/17		USD	9,215,038		129,175
EUR	55,998,000	JPMorgan Chase Bank N.A.		07/25/17		USD	62,706,857		1,316,729
GBP	98,300	JPMorgan Chase Bank N.A.		07/25/17		USD	125,790		2,323
GBP	22,135,000	JPMorgan Chase Bank N.A.		07/25/17		USD	28,273,706		574,384
JPY	1,093,520,000	UBS AG		07/25/17		USD	9,834,282		(103,768	)
MYR	102,970,000	Morgan Stanley & Co. International		07/25/17		USD	23,996,737		(29,017	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
KRW	13,638,000,000	UBS AG		07/25/17		USD	11,934,891	$	11,843
ZAR	8,620,500	JPMorgan Chase Bank N.A.		07/25/17		USD	665,339		8,649
Cross Currency Contracts to Buy
CAD	32,346,000	UBS AG		07/25/17		AUD	32,212,191		200,499
Net Unrealized Appreciation								$	2,514,703

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro Stoxx 50 Index Futures		09/15/17		1,531			EUR	54,397,301		$	(2,134,325	)
FTSE 100 Index Futures		09/15/17		128			GBP	9,532,947			(341,954	)
Nikkei 225 Index Futures		09/07/17		1,816			JPY	3,627,215,014			74,834
S&P 500 Index E-Mini Futures		09/15/17		473			USD	57,458,358			(204,073	)
S&P 500 Index E-Mini Health Care Futures		09/15/17		467			USD	36,163,190			1,033,361
S&P TSX 60 Index Futures		09/14/17		84			CAD	15,110,059			(132,248	)
SPI 200 Index Futures		09/21/17		107			AUD	15,020,462			69,645
U.S. Treasury Long Bond Futures		09/20/17		111			USD	16,924,985			134,327
U.S. Treasury Note 10 Year Futures		09/20/17		1,424			USD	179,292,486			(535,986	)
U.S. Treasury Note 2 Year Futures		09/29/17		148			USD	32,013,871			(29,683	)
U.S. Treasury Ultra Long Bond Futures		09/20/17		3			USD	488,279			9,346
Futures Contracts—Short
Canada Government Bond 10 Year Futures		09/20/17		(616	)		CAD	(88,991,518	)		1,860,517
Euro-Bund Futures		09/07/17		(410	)		EUR	(67,530,682	)		1,329,441
U.S. Treasury Note 10 Year Futures		09/20/17		(188	)		USD	(23,760,473	)		160,598
U.S. Treasury Note 5 Year Futures		09/29/17		(353	)		USD	(41,680,878	)		84,792
Net Unrealized Appreciation										$	1,378,592

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	$	7,931,549
Pay		3M LIBOR		2.133	%		01/23/27		USD	324,000,000		(844,474	)
Pay		3M LIBOR		2.165	%		01/23/27		USD	20,000,000		(128,936	)
Pay		3M LIBOR		2.443	%		07/23/26		USD	324,000,000		(326,430	)
Pay		3M LIBOR		2.740	%		07/23/27		USD	344,000,000		27,142
Pay		3M LIBOR		2.931	%		01/26/26		USD	324,000,000		316,937
Net Unrealized Appreciation											$	6,975,788

(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MYR)—	Malaysian Ringgit
(USD)—	United States Dollar
(ZAR)—	South African Rand
(LIBOR)—	London Interbank Offered Rate

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	6,487,472	$	—	$	—	$	6,487,472
Air Freight & Logistics		613,096		—		—		613,096
Airlines		2,250,554		—		—		2,250,554
Auto Components		5,063,296		2,494,318		—		7,557,614
Automobiles		2,782,718		340,344		—		3,123,062
Banks		27,457,762		9,579,043		—		37,036,805
Beverages		4,992,408		—		—		4,992,408
Biotechnology		10,750,004		572,405		—		11,322,409
Building Products		55,123		—		—		55,123
Capital Markets		13,055,378		2,146,661		—		15,202,039
Chemicals		14,656,597		94,616		—		14,751,213
Commercial Services & Supplies		6,427,835		—		—		6,427,835
Communications Equipment		5,234,332		—		—		5,234,332
Construction & Engineering		1,132,551		—		—		1,132,551
Consumer Finance		5,240,989		—		—		5,240,989
Containers & Packaging		1,933,671		—		—		1,933,671
Diversified Consumer Services		741,840		—		—		741,840
Diversified Financial Services		2,942,723		—		—		2,942,723
Diversified Telecommunication Services		17,587,061		1,885,143		—		19,472,204
Electric Utilities		4,991,483		—		—		4,991,483
Electrical Equipment		5,342,020		851,384		—		6,193,404
Electronic Equipment, Instruments & Components		1,161,366		—		—		1,161,366
Energy Equipment & Services		2,988,814		—		—		2,988,814
Equity Real Estate Investment Trusts		1,975,477		—		—		1,975,477
Food & Staples Retailing		5,041,169		—		—		5,041,169
Food Products		8,862,960		3,017,142		—		11,880,102
Gas Utilities		620,552		—		—		620,552
Health Care Equipment & Supplies		5,448,457		—		—		5,448,457
Health Care Providers & Services		11,467,226		—		—		11,467,226
Health Care Technology		555,697		—		—		555,697
Hotels, Restaurants & Leisure		4,501,931		—		—		4,501,931
Household Durables		2,303,258		651,564		—		2,954,822
Household Products		5,380,177		1,402,923		—		6,783,100
Independent Power and Renewable Electricity Producers		508,288		—		—		508,288
Industrial Conglomerates		4,939,216		1,509,856		—		6,449,072
Insurance		12,319,369		1,070,896		—		13,390,265

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Internet & Direct Marketing Retail	$	5,533,281		$	—		$	—	$	5,533,281
Internet Software & Services		14,336,576			—			—		14,336,576
IT Services		14,831,602			—			—		14,831,602
Leisure Products		1,079,581			—			—		1,079,581
Life Sciences Tools & Services		1,153,940			—			—		1,153,940
Machinery		9,931,699			—			—		9,931,699
Marine		88,750			—			—		88,750
Media		10,685,101			2,834,189			—		13,519,290
Metals & Mining		4,716,536			2,964,899			—		7,681,435
Multi-Utilities		805,077			434,063			—		1,239,140
Multiline Retail		530,381			625,979			—		1,156,360
Oil, Gas & Consumable Fuels		21,683,795			5,786,053			—		27,469,848
Paper & Forest Products		1,318,163			920,653			—		2,238,816
Personal Products		2,082,542			—			—		2,082,542
Pharmaceuticals		22,888,444			17,760,872			—		40,649,316
Professional Services		2,223,554			—			—		2,223,554
Real Estate Management & Development		836,132			2,247,897			—		3,084,029
Road & Rail		5,932,022			—			—		5,932,022
Semiconductors & Semiconductor Equipment		10,459,164			—			—		10,459,164
Software		20,697,866			718,541			—		21,416,407
Specialty Retail		7,920,861			—			—		7,920,861
Technology Hardware, Storage & Peripherals		17,248,036			903,353			—		18,151,389
Textiles, Apparel & Luxury Goods		2,860,615			315,835			—		3,176,450
Thrifts & Mortgage Finance		478,742			—			—		478,742
Tobacco		7,940,385			3,713,187			—		11,653,572
Trading Companies & Distributors		1,667,103			—			—		1,667,103
Transportation Infrastructure		2,182,997			—			—		2,182,997
Water Utilities		503,563			—			—		503,563
Wireless Telecommunication Services		4,029,255			2,707,491			—		6,736,746
Total Common Stocks		404,458,633			67,549,307			—		472,007,940
Total Corporate Bonds & Notes*		—			359,634,400			—		359,634,400
Total Mutual Funds*		70,102,472			—			—		70,102,472
Total U.S. Treasury & Government Agencies*		—			24,687,685			—		24,687,685
Total Municipals		—			514,866			—		514,866
Total Preferred Stock*		167,434			—			—		167,434
Total Rights*		12,197			—			—		12,197
Total Short-Term Investment*		—			238,426,870			—		238,426,870
Total Securities Lending Reinvestments*		—			66,237,974			—		66,237,974
Total Investments	$	474,740,736		$	757,051,102		$	—	$	1,231,791,838
Collateral for Securities Loaned (Liability)	$	—		$	(66,230,620	)	$	—	$	(66,230,620	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	2,647,488		$	—	$	2,647,488
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(132,785	)		—		(132,785	)
Total Forward Contracts	$	—		$	2,514,703		$	—	$	2,514,703
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,756,861		$	—		$	—	$	4,756,861
Futures Contracts (Unrealized Depreciation)		(3,378,269	)		—			—		(3,378,269	)
Total Futures Contracts	$	1,378,592		$	—		$	—	$	1,378,592
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	8,275,628		$	—	$	8,275,628
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(1,299,840	)		—		(1,299,840	)
Total Centrally Cleared Swap Contracts	$	—		$	6,975,788		$	—	$	6,975,788

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	993,364,968
Repurchase Agreement		238,426,870
Cash		155,784
Cash denominated in foreign currencies (c)		2,346,649
Cash collateral (d)		31,835,055
Unrealized appreciation on forward foreign currency exchange contracts		2,647,488
Receivable for:
Investments sold		4,085,878
Fund shares sold		113,159
Dividends and interest		4,447,537
Total Assets		1,277,423,388
Liabilities
Cash collateral for centrally cleared swap contracts		307,258
Unrealized depreciation on forward foreign currency exchange contracts		132,785
Collateral for securities loaned		66,230,620
Payables for:
Investments purchased		13,355,454
Fund shares redeemed		175,038
Variation margin on futures contracts		1,140,932
Variation margin on centrally cleared swap contracts		860,364
Accrued Expenses:
Management fees		629,464
Distribution and service fees		246,525
Deferred trustees’ fees		90,943
Other expenses		562,628
Total Liabilities		83,732,011
Net Assets	$	1,193,691,377
Net Assets Consist of:
Paid in surplus	$	1,083,532,627
Undistributed net investment income		9,533,468
Accumulated net realized gain		47,530,483
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		53,094,799
Net Assets	$	1,193,691,377
Net Assets
Class B	$	1,193,691,377
Capital Shares Outstanding*
Class B		98,924,491
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	12.07

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement, was $951,436,569.
(b)	Includes securities loaned at value of $64,189,820.
(c)	Identified cost of cash denominated in foreign currencies was $2,334,861.
(d)	Includes collateral of $14,160,505 for futures contracts, and $17,674,550 for centrally cleared swap contracts.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	5,528,230
Interest		6,337,788
Securities lending income		232,093
Total investment income		12,098,111
Expenses
Management fees		3,720,271
Administration fees		41,913
Custodian and accounting fees		203,864
Distribution and service fees—Class B		1,456,119
Audit and tax services		43,020
Legal		20,012
Trustees’ fees and expenses		26,454
Shareholder reporting		30,931
Insurance		3,977
Miscellaneous		27,244
Total expenses		5,573,805
Net Investment Income		6,524,306
Net Realized and Unrealized Gain
Net realized gain on:
Investments (b)		20,541,395
Futures contracts		33,458,464
Swap contracts		698,097
Foreign currency transactions		2,277,724
Net realized gain		56,975,680
Net change in unrealized appreciation (depreciation) on:
Investments		13,123,761
Futures contracts		(4,799,876	)
Swap contracts		2,748,566
Foreign currency transactions		5,274,377
Net change in unrealized appreciation		16,346,828
Net realized and unrealized gain		73,322,508
Net Increase in Net Assets From Operations	$	79,846,814

(a)	Net of foreign withholding taxes of $336,175.
(b)	Net of foreign capital gains tax of $808.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,524,306		$	13,369,240
Net realized gain		56,975,680			19,858,298
Net change in unrealized appreciation		16,346,828			30,159,928
Increase in net assets from operations		79,846,814			63,387,466
From Distributions to Shareholders
Net investment income
Class B		(9,449,264	)		(15,950,215	)
Net realized capital gains
Class B		(22,658,948	)		(15,556,383	)
Total distributions		(32,108,212	)		(31,506,598	)
Increase (decrease) in net assets from capital share transactions		(5,052,800	)		22,317,172
Total increase in net assets		42,685,802			54,198,040
Net Assets
Beginning of period		1,151,005,575			1,096,807,535
End of period	$	1,193,691,377		$	1,151,005,575
Undistributed net investment income
End of period	$	9,533,468		$	12,458,426

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class B
Sales		1,776,150		$	21,250,511			6,216,292		$	70,577,639
Reinvestments		2,660,167			32,108,212			2,780,812			31,506,598
Redemptions		(4,877,990	)		(58,411,523	)		(6,975,782	)		(79,767,065	)
Net increase (decrease)		(441,673	)	$	(5,052,800	)		2,021,322		$	22,317,172
Increase (decrease) derived from capital shares transactions				$	(5,052,800	)				$	22,317,172

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-24

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012(a)
Net Asset Value, Beginning of Period	$	11.58		$	11.27		$	11.84		$	11.57		$	10.55		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.07			0.13	(c)		0.11			0.15			0.12			0.14
Net realized and unrealized gain (loss) on investments		0.76			0.50			(0.20	)		0.71			0.94			0.67
Total from investment operations		0.83			0.63			(0.09	)		0.86			1.06			0.81
Less Distributions
Distributions from net investment income		(0.10	)		(0.16	)		(0.12	)		(0.16	)		(0.00	)(d)		(0.08	)
Distributions from net realized capital gains		(0.24	)		(0.16	)		(0.36	)		(0.43	)		(0.04	)		(0.18	)
Total distributions		(0.34	)		(0.32	)		(0.48	)		(0.59	)		(0.04	)		(0.26	)
Net Asset Value, End of Period	$	12.07		$	11.58		$	11.27		$	11.84		$	11.57		$	10.55
Total Return (%) (e)		7.11	(f)		5.65			(0.88	)		7.74			10.11	(g)		8.06	(f)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(h)		0.96			0.97			0.99			1.02			1.24	(h)
Net ratio of expenses to average net assets (%)		0.96	(h)		0.96			0.97			0.99			1.02	(i)		1.10	(h)(i)
Ratio of net investment income to average net assets (%)		1.12	(h)		1.17	(c)		0.89			1.30			1.10			1.96	(h)
Portfolio turnover rate (%)		56	(f)		106			78			85			94			132	(f)
Net assets, end of period (in millions)	$	1,193.7		$	1,151.0		$	1,096.8		$	956.4		$	823.7		$	335.3

(a)	Commencement of operations was April 23, 2012.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(d)	Distributions from net investment income were less than $0.01.
(e)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(f)	Periods less than one year are not computed on an annualized basis.
(g)	In 2013, 0.09% of the Portfolio’s total return for Class B consists of a voluntary reimbursement by the subadvisor for a realized loss. Excluding this item, total return would have been 10.02% for Class B.
(h)	Computed on an annualized basis.
(i)	Includes the effects of expenses reimbursed by the Adviser.

See accompanying notes to consolidated financial statements.

BHFTI-25

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Schroders Global Multi-Asset Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—Schroders Global Multi-Asset Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the Schroders Global Multi-Asset Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary’s inception date is April 23, 2012 and it invests primarily in commodity derivatives, exchange-traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by Schroder Investment Management North America Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of June 30, 2017, the Portfolio held $10,690 in the Subsidiary, representing less than 0.01% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

BHFTI-26

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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 Adviser 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 its net asset value (“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 a 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 its 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 NAV 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 options on swaps (“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.

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

BHFTI-27

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, premium amortization adjustments, partnership adjustments, adjustments to prior period accumulated balances, swap transactions, real estate investment trusts (“REIT”), passive foreign investment companies (“PFICs”) and return of capital adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTI-28

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $238,426,870, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $24,472,091, which is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Consolidated Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-29

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(17,274,026	)	$	—	$	—	$	—	$	(17,274,026	)
Corporate Bonds & Notes		(26,701,044	)		—		—		—		(26,701,044	)
Mutual Funds		(22,255,550	)		—		—		—		(22,255,550	)
Total	$	(66,230,620	)	$	—	$	—	$	—	$	(66,230,620	)
Total Borrowings	$	(66,230,620	)	$	—	$	—	$	—	$	(66,230,620	)
Gross amount of recognized liabilities for securities lending transactions										$	(66,230,620	)

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

BHFTI-30

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the

BHFTI-31

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Equity Swaps: Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	8,275,628	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	1,299,840
	Unrealized appreciation on futures contracts (a) (c)		3,579,021	Unrealized depreciation on futures contracts (a) (c)		565,669
Equity	Unrealized appreciation on futures contracts (a) (c)		1,177,840	Unrealized depreciation on futures contracts (a) (c)		2,812,600
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		2,647,488	Unrealized depreciation on forward foreign currency exchange contracts		132,785
Total		$	15,679,977		$	4,810,894

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
JPMorgan Chase Bank N.A.	$	1,902,085	$	—		$	—	$	1,902,085
UBS AG		745,403		(103,768	)		—		641,635
	$	2,647,488	$	(103,768	)	$	—	$	2,543,720

BHFTI-32

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Morgan Stanley & Co. International	$	29,017	$	—		$	(29,017	)	$	—
UBS AG		103,768		(103,768	)		—			—
	$	132,785	$	(103,768	)	$	(29,017	)	$	—

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	—		$	1,431,446	$	1,431,446
Futures contracts		2,512,376		30,946,088			—		33,458,464
Swap contracts		698,097		—			—		698,097
	$	3,210,473	$	30,946,088		$	1,431,446	$	35,588,007
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	—		$	5,019,707	$	5,019,707
Futures contracts		2,509,810		(7,309,686	)		—		(4,799,876	)
Swap contracts		2,748,566		—			—		2,748,566
	$	5,258,376	$	(7,309,686	)	$	5,019,707	$	2,968,378

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	580,656,598
Futures contracts long		177,686,210
Futures contracts short		(135,585,598	)
Swap contracts		1,488,003,214

‡ Averages are based on activity levels during the period.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically

BHFTI-33

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$46,975,553	$	524,678,637	$	70,044,064	$	359,988,927

BHFTI-34

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$3,720,271		0.680	%	First $100 million
		0.660	%	$100 million to $250 million
		0.640	%	$250 million to $750 million
		0.620	%	$750 million to $1.5 billion
		0.600	%	Over $1.5 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Schroder Investment Management North America Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-35

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2017—(Continued)

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$18,116,294	$	25,885,914	$	13,390,304	$	16,376,803	$	31,506,598	$	42,262,717

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$13,418,470	$	18,342,445	$	30,736,051	$	—	$	62,496,966

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

As of December 31, 2016, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-36

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	88,304,957		4,361,058		7,238,658

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		92,307,478		7,597,196
Robert Boulware		92,465,729		7,438,945
Susan C. Gause		92,532,542		7,372,132
Nancy Hawthorne		92,408,582		7,496,092
Barbara A. Nugent		92,408,611		7,496,063
John Rosenthal		92,457,044		7,447,631
Linda B. Strumpf		92,224,068		7,680,606
Dawn M. Vroegop		92,655,506		7,249,168

BHFTI-37

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Managed by State Street Global Advisors

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the SSGA Growth and Income ETF Portfolio returned 7.77%, 7.56%, and 7.64%, respectively. The Portfolio’s primary benchmark, the MSCI All Country World Index¹, returned 11.48% while the Portfolio’s secondary Custom Benchmark², returned 7.03% over the same period.

MARKET ENVIRONMENT / CONDITIONS

Global markets ushered in 2017 on a cautiously positive note in January with new all-time highs established in U.S. equity markets, even as a number of other reflationary market trends paused or reversed. While global equity markets continued to muscle higher in January for a third consecutive month, post-election rallies that took U.S. Treasury yields and the U.S. dollar to multi-year highs in December of 2016 showed hesitation in January with the U.S. ten year yield barely higher on the month and the U.S. Dollar Index declining 2.6%. The change in tone in some markets was consistent with a ‘wait and see’ approach as the new U.S. presidential administration took office on January 20^th after two months of market action anticipating the unveiling of the pro-growth, business friendly Trump agenda. For the final days of January following the inauguration, however, little detail was available on any specific fiscal policy proposals likely to move forward to Congress for consideration.

February saw a continuation of the positive sentiment evident in global equity markets during the first month of the year, and by some measures, an acceleration of it. After opening 2017 with a respectable gain of 1.9% in January, the S&P 500 Total Return Index better than doubled that performance in February, rising 4% on the month and taking year to date returns to the higher side of what many forecasters penciled in for all of 2017 just a couple of months earlier. In another sign of how sanguine investors were feeling, the beginning of the year rally coincided with the broadly watched CBOE VIX Index of S&P 500 implied volatility declining to levels not seen since mid-2014 in February. Even more pronounced was the decline in realized volatility on the S&P 500 to 6.5% at the close of February, the lowest level since October of 1995. That episode occurred during what would ultimately turn into the longest U.S. bull market on record. In comparison, the current bull market turned eight years old on March 9^th and is the second longest bull market in history.

March betrayed some mixed signals as to the staying power of the U.S. led global reflation rally that manifested itself in global equity markets to start the year. After starting the month on March 1^st with a 1.4% gain, the strongest daily performance of 2017, the S&P 500 index meandered lower during much of the rest of March to finish the month near unchanged. The positive surge in U.S. stocks to open the month coincided with a very positive response to U.S. President Donald Trump’s address to Congress on February 28^th. But political and policy concerns weighed on markets toward the end of the month as the failed attempt to advance a health care bill exposed fissures in the Republican Party and caused some market participants to question the likelihood of other policy priorities.

April 2017 saw a measure of investor fear return in global risk markets following a four-and-a-half-month period of relative complacency coinciding with implied volatility levels across many asset classes declining to multi year lows and strong gains in global equity markets. The most identifiable driver of this return of investor caution in April was the looming first round of the French presidential election. That contest became more of a nail biter as the vote approached on April 23rd with four candidates, including two strongly antiestablishment from the left and right, plausibly making the second round May 7th runoff. With the precedent of ‘Brexit’ (Great Britain’s referendum on leaving the European Union) and the victory of Donald Trump the prior year, many participants seemed ready to hedge the risk of a volatile second round election in France by buying insurance on European equities and the Euro currency. This activity sent measures of near term implied volatilities on each to the highest levels since immediately after Great Britain voted to exit the European Union. Once the votes were tallied on the evening of the 23rd, however, it was clear that only one antiestablishment candidate would be on the ballot for the second round vote on May 7th and market volatility indices tumbled to the more benign levels measured before the polls began to tighten. The establishment friendly outcome also sparked a 3.8% rally in the MSCI Europe Index for April 24th towards a year to date gain through the end of April of 11.5%, the best among the major regional developed indices.

May provided favorable payoffs to investors positioning for a range of economic developments. Positive returns were realized for those embracing a narrative of continuing global economic and earnings growth that would continue to buoy equities, and also for those taking a more skeptical stance on the global reflation theme that would argue for protection in risk havens such as longer term government bonds. For diversified global equity investors, May delivered a seventh consecutive month of positive performance across regional indices, taking the MSCI All Country Total Return Index to a monthly gain of 2.2%* and a year to date gain 11.3%*. May also proved to be the best month of the year for holders of long term U.S. Treasuries as the Bloomberg Barclays U.S. Long Treasury Index advanced 2.0% in large part attributable to a moderation of longer term inflation expectations. The not so hot, not so cold economic backdrop awakened a chorus of references to a new ‘Goldilocks’ economy in the financial press. Such a backdrop could further elongate the current cycle as a moderate rate of positive growth and inflation would be just enough to continue to boost earnings without eliciting a more aggressive response from central banks to normalize financial conditions with higher interest rates. Where some investors did have less favorable outcomes in May were in exposure to inflation hedges such as commodities and inflation linked government bonds which underperformed on the moderating outlook for prices.

BHFTI-1

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Managed by State Street Global Advisors

Portfolio Manager Commentary*—(Continued)

Inflation expectations continued to gravitate lower in early June, taking the U.S. 10 year Treasury yield down to a seven month low of 2.1% on June 14^th as 10 year breakeven rates declined to 1.7% from levels above 2% just three months earlier. Undeterred by the lower inflation outlook, the Federal Reserve (the “Fed”) on that same day raised interest rates for the second time in 2017 to limited market reaction. Seemingly more impactful central bank communications for markets in June were comments made by European Central Bank (the “ECB”) president Mario Draghi on June 27^th at the ECB’s annual economic policy conference signaling a more upbeat economic assessment within the bank. President Draghi stated that “All the signs now point to a strengthening and broadening recovery in the Euro area” and that “Deflationary forces have now been replaced by reflationary ones”. The less cautious tone sent European bond yields sharply higher, including a 13 basis point move higher in German 10 year yields on the day towards a near doubling in yields to close the month at 46 basis points. The large move in yields corresponded with an expectation that a less accommodative ECB would soon be announcing a tapering in its €60 billion per month bond buying program. U.S. yields also moved higher as part of the broader global sell off the last four days of the month, pushing the 10 year U.S. Treasury yield 10 basis points higher on the month. The more hawkish ECB tone also resulted in a 1.4% gain in the Euro over the U.S. Dollar on June 27^th, the largest one day move since June 2016. An early removal of monetary stimulus did not seem to sit well with European equity markets, however, where the MSCI Europe Index succumbed to its first loss in six months on a four day selloff coincident with the spike in bond yields during the final days of the month.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the first half of 2017, our quantitative models designed to forecast investor risk appetites were suggestive of an environment suited for more aggressive risk allocations within the Portfolio. Given these conditions and improving return expectations for equities in our asset class models, we spent much of the period with a reasonable overweight position to stocks over bonds.

The biggest contributor to overall performance was the decision to broadly overweight growth assets versus more defensive assets. The bulk of equity sub-classes enjoyed high single to double digit returns for the period and far exceed the returns posted across most fixed income assets. Within equities, an overweight to developed market stocks outside of the U.S., as well as position in both the technology and industrial sector funds all proved favorable for the Portfolio.

With the U.S. dollar generally weakening against the yen, a small position in hedged Japanese equities underperformed versus unhedged exposure. Overweight positions in investment grade credit and high yield bonds, while positive on an absolute basis, still underperformed the broader benchmark, contributing negatively to overall return from a tactical perspective.

Looking ahead for the remainder of 2017 in our tactical positioning, our view of global equity markets is broadly optimistic on the continuing positive trends in corporate earnings across regions. For the U.S., we are cognizant that expectations for an improved growth trajectory have been tempered for the new Trump administration as the legislative agenda appears stalled. Thus, continued lack of progress on anticipated initiatives or a growth disappointment could create challenges. Our allocations include overweight positions to international developed markets in Europe and Asia-Pacific, a smaller overweight to US equities and a small overweight to emerging markets. Across broad asset classes, at period end the Portfolio continued to hold an overweight position in growth assets, primarily equities over fixed income and cash. In fixed income, we positioned the Portfolio for global government interest rates to continue to gradually rise as policy is normalized across regions and hold an overall negative position on U.S. duration. At period end we expected some modest flattening in the U.S. yield curve as near term policy tightening should have a greater impact on short term rates while longer term rates stay more firmly anchored. At period end the Portfolio remained neutral in high yield bonds as spread compression to near-cycle lows may limit further gains as the cycle matures.

Mike Martel

Tim Furbush

Portfolio Managers

State Street Global Advisors

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
SSGA Growth and Income ETF Portfolio
Class A		7.77		10.05		7.58		4.97
Class B		7.56		9.65		7.31		4.70
Class E		7.64		9.82		7.42		4.81
MSCI ACWI (All Country World Index)		11.48		18.78		10.54		3.71

¹ The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		26.1
iShares MSCI EAFE ETF		14.6
Vanguard Total Bond Market ETF		13.1
SPDR Bloomberg Barclays High Yield Bond ETF		10.1
iShares Core MSCI Emerging Markets ETF		6.0
iShares TIPS Bond ETF		5.0
Vanguard REIT ETF		3.0
iShares Core S&P Small-Cap ETF		3.0
Health Care Select Sector SPDR Fund		2.1
Industrial Select Sector SPDR Fund		2.1

BHFTI-3

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

SSGA Growth and Income ETF Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.32	%	$	1,000.00	$	1,077.70	$	1.65
	Hypothetical*		0.32	%	$	1,000.00	$	1,023.21	$	1.61
Class B(a)	Actual		0.57	%	$	1,000.00	$	1,075.60	$	2.93
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86
Class E(a)	Actual		0.47	%	$	1,000.00	$	1,076.40	$	2.42
	Hypothetical*		0.47	%	$	1,000.00	$	1,022.46	$	2.36

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

BHFTI-4

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Funds—98.2% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—98.2%
Health Care Select Sector SPDR Fund (a) (b)		685,844	$	54,346,279
Industrial Select Sector SPDR Fund (a) (b)		789,507		53,773,322
iShares 20+ Year Treasury Bond ETF (a)		215,428		26,954,351
iShares Core MSCI Emerging Markets ETF (a)		3,120,058		156,127,702
iShares Core S&P Mid-Cap ETF (a)		304,612		52,987,257
iShares Core S&P Small-Cap ETF (a)		1,124,339		78,827,407
iShares MSCI Canada ETF (a)		1,147,310		30,702,016
iShares MSCI EAFE ETF (a)		5,871,435		382,817,562
iShares TIPS Bond ETF (a)		1,154,425		130,946,428
SPDR Bloomberg Barclays High Yield Bond ETF (a) (b)		7,083,012		263,488,047
SPDR Dow Jones International Real Estate ETF (b)		1,333,385		50,801,969
SPDR S&P 500 ETF Trust (b)		2,816,289		680,978,680
SPDR S&P International Small Cap ETF (b)		1,579,609		52,695,756
Technology Select Sector SPDR Fund (a) (b)		919,350		50,306,832
Vanguard FTSE Europe ETF (a)		473,200		26,092,248
Vanguard FTSE Pacific ETF (a)		794,733		52,293,431
Vanguard REIT ETF (a)		956,293		79,592,266
Vanguard Total Bond Market ETF		4,185,764		342,521,068
Total Mutual Funds (Cost $2,380,441,602)				2,566,252,621
Short-Term Investment—1.8%
Mutual Fund—1.8%
AIM STIT-STIC Prime Portfolio		45,869,587		45,869,587
Total Short-Term Investments (Cost $45,869,587)				45,869,587
Securities Lending Reinvestments (c)—16.8%
Certificates of Deposit—9.1%
ABN AMRO Bank NV Zero Coupon, 09/05/17		7,468,632		7,484,250
Banco Del Estado De Chile New York 1.429%, 10/19/17 (d)		9,000,000		9,002,142
Bank of Montreal 1.210%, 07/17/17		15,000,000		15,000,000
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (d)		20,000,000		20,019,520
Chiba Bank, Ltd., New York 1.170%, 07/11/17		9,000,000		8,999,892
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		8,000,000		8,009,224
1.558%, 10/13/17 (d)		7,000,000		7,009,496
Credit Suisse AG New York 1.432%, 10/16/17 (d)		10,000,000		10,002,140
1.466%, 10/25/17 (d)		7,000,000		7,000,414
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		9,000,000		9,001,125
HSBC Bank New York 1.411%, 08/01/17 (d)		12,500,000		12,503,738
Certificates of Deposit—(Continued)
KBC Bank NV Zero Coupon, 08/22/17		14,951,093		14,975,850
1.200%, 07/18/17		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (d)		5,000,000		5,001,120
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (d)		6,000,000		5,999,802
1.469%, 10/18/17 (d)		2,500,000		2,499,830
National Australia Bank London 1.480%, 11/09/17 (d)		8,000,000		8,006,480
Norinchukin Bank New York 1.377%, 10/13/17 (d)		2,000,000		2,001,375
1.584%, 08/21/17 (d)		15,000,000		15,005,535
Royal Bank of Canada New York 1.555%, 10/13/17 (d)		3,000,000		3,003,033
Shizuoka Bank New York 1.220%, 07/17/17		10,000,000		10,000,040
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		6,000,000		5,999,454
1.717%, 07/10/17		5,002,342		5,001,162
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		13,000,000		12,999,051
1.342%, 11/16/17 (d)		5,000,000		4,999,685
1.377%, 10/11/17 (d)		3,000,000		3,002,113
1.466%, 10/26/17 (d)		2,500,000		2,500,640
1.552%, 08/16/17 (d)		5,000,000		5,001,505
UBS, Stamford 1.722%, 07/31/17 (d)		4,004,088		4,002,285
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		9,600,000		9,608,582
				238,639,483
Commercial Paper—3.9%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		8,225,601		8,247,014
Barton Capital S.A. 1.210%, 07/10/17		21,432,072		21,492,991
1.290%, 09/12/17		2,491,938		2,493,880
ING Funding LLC 1.234%, 12/07/17 (d)		10,000,000		10,003,453
1.277%, 11/13/17 (d)		7,500,000		7,499,452
LMA S.A. & LMA Americas 1.150%, 07/07/17		2,999,329		2,999,617
1.170%, 07/20/17		4,986,025		4,996,815
1.180%, 07/11/17		4,237,463		4,248,589
Ridgefield Funding Co. LLC 1.604%, 08/21/17 (d)		8,000,000		8,003,368
Sheffield Receivables Co. 1.220%, 08/15/17		9,968,822		9,983,720
1.230%, 07/07/17		21,931,598		21,994,852
				101,963,751

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Master Demand Notes—0.5%
Natixis Financial Products LLC 1.390%, 07/03/17 (d)		5,000,000	$	5,000,000
1.410%, 07/03/17 (d)		7,000,000		7,000,000
				12,000,000
Repurchase Agreements—2.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $273,921 on 07/03/17, collateralized by $285,122 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $279,375.		273,896		273,896
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $3,002,325 on 07/03/17, collateralized by $652 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $3,335,471.		3,000,000		3,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $16,077,520 on 09/29/17, collateralized by various Common Stock with a value of $17,600,004.		16,000,000		16,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $12,194,370 on 10/02/17, collateralized by various Common Stock with a value of $13,200,000.		12,000,000		12,000,000
Natixis New York Repurchase Agreement dated 06/29/17 at 1.270% to be repurchased at $30,007,408 on 07/06/17, collateralized by $59,821,855 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $30,603,563.		30,000,000		30,000,000
				71,273,896
Time Deposits—0.6%
ABN AMRO Bank NV 1.180%, 07/07/17		11,999,553		11,999,553
Australia New Zealand Bank 1.150%, 07/03/17		500,000		500,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		1,600,000		1,600,000
				16,099,553
Total Securities Lending Reinvestments (Cost $439,896,191)				439,976,683
Total Investments—116.8% (Cost $2,866,207,380) (e)				3,052,098,891
Other assets and liabilities (net)—(16.8)%				(438,887,179	)
Net Assets—100.0%			$	2,613,211,712

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $430,596,993 and the collateral received consisted of cash in the amount of $439,672,452. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $2,866,207,380. The aggregate unrealized appreciation and depreciation of investments were $201,086,847 and $(15,195,336), respectively, resulting in net unrealized appreciation of $185,891,511.
(ETF)—	Exchange-Traded Fund

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	2,566,252,621	$	—		$	—	$	2,566,252,621
Total Short-Term Investment*		45,869,587		—			—		45,869,587
Total Securities Lending Reinvestments*		—		439,976,683			—		439,976,683
Total Investments	$	2,612,122,208	$	439,976,683		$	—	$	3,052,098,891
Collateral for Securities Loaned (Liability)	$	—	$	(439,672,452	)	$	—	$	(439,672,452	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,845,708,006
Affiliated investments at value (c) (d)		1,206,390,885
Receivable for:
Fund shares sold		12,838
Dividends		29,980
Dividends on affiliated investments		3,108,235
Total Assets		3,055,249,944
Liabilities
Collateral for securities loaned		439,672,452
Payables for:
Fund shares redeemed		946,201
Accrued Expenses:
Management fees		661,401
Distribution and service fees		533,993
Administration fees		12,772
Custodian and accounting fees		27,710
Deferred trustees’ fees		115,782
Other expenses		67,921
Total Liabilities		442,038,232
Net Assets	$	2,613,211,712
Net Assets Consist of:
Paid in surplus	$	2,344,964,872
Undistributed net investment income		27,188,162
Accumulated net realized gain		55,167,167
Unrealized appreciation on investments and affiliated investments		185,891,511
Net Assets	$	2,613,211,712
Net Assets
Class A	$	29,766,133
Class B		2,574,189,475
Class E		9,256,104
Capital Shares Outstanding*
Class A		2,563,908
Class B		223,166,769
Class E		800,405
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.61
Class B		11.53
Class E		11.56

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,793,232,846.
(b)	Includes securities loaned at value of $173,858,508.
(c)	Identified cost of affiliated investments was $1,072,974,534.
(d)	Includes securities loaned at value of $256,738,485.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	15,606,440
Dividends from affiliated investments		15,915,939
Securities lending income		1,883,420
Total investment income		33,405,799
Expenses
Management fees		3,960,598
Administration fees		10,997
Custodian and accounting fees		14,886
Distribution and service fees—Class B		3,190,100
Distribution and service fees—Class E		7,345
Audit and tax services		19,584
Legal		18,249
Trustees’ fees and expenses		26,454
Shareholder reporting		27,870
Insurance		8,939
Miscellaneous		11,698
Total expenses		7,296,720
Net Investment Income		26,109,079
Net Realized and Unrealized Gain
Net realized gain on:
Investments		12,464,007
Affiliated investments		59,293,958
Net realized gain		71,757,965
Net change in unrealized appreciation on:
Investments		63,797,315
Affiliated investments		29,318,287
Net change in unrealized appreciation		93,115,602
Net realized and unrealized gain		164,873,567
Net Increase in Net Assets From Operations	$	190,982,646

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	26,109,079		$	64,548,215
Net realized gain		71,757,965			4,067,495
Net change in unrealized appreciation		93,115,602			78,847,062
Increase in net assets from operations		190,982,646			147,462,772
From Distributions to Shareholders
Net investment income
Class A		(783,681	)		(734,683	)
Class B		(62,699,994	)		(60,889,014	)
Class E		(241,181	)		(235,813	)
Net realized capital gains
Class A		(89,280	)		(1,600,300	)
Class B		(7,864,808	)		(147,745,403	)
Class E		(29,136	)		(549,952	)
Total distributions		(71,708,080	)		(211,755,165	)
Decrease in net assets from capital share transactions		(75,500,942	)		(27,311,732	)
Total increase (decrease) in net assets		43,773,624			(91,604,125	)
Net Assets
Beginning of period		2,569,438,088			2,661,042,213
End of period	$	2,613,211,712		$	2,569,438,088
Undistributed net investment income
End of period	$	27,188,162		$	64,803,939

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		105,358		$	1,220,766			358,163		$	3,998,457
Reinvestments		75,190			872,961			218,019			2,334,983
Redemptions		(198,668	)		(2,291,266	)		(361,084	)		(4,038,683	)
Net increase (decrease)		(18,120	)	$	(197,539	)		215,098		$	2,294,757
Class B
Sales		2,129,064		$	24,298,583			3,334,395		$	37,045,287
Reinvestments		6,114,801			70,564,802			19,608,498			208,634,417
Redemptions		(14,752,010	)		(169,313,233	)		(24,877,329	)		(274,953,556	)
Net decrease		(6,508,145	)	$	(74,449,848	)		(1,934,436	)	$	(29,273,852	)
Class E
Sales		37,984		$	433,061			86,804		$	961,966
Reinvestments		23,364			270,317			73,642			785,765
Redemptions		(133,659	)		(1,556,933	)		(185,152	)		(2,080,368	)
Net decrease		(72,311	)	$	(853,555	)		(24,706	)	$	(332,637	)
Decrease derived from capital shares transactions				$	(75,500,942	)				$	(27,311,732	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.10		$	11.41		$	12.62		$	12.98		$	12.08		$	11.21
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.31			0.28			0.31			0.31			0.34
Net realized and unrealized gain (loss) on investments		0.74			0.34			(0.46	)		0.43			1.22			1.09
Total from investment operations		0.87			0.65			(0.18	)		0.74			1.53			1.43
Less Distributions
Distributions from net investment income		(0.32	)		(0.30	)		(0.32	)		(0.33	)		(0.34	)		(0.30	)
Distributions from net realized capital gains		(0.04	)		(0.66	)		(0.71	)		(0.77	)		(0.29	)		(0.26	)
Total distributions		(0.36	)		(0.96	)		(1.03	)		(1.10	)		(0.63	)		(0.56	)
Net Asset Value, End of Period	$	11.61		$	11.10		$	11.41		$	12.62		$	12.98		$	12.08
Total Return (%) (b)		7.77	(c)		6.03			(1.77	)		6.14			13.22			13.11
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.32	(e)		0.32			0.31			0.31			0.31			0.32
Ratio of net investment income to average net assets (%) (f)		2.27	(e)		2.75			2.30			2.45			2.52			2.96
Portfolio turnover rate (%)		32	(c)		60			43			55			47			39
Net assets, end of period (in millions)	$	29.8		$	28.7		$	27.0		$	28.4		$	28.1		$	21.1
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.02		$	11.33		$	12.53		$	12.90		$	12.01		$	11.15
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.27			0.25			0.27			0.27			0.30
Net realized and unrealized gain (loss) on investments		0.73			0.35			(0.45	)		0.42			1.22			1.10
Total from investment operations		0.84			0.62			(0.20	)		0.69			1.49			1.40
Less Distributions
Distributions from net investment income		(0.29	)		(0.27	)		(0.29	)		(0.29	)		(0.31	)		(0.28	)
Distributions from net realized capital gains		(0.04	)		(0.66	)		(0.71	)		(0.77	)		(0.29	)		(0.26	)
Total distributions		(0.33	)		(0.93	)		(1.00	)		(1.06	)		(0.60	)		(0.54	)
Net Asset Value, End of Period	$	11.53		$	11.02		$	11.33		$	12.53		$	12.90		$	12.01
Total Return (%) (b)		7.56	(c)		5.78			(1.96	)		5.81			12.93			12.85
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.57	(e)		0.57			0.56			0.56			0.56			0.57
Ratio of net investment income to average net assets (%) (f)		2.01	(e)		2.46			2.04			2.17			2.21			2.64
Portfolio turnover rate (%)		32	(c)		60			43			55			47			39
Net assets, end of period (in millions)	$	2,574.2		$	2,531.1		$	2,623.8		$	2,908.8		$	3,006.7		$	2,879.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.05		$	11.36		$	12.57		$	12.93		$	12.03		$	11.17
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.28			0.26			0.28			0.29			0.32
Net realized and unrealized gain (loss) on investments		0.73			0.35			(0.46	)		0.44			1.23			1.09
Total from investment operations		0.85			0.63			(0.20	)		0.72			1.52			1.41
Less Distributions
Distributions from net investment income		(0.30	)		(0.28	)		(0.30	)		(0.31	)		(0.33	)		(0.29	)
Distributions from net realized capital gains		(0.04	)		(0.66	)		(0.71	)		(0.77	)		(0.29	)		(0.26	)
Total distributions		(0.34	)		(0.94	)		(1.01	)		(1.08	)		(0.62	)		(0.55	)
Net Asset Value, End of Period	$	11.56		$	11.05		$	11.36		$	12.57		$	12.93		$	12.03
Total Return (%) (b)		7.64	(c)		5.87			(1.93	)		6.00			13.11			12.91
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.47	(e)		0.47			0.46			0.46			0.46			0.47
Ratio of net investment income to average net assets (%) (f)		2.09	(e)		2.54			2.11			2.26			2.34			2.76
Portfolio turnover rate (%)		32	(c)		60			43			55			47			39
Net assets, end of period (in millions)	$	9.3		$	9.6		$	10.2		$	12.0		$	12.2		$	10.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Growth and Income ETF Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds (“Underlying ETFs”), including, but not limited to, series of the iShares^® Trust, iShares^®, Inc., Standard and Poors Depositary Receipts of the S&P 500 ETF Trust and Vanguard ETFs of the Vanguard^® Index Funds.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. The net asset value (“NAV”) of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

Investments in registered open-end management investment companies are valued at reported NAV per share and are categorized as Level 1 within the fair value hierarchy.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

BHFTI-12

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances and distributions received from underlying ETFs. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $71,273,896. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-13

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

All securities on loan are classified as Mutual Funds in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio and the Underlying ETFs invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio and the Underlying ETFs may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio and the Underlying ETFs; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio and the Underlying ETFs may be exposed to counterparty risk, or the risk that an entity with which the Portfolio and the Underlying ETFs have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio and the Underlying ETFs to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio and the Underlying ETFs manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio and the Underlying ETFs’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio and the Underlying ETFs restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Portfolio and the Underlying ETFs undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio and the Underlying ETFs in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	818,421,254	$	0	$	895,403,477

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$3,960,598		0.330	%	First $500 million
		0.300	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-14

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Underlying ETFs

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Underlying ETF/Security	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Consumer Discretionary Select Sector SPDR Fund		—		575,858		(575,858	)		—
Financial Select Sector SPDR Fund		—		2,335,274		(2,335,274	)		—
Health Care Select Sector SPDR Fund		—		685,844		—			685,844
Industrial Select Sector SPDR Fund		815,483		—		(25,976	)		789,507
Materials Select Sector SPDR Fund		1,011,315		—		(1,011,315	)		—
SPDR Bloomberg Barclays High Yield Bond ETF		8,469,385		61,825		(1,448,198	)		7,083,012
SPDR Dow Jones International Real Estate ETF		2,025,614		—		(692,229	)		1,333,385
SPDR Gold Shares		234,592		—		(234,592	)		—
SPDR S&P 500 ETF Trust		3,011,320		262,179		(457,210	)		2,816,289
SPDR S&P Dividend ETF		296,548		—		(296,548	)		—
SPDR S&P International Small Cap ETF		1,681,613		—		(102,004	)		1,579,609
SPDR S&P MidCap 400 ETF Trust		168,230		—		(168,230	)		—
Technology Select Sector SPDR Fund		1,088,809		—		(169,459	)		919,350
Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Affiliated Investments		Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments			Ending Value as of June 30, 2017
Consumer Discretionary Select Sector SPDR Fund	$	32,490	$	—	$	—		$	—
Financial Select Sector SPDR Fund		534,083		—		184,183			—
Health Care Select Sector SPDR Fund		—		—		211,119			54,346,279
Industrial Select Sector SPDR Fund		245,293		—		489,725			53,773,322

BHFTI-15

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Affiliated Investments			Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments		Ending Value as of June 30, 2017
Materials Select Sector SPDR Fund	$	5,244,167		$	—	$	—	$	—
SPDR Bloomberg Barclays High Yield Bond ETF		(4,479,940	)		—		7,369,024		263,488,047
SPDR Dow Jones International Real Estate ETF		(862,682	)		—		782,973		50,801,969
SPDR Gold Shares		(1,935,912	)		—		—		—
SPDR S&P 500 ETF Trust		53,243,178			—		6,333,330		680,978,680
SPDR S&P Dividend ETF		(181,417	)		—		—		—
SPDR S&P International Small Cap ETF		782,689			—		—		52,695,756
SPDR S&P MidCap 400 ETF Trust		5,561,185			—		138,421		—
Technology Select Sector SPDR Fund		1,110,824			—		407,164		50,306,832
	$	59,293,958		$	—	$	15,915,939	$	1,206,390,885

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$61,859,510	$	88,566,332	$	149,895,655	$	136,560,381	$	211,755,165	$	225,126,713

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$64,905,759	$	6,991,483	$	77,176,854	$	—	$	149,074,096

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTI-16

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-17

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
212,157,949		10,141,987		13,240,908

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		220,900,768		14,640,076
Robert Boulware		220,788,978		14,751,867
Susan C. Gause		220,874,156		14,666,688
Nancy Hawthorne		220,556,673		14,984,171
Barbara A. Nugent		220,953,403		14,587,441
John Rosenthal		220,863,482		14,677,362
Linda B. Strumpf		220,502,398		15,038,446
Dawn M. Vroegop		220,669,057		14,871,788

BHFTI-18

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Managed by State Street Global Advisors

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the SSGA Growth ETF Portfolio returned 9.35%, 9.15%, and 9.23%, respectively. The Portfolio’s primary benchmark, the MSCI All Country World Index¹, returned 11.48% while the Portfolio’s secondary Custom Benchmark², returned 8.60% over the same period.

MARKET ENVIRONMENT / CONDITIONS

Global markets ushered in 2017 on a cautiously positive note in January with new all-time highs established in U.S. equity markets, even as a number of other reflationary market trends paused or reversed. While global equity markets continued to muscle higher in January for a third consecutive month, post-election rallies that took U.S. Treasury yields and the U.S. dollar to multi-year highs in December of 2016 showed hesitation in January with the U.S. ten year yield barely higher on the month and the U.S. Dollar Index declining 2.6%. The change in tone in some markets was consistent with a ‘wait and see’ approach as the new U.S. presidential administration took office on January 20^th after two months of market action anticipating the unveiling of the pro-growth, business friendly Trump agenda. For the final days of January following the inauguration, however, little detail was available on any specific fiscal policy proposals likely to move forward to Congress for consideration.

February saw a continuation of the positive sentiment evident in global equity markets during the first month of the year, and by some measures, an acceleration of it. After opening 2017 with a respectable gain of 1.9% in January, the S&P 500 Total Return Index better than doubled that performance in February, rising 4% on the month and taking year to date returns to the higher side of what many forecasters penciled in for all of 2017 just a couple of months earlier. In another sign of how sanguine investors were feeling, the beginning of the year rally coincided with the broadly watched CBOE VIX Index of S&P 500 implied volatility declining to levels not seen since mid-2014 in February. Even more pronounced was the decline in realized volatility on the S&P 500 to 6.5% at the close of February, the lowest level since October of 1995. That episode occurred during what would ultimately turn into the longest U.S. bull market on record. In comparison, the current bull market turned eight years old on March 9^th and is the second longest bull market in history.

March betrayed some mixed signals as to the staying power of the U.S. led global reflation rally that manifested itself in global equity markets to start the year. After starting the month on March 1^st with a 1.4% gain, the strongest daily performance of 2017, the S&P 500 index meandered lower during much of the rest of March to finish the month near unchanged. The positive surge in U.S. stocks to open the month coincided with a very positive response to U.S. President Donald Trump’s address to Congress on February 28^th. But political and policy concerns weighed on markets toward the end of the month as the failed attempt to advance a health care bill exposed fissures in the Republican Party and caused some market participants to question the likelihood of other policy priorities.

April 2017 saw a measure of investor fear return in global risk markets following a four-and-a-half-month period of relative complacency coinciding with implied volatility levels across many asset classes declining to multi year lows and strong gains in global equity markets. The most identifiable driver of this return of investor caution in April was the looming first round of the French presidential election. That contest became more of a nail biter as the vote approached on April 23rd with four candidates, including two strongly antiestablishment from the left and right, plausibly making the second round May 7th runoff. With the precedent of ‘Brexit’ (Great Britain’s referendum on leaving the European Union) and the victory of Donald Trump the prior year, many participants seemed ready to hedge the risk of a volatile second round election in France by buying insurance on European equities and the Euro currency. This activity sent measures of near term implied volatilities on each to the highest levels since immediately after Great Britain voted to exit the European Union. Once the votes were tallied on the evening of the 23rd, however, it was clear that only one antiestablishment candidate would be on the ballot for the second round vote on May 7th and market volatility indices tumbled to the more benign levels measured before the polls began to tighten. The establishment friendly outcome also sparked a 3.8% rally in the MSCI Europe Index for April 24th towards a year to date gain through the end of April of 11.5%, the best among the major regional developed indices.

May provided favorable payoffs to investors positioning for a range of economic developments. Positive returns were realized for those embracing a narrative of continuing global economic and earnings growth that would continue to buoy equities, and also for those taking a more skeptical stance on the global reflation theme that would argue for protection in risk havens such as longer term government bonds. For diversified global equity investors, May delivered a seventh consecutive month of positive performance across regional indices, taking the MSCI All Country Total Return Index to a monthly gain of 2.2%* and a year to date gain 11.3%*. May also proved to be the best month of the year for holders of long term U.S. Treasuries as the Bloomberg Barclays U.S. Long Treasury Index advanced 2.0% in large part attributable to a moderation of longer term inflation expectations. The not so hot, not so cold economic backdrop awakened a chorus of references to a new ‘Goldilocks’ economy in the financial press. Such a backdrop could further elongate the current cycle as a moderate rate of positive growth and inflation would be just enough to continue to boost earnings without eliciting a more aggressive response from central banks to normalize financial conditions with higher interest rates. Where some investors did have less favorable outcomes in May were in exposure to inflation hedges such as commodities and inflation linked government bonds which underperformed on the moderating outlook for prices.

BHFTI-1

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Managed by State Street Global Advisors

Portfolio Manager Commentary*—(Continued)

Inflation expectations continued to gravitate lower in early June, taking the U.S. 10 year Treasury yield down to a seven month low of 2.1% on June 14^th as 10 year breakeven rates declined to 1.7% from levels above 2% just three months earlier. Undeterred by the lower inflation outlook, the Federal Reserve (the “Fed”) on that same day raised interest rates for the second time in 2017 to limited market reaction. Seemingly more impactful central bank communications for markets in June were comments made by European Central Bank (the “ECB”) president Mario Draghi on June 27^th at the ECB’s annual economic policy conference signaling a more upbeat economic assessment within the bank. President Draghi stated that “All the signs now point to a strengthening and broadening recovery in the Euro area” and that “Deflationary forces have now been replaced by reflationary ones”. The less cautious tone sent European bond yields sharply higher, including a 13 basis point move higher in German 10 year yields on the day towards a near doubling in yields to close the month at 46 basis points. The large move in yields corresponded with an expectation that a less accommodative ECB would soon be announcing a tapering in its €60 billion per month bond buying program. U.S. yields also moved higher as part of the broader global sell off the last four days of the month, pushing the 10 year U.S. Treasury yield 10 basis points higher on the month. The more hawkish ECB tone also resulted in a 1.4% gain in the Euro over the U.S. Dollar on June 27^th, the largest one day move since June 2016. An early removal of monetary stimulus did not seem to sit well with European equity markets, however, where the MSCI Europe Index succumbed to its first loss in six months on a four day selloff coincident with the spike in bond yields during the final days of the month.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the first half of 2017, our quantitative models designed to forecast investor risk appetites were suggestive of an environment suited for more aggressive risk allocations within the Portfolio. Given these conditions and improving return expectations for equities in our asset class models, we spent much of the period with a reasonable overweight position to stocks over bonds.

The biggest contributor to overall performance was the decision to broadly overweight growth assets versus more defensive assets. The bulk of equity sub-classes enjoyed high single to double digit returns for the period and far exceed the returns posted across most fixed income assets. Within equities, an overweight to developed market stocks outside of the U.S., as well as position in both the technology and industrial sector funds all proved favorable for the Portfolio.

With the U.S. dollar generally weakening against the yen, a small position in hedged Japanese equities underperformed versus unhedged exposure. Overweight positions in investment grade credit and high yield bonds, while positive on an absolute basis, still underperformed the broader benchmark, contributing negatively to overall return from a tactical perspective.

Looking ahead for the remainder of 2017 in our tactical positioning, our view of global equity markets is broadly optimistic on the continuing positive trends in corporate earnings across regions. For the U.S., we are cognizant that expectations for an improved growth trajectory have been tempered for the new Trump administration as the legislative agenda appears stalled. Thus, continued lack of progress on anticipated initiatives or a growth disappointment could create challenges. Our allocations include overweight positions to international developed markets in Europe and Asia-Pacific, a smaller overweight to US equities and a small overweight to emerging markets. Across broad asset classes, at period end the Portfolio continued to hold an overweight position in growth assets, primarily equities over fixed income and cash. In fixed income, we positioned the Portfolio for global government interest rates to continue to gradually rise as policy is normalized across regions and hold an overall negative position on U.S. duration. At period end we expected some modest flattening in the U.S. yield curve as near term policy tightening should have a greater impact on short term rates while longer term rates stay more firmly anchored. At period end the Portfolio remained neutral in high yield bonds as spread compression to near-cycle lows may limit further gains as the cycle matures.

Mike Martel

Tim Furbush

Portfolio Managers

State Street Global Advisors

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
SSGA Growth ETF Portfolio
Class A		9.35		13.44		9.22		4.71
Class B		9.15		13.15		8.96		4.45
Class E		9.23		13.23		9.05		4.55
MSCI ACWI (All Country World Index)		11.48		18.78		10.54		3.71

¹ The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		31.0
iShares MSCI EAFE ETF		20.9
iShares Core MSCI Emerging Markets ETF		8.0
iShares Core S&P Mid-Cap ETF		5.1
SPDR Bloomberg Barclays High Yield Bond ETF		5.0
iShares Core S&P Small-Cap ETF		5.0
Vanguard REIT ETF		3.0
SPDR S&P International Small Cap ETF		3.0
iShares TIPS Bond ETF		3.0
Health Care Select Sector SPDR Fund		2.1

BHFTI-3

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

SSGA Growth ETF Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.34	%	$	1,000.00	$	1,093.50	$	1.76
	Hypothetical*		0.34	%	$	1,000.00	$	1,023.11	$	1.71
Class B(a)	Actual		0.59	%	$	1,000.00	$	1,091.50	$	3.06
	Hypothetical*		0.59	%	$	1,000.00	$	1,021.87	$	2.96
Class E(a)	Actual		0.49	%	$	1,000.00	$	1,092.30	$	2.54
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.37	$	2.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

BHFTI-4

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Funds—98.0% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—98.0%
Health Care Select Sector SPDR Fund (a)		247,143	$	19,583,611
Industrial Select Sector SPDR Fund (a) (b)		281,492		19,172,420
iShares 20+ Year Treasury Bond ETF (b)		78,134		9,776,126
iShares Core MSCI Emerging Markets ETF		1,499,123		75,016,115
iShares Core S&P Mid-Cap ETF (b)		274,385		47,729,271
iShares Core S&P Small-Cap ETF (b)		675,216		47,339,394
iShares MSCI Canada ETF (b)		680,427		18,208,226
iShares MSCI EAFE ETF		3,016,360		196,666,672
iShares TIPS Bond ETF		249,441		28,294,093
SPDR Bloomberg Barclays High Yield Bond ETF (a) (b)		1,274,695		47,418,654
SPDR Dow Jones International Real Estate ETF (a) (b)		489,852		18,663,361
SPDR S&P 500 ETF Trust (a) (b)		1,208,434		292,199,341
SPDR S&P International Small Cap ETF (a)		853,777		28,482,001
Technology Select Sector SPDR Fund (a) (b)		331,253		18,126,164
Vanguard FTSE Europe ETF (b)		171,626		9,463,458
Vanguard FTSE Pacific ETF (b)		286,381		18,843,870
Vanguard REIT ETF (b)		345,430		28,750,139
Total Mutual Funds (Cost $818,241,119)				923,732,916
Short-Term Investment—2.0%
Mutual Fund—2.0%
AIM STIT-STIC Prime Portfolio		18,567,738		18,567,738
Total Short-Term Investments (Cost $18,567,738)				18,567,738
Securities Lending Reinvestments (c)—20.2%
Certificates of Deposit—9.8%
ABN AMRO Bank NV Zero Coupon, 09/05/17		4,979,088		4,989,500
Banco Del Estado De Chile New York 1.429%, 10/19/17 (d)		4,000,000		4,000,952
Bank of Montreal 1.210%, 07/17/17		5,000,000		5,000,000
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (d)		7,500,000		7,507,320
Cooperative Rabobank UA New York 1.555%, 10/13/17 (d)		2,000,000		2,002,306
1.558%, 10/13/17 (d)		2,000,000		2,002,713
Credit Suisse AG New York 1.432%, 10/16/17 (d)		7,000,000		7,001,498
1.466%, 10/25/17 (d)		1,500,000		1,500,089
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		3,000,000		3,000,375
HSBC Bank New York 1.411%, 08/01/17 (d)		5,000,000		5,001,495
KBC Bank NV Zero Coupon, 08/22/17		2,990,219		2,995,170
Zero Coupon, 09/08/17		3,986,247		3,991,240
1.200%, 07/18/17		1,200,000		1,200,000
Certificates of Deposit—(Continued)
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (d)		2,500,000		2,500,560
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (d)		5,500,000		5,499,818
National Australia Bank London 1.480%, 11/09/17 (d)		2,000,000		2,001,620
Norinchukin Bank New York 1.584%, 08/21/17 (d)		5,000,000		5,001,845
Shizuoka Bank New York 1.220%, 07/17/17		5,000,000		5,000,020
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		2,000,000		1,999,818
1.551%, 08/01/17 (d)		5,900,000		5,902,295
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		3,500,000		3,499,745
1.377%, 10/11/17 (d)		3,000,000		3,002,113
1.552%, 08/16/17 (d)		4,000,000		4,001,204
UBS, Stamford 1.722%, 07/31/17 (d)		1,001,022		1,000,571
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		3,200,000		3,202,861
				92,805,128
Commercial Paper—3.9%
Barton Capital S.A. 1.290%, 09/12/17		7,475,813		7,481,640
ING Funding LLC 1.234%, 12/07/17 (d)		7,000,000		7,002,417
1.277%, 11/13/17 (d)		2,000,000		1,999,854
LMA S.A. & LMA Americas 1.150%, 07/07/17		4,998,882		4,999,361
Ridgefield Funding Co. LLC 1.604%, 08/21/17 (d)		4,000,000		4,001,684
Sheffield Receivables Co. 1.190%, 07/28/17		7,476,696		7,492,950
1.220%, 08/15/17		3,987,529		3,993,488
				36,971,394
Master Demand Notes—0.4%
Natixis Financial Products LLC 1.410%, 07/03/17 (d)		4,000,000		4,000,000
Repurchase Agreements—5.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $62,497 on 07/03/17, collateralized by $65,053 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $63,741.		62,492		62,492

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,619,000 on 10/02/17, 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 06/15/17 at 1.550% to be repurchased at $2,001,550 on 07/03/17, collateralized by $435 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $2,223,647.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $5,526,648 on 09/29/17, collateralized by various Common Stock with a value of $6,050,001.		5,500,000		5,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $15,013,896 on 07/07/17, collateralized by $13,525,239 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $15,309,989.		15,000,000		15,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,556,691 on 10/02/17, collateralized by various Common Stock with a value of $3,850,000.		3,500,000		3,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $5,038,238 on 10/02/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
Natixis New York Repurchase Agreement dated 06/29/17 at 1.270% to be repurchased at $5,001,235 on 07/06/17, collateralized by $9,970,309 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $5,100,594.		5,000,000		5,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $10,002,061 on 07/07/17, collateralized by $10,211,044 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $10,200,282.		10,000,000		10,000,000
				47,662,492
Time Deposits—1.0%
ABN AMRO Bank NV 1.180%, 07/07/17		4,000,000		4,000,000
Nordea Bank New York 1.050%, 07/03/17		500,000		500,000
Shinkin Central Bank 1.330%, 07/25/17		3,000,000		3,000,000
1.330%, 07/26/17		1,900,000		1,900,000
				9,400,000
Total Securities Lending Reinvestments (Cost $190,804,564)				190,839,014
Total Investments—120.2% (Cost $1,027,613,421) (e)				1,133,139,668
Other assets and liabilities (net)—(20.2)%				(190,229,492	)
Net Assets—100.0%			$	942,910,176

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(b)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $186,929,793 and the collateral received consisted of cash in the amount of $190,757,987. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,027,613,421. The aggregate unrealized appreciation and depreciation of investments were $107,540,336 and $(2,014,089), respectively, resulting in net unrealized appreciation of $105,526,247.
(ETF)—	Exchange-Traded Fund

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	923,732,916	$	—		$	—	$	923,732,916
Total Short-Term Investment*		18,567,738		—			—		18,567,738
Total Securities Lending Reinvestments*		—		190,839,014			—		190,839,014
Total Investments	$	942,300,654	$	190,839,014		$	—	$	1,133,139,668
Collateral for Securities Loaned (Liability)	$	—	$	(190,757,987	)	$	—	$	(190,757,987	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	689,494,116
Affiliated investments at value (c) (d)		443,645,552
Receivable for:
Fund shares sold		178,076
Dividends		1,396,238
Total Assets		1,134,713,982
Liabilities
Collateral for securities loaned		190,757,987
Payables for:
Fund shares redeemed		401,842
Accrued Expenses:
Management fees		246,256
Distribution and service fees		187,795
Administration fees		12,772
Custodian and accounting fees		27,582
Deferred trustees’ fees		115,782
Other expenses		53,790
Total Liabilities		191,803,806
Net Assets	$	942,910,176
Net Assets Consist of:
Paid in surplus	$	801,166,897
Undistributed net investment income		8,796,227
Accumulated net realized gain		27,420,805
Unrealized appreciation on investments and affiliated investments		105,526,247
Net Assets	$	942,910,176
Net Assets
Class A	$	32,106,254
Class B		902,960,254
Class E		7,843,668
Capital Shares Outstanding*
Class A		2,738,049
Class B		77,452,793
Class E		671,399
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.73
Class B		11.66
Class E		11.68

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $660,015,011.
(b)	Includes securities loaned at value of $96,419,116.
(c)	Identified cost of affiliated investments was $367,598,410.
(d)	Includes securities loaned at value of $90,510,677.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	5,604,836
Dividends from affiliated investments		5,059,553
Securities lending income		568,274
Total investment income		11,232,663
Expenses
Management fees		1,461,194
Administration fees		10,997
Custodian and accounting fees		14,796
Distribution and service fees—Class B		1,108,218
Distribution and service fees—Class E		5,784
Audit and tax services		19,584
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		17,695
Insurance		3,045
Miscellaneous		7,017
Total expenses		2,693,032
Net Investment Income		8,539,631
Net Realized and Unrealized Gain
Net realized gain on:
Investments		5,650,500
Affiliated investments		29,876,358
Net realized gain		35,526,858
Net change in unrealized appreciation on:
Investments		31,500,282
Affiliated investments		5,882,589
Net change in unrealized appreciation		37,382,871
Net realized and unrealized gain		72,909,729
Net Increase in Net Assets From Operations	$	81,449,360

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,539,631		$	20,207,789
Net realized gain		35,526,858			6,463,749
Net change in unrealized appreciation		37,382,871			31,953,628
Increase in net assets from operations		81,449,360			58,625,166
From Distributions to Shareholders
Net investment income
Class A		(730,123	)		(664,353	)
Class B		(19,021,640	)		(18,512,243	)
Class E		(170,008	)		(181,263	)
Net realized capital gains
Class A		(329,984	)		(1,763,641	)
Class B		(9,586,303	)		(55,536,729	)
Class E		(82,095	)		(514,509	)
Total distributions		(29,920,153	)		(77,172,738	)
Decrease in net assets from capital share transactions		(13,420,962	)		(3,540,397	)
Total increase (decrease) in net assets		38,108,245			(22,087,969	)
Net Assets
Beginning of period		904,801,931			926,889,900
End of period	$	942,910,176		$	904,801,931
Undistributed net investment income
End of period	$	8,796,227		$	20,178,367

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		135,596		$	1,586,417			286,836		$	3,172,759
Reinvestments		90,453			1,060,107			230,579			2,427,994
Redemptions		(113,599	)		(1,322,087	)		(266,849	)		(2,927,595	)
Net increase		112,450		$	1,324,437			250,566		$	2,673,158
Class B
Sales		1,779,345		$	20,591,293			2,953,436		$	32,321,274
Reinvestments		2,455,618			28,607,943			7,072,490			74,048,972
Redemptions		(5,512,517	)		(63,837,589	)		(10,302,849	)		(112,654,416	)
Net decrease		(1,277,554	)	$	(14,638,353	)		(276,923	)	$	(6,284,170	)
Class E
Sales		37,509		$	435,725			109,405		$	1,221,954
Reinvestments		21,603			252,103			66,327			695,772
Redemptions		(67,920	)		(794,874	)		(166,098	)		(1,847,111	)
Net increase (decrease)		(8,808	)	$	(107,046	)		9,634		$	70,615
Decrease derived from capital shares transactions				$	(13,420,962	)				$	(3,540,397	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.10		$	11.37		$	12.55		$	12.96		$	11.66		$	10.72
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.28			0.25			0.28			0.29			0.30
Net realized and unrealized gain (loss) on investments		0.92			0.47			(0.45	)		0.40			1.75			1.30
Total from investment operations		1.04			0.75			(0.20	)		0.68			2.04			1.60
Less Distributions
Distributions from net investment income		(0.28	)		(0.28	)		(0.29	)		(0.28	)		(0.29	)		(0.25	)
Distributions from net realized capital gains		(0.13	)		(0.74	)		(0.69	)		(0.81	)		(0.45	)		(0.41	)
Total distributions		(0.41	)		(1.02	)		(0.98	)		(1.09	)		(0.74	)		(0.66	)
Net Asset Value, End of Period	$	11.73		$	11.10		$	11.37		$	12.55		$	12.96		$	11.66
Total Return (%) (b)		9.35	(c)		7.04			(2.04	)		5.69			18.34			15.32
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.34	(e)		0.34			0.34			0.34			0.33			0.35
Ratio of net investment income to average net assets (%) (f)		2.11	(e)		2.53			2.08			2.21			2.36			2.72
Portfolio turnover rate (%)		35	(c)		59			43			56			48			43
Net assets, end of period (in millions)	$	32.1		$	29.1		$	27.0		$	26.6		$	24.1		$	15.1
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.03		$	11.29		$	12.47		$	12.89		$	11.60		$	10.67
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.25			0.22			0.24			0.24			0.26
Net realized and unrealized gain (loss) on investments		0.90			0.48			(0.46	)		0.40			1.76			1.30
Total from investment operations		1.01			0.73			(0.24	)		0.64			2.00			1.56
Less Distributions
Distributions from net investment income		(0.25	)		(0.25	)		(0.25	)		(0.25	)		(0.26	)		(0.22	)
Distributions from net realized capital gains		(0.13	)		(0.74	)		(0.69	)		(0.81	)		(0.45	)		(0.41	)
Total distributions		(0.38	)		(0.99	)		(0.94	)		(1.06	)		(0.71	)		(0.63	)
Net Asset Value, End of Period	$	11.66		$	11.03		$	11.29		$	12.47		$	12.89		$	11.60
Total Return (%) (b)		9.15	(c)		6.88			(2.31	)		5.38			18.07			15.03
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.59	(e)		0.59			0.59			0.59			0.58			0.60
Ratio of net investment income to average net assets (%) (f)		1.84	(e)		2.23			1.80			1.94			2.01			2.33
Portfolio turnover rate (%)		35	(c)		59			43			56			48			43
Net assets, end of period (in millions)	$	903.0		$	868.1		$	892.3		$	972.1		$	977.3		$	830.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.05		$	11.32		$	12.50		$	12.92		$	11.62		$	10.69
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.26			0.23			0.26			0.26			0.27
Net realized and unrealized gain (loss) on investments		0.91			0.47			(0.46	)		0.39			1.76			1.30
Total from investment operations		1.02			0.73			(0.23	)		0.65			2.02			1.57
Less Distributions
Distributions from net investment income		(0.26	)		(0.26	)		(0.26	)		(0.26	)		(0.27	)		(0.23	)
Distributions from net realized capital gains		(0.13	)		(0.74	)		(0.69	)		(0.81	)		(0.45	)		(0.41	)
Total distributions		(0.39	)		(1.00	)		(0.95	)		(1.07	)		(0.72	)		(0.64	)
Net Asset Value, End of Period	$	11.68		$	11.05		$	11.32		$	12.50		$	12.92		$	11.62
Total Return (%) (b)		9.23	(c)		6.90			(2.21	)		5.48			18.25			15.12
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.49	(e)		0.49			0.49			0.49			0.48			0.50
Ratio of net investment income to average net assets (%) (f)		1.92	(e)		2.33			1.88			2.04			2.13			2.45
Portfolio turnover rate (%)		35	(c)		59			43			56			48			43
Net assets, end of period (in millions)	$	7.8		$	7.5		$	7.6		$	8.6		$	8.6		$	7.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Growth ETF Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds (“Underlying ETFs”), including, but not limited to, series of the iShares^® Trust, iShares^®, Inc., Standard and Poors Depositary Receipts of the S&P 500 ETF Trust and Vanguard ETFs of the Vanguard^® Index Funds.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. The net asset value (“NAV”) of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

Investments in registered open-end management investment companies are valued at reported NAV per share and are categorized as Level 1 within the fair value hierarchy.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

BHFTI-12

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances and distributions received from underlying ETFs. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $47,662,492. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-13

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

All securities on loan are classified as Mutual Funds in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio and the Underlying ETFs invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio and the Underlying ETFs may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio and the Underlying ETFs; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio and the Underlying ETFs may be exposed to counterparty risk, or the risk that an entity with which the Portfolio and the Underlying ETFs have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio and the Underlying ETFs to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio and the Underlying ETFs manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio and the Underlying ETFs’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio and the Underlying ETFs restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Portfolio and the Underlying ETFs undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio and the Underlying ETFs in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	319,692,288	$	0	$	338,938,899

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$1,461,194		0.330	%	First $500 million
		0.300	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-14

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Underlying ETFs

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Underlying ETF/Security	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Consumer Discretionary Select Sector SPDR Fund		—		208,841		(208,841	)		—
Financial Select Sector SPDR Fund		—		828,086		(828,086	)		—
Health Care Select Sector SPDR Fund		—		247,143		—			247,143
Industrial Select Sector SPDR Fund		294,560		—		(13,068	)		281,492
Materials Select Sector SPDR Fund		365,908		—		(365,908	)		—
SPDR Bloomberg Barclays High Yield Bond ETF		1,750,429		24,360		(500,094	)		1,274,695
SPDR Dow Jones International Real Estate ETF		688,013		—		(198,161	)		489,852
SPDR Gold Shares		82,347		—		(82,347	)		—
SPDR S&P 500 ETF Trust		1,265,882		95,344		(152,792	)		1,208,434
SPDR S&P Dividend ETF		104,100		—		(104,100	)		—
SPDR S&P International Small Cap ETF		885,787		23,225		(55,235	)		853,777
SPDR S&P MidCap 400 ETF Trust		147,734		—		(147,734	)		—
Technology Select Sector SPDR Fund		378,484		—		(47,231	)		331,253
Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Affiliated Investments		Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments			Ending Value as of June 30, 2017
Consumer Discretionary Select Sector SPDR Fund	$	11,783	$	—	$	—		$	—
Financial Select Sector SPDR Fund		183,448		—		65,665			—
Health Care Select Sector SPDR Fund		—		—		76,076			19,583,611
Industrial Select Sector SPDR Fund		123,402		—		174,607			19,172,420

BHFTI-15

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Affiliated Investments			Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments		Ending Value as of June 30, 2017
Materials Select Sector SPDR Fund	$	1,897,151		$	—	$	—	$	—
SPDR Bloomberg Barclays High Yield Bond ETF		(1,128,354	)		—		1,488,557		47,418,654
SPDR Dow Jones International Real Estate ETF		(366,553	)		—		283,551		18,663,361
SPDR Gold Shares		(662,162	)		—		—		—
SPDR S&P 500 ETF Trust		18,421,331			—		2,703,628		292,199,341
SPDR S&P Dividend ETF		(63,684	)		—		—		—
SPDR S&P International Small Cap ETF		53,757			—		—		28,482,001
SPDR S&P MidCap 400 ETF Trust		11,082,870			—		121,557		—
Technology Select Sector SPDR Fund		323,369			—		145,912		18,126,164
	$	29,876,358		$	—	$	5,059,553	$	443,645,552

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$19,357,859	$	27,299,167	$	57,814,879	$	46,834,701	$	77,172,738	$	74,133,868

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$20,280,189	$	9,604,817	$	60,430,888	$	—	$	90,315,894

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTI-16

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-17

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
73,413,548		3,150,662		5,714,903

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		76,181,422		6,097,691
Robert Boulware		76,429,757		5,849,356
Susan C. Gause		76,367,248		5,911,865
Nancy Hawthorne		76,191,865		6,087,248
Barbara A. Nugent		76,442,876		5,836,237
John Rosenthal		76,283,393		5,995,720
Linda B. Strumpf		75,977,867		6,301,246
Dawn M. Vroegop		76,372,394		5,906,719

BHFTI-18

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the T. Rowe Price Large Cap Value Portfolio returned 7.05%, 6.90%, and 6.95%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 4.66%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the first half of 2017, led by large cap and growth stocks, amid continued hopes for tax cuts and increased infrastructure spending—although neither has come to fruition yet. Strong first-quarter corporate earnings were supportive of equities markets, which were largely unfazed by lackluster first-quarter economic growth, two interest rate increases from the U.S. Federal Reserve, President Trump’s domestic political controversies, and increased geopolitical tensions. Stocks in developed non-U.S. markets strongly outperformed U.S. shares in dollar terms, as returns to U.S. investors were boosted by stronger non-U.S. currencies. Emerging market equities outperformed developed markets, helped by stronger currencies and an improving growth backdrop. Within the large cap value space, Health Care led returns, followed by Information Technology (“IT”) and Consumer Staples. Energy ended sharply down for the period, as did Telecommunication Services.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outpaced its benchmark, the Russell 1000 Value Index, for the six months ended June 30, 2017, with both ending in positive territory. Broadly speaking, both stock selection and sector allocation contributed to relative outperformance.

Energy was the leading contributor, due to a beneficial underweight and stock holdings that held their value better than their benchmark peers. A leading name in the Energy sector was Total S.A., which outperformed the broader Energy sector owing to its continued focus on cost control and its strong balance sheet. Both factors contributed to investor confidence in the firm during a period of falling oil prices. In this sector, we expect continued downward pressure on exploration costs, due mainly to better-than-expected U.S. shale production

but also to global off-shore projects. This means that supply continues to grow despite lower prices, making it difficult to stabilize inventories and strike a balance between supply and demand. These factors have made us cautious in the sector, though valuations of select companies with asset optionality are becoming more compelling at current levels.

Financials was another area of relative strength, due to stock choices that included XL Group. This insurance company benefited from cost saving stemming from its 2015 acquisition of Catlin Group and a stable core loss ratio, as well as solid development and underwriting income. The Financials sector represents a large portion of the Portfolio. Though it has performed well in recent periods due to expectations of higher interest rates, potential corporate tax reform, and possible deregulation, we still find the risk/reward profiles of select Financials names compelling.

On the negative side, stock positioning in Utilities detracted for the period. Exelon was among the underperformers, amid uncertainty over whether several U.S. states would subsidize the company’s nuclear power plants in an environment where abundant natural gas has made nuclear power appear less cost effective. Among Utilities firms, we prefer to invest in a combination of regulated utilities and integrated utilities, with the latter offering stable income from their regulated segments and the potential for growth from the deregulated portions of their businesses.

In IT, the Portfolio’s stock holdings also underperformed, most notably Qualcomm. Shares traded sharply lower in response to investigations and litigation connected to the chip supplier’s patent licensing practices. We generally view the IT sector as cyclical, with many companies operating at different stages within their respective industries’ business cycles.

At period end, the Portfolio’s largest overweight relative to the benchmark was in the Industrials and Business Services sector, where we focused on companies that reach many different end markets, have strong business plans, and generate solid cash flows. The Portfolio was also overweight in IT, Consumer Discretionary, Materials, and Financials. In Consumer Staples, the Portfolio was essentially equal weight with the benchmark.

BHFTI-1

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

The Portfolio’s most significant underweight was in Real Estate, where we view valuations as elevated and have tended to avoid the sector. At period end, the Portfolio maintained an underweight allocation in Telecommunication Services, Energy, Health Care, and Utilities as well. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Heather K. McPherson

Mark S. Finn

John D. Linehan

Portfolio Managers

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
T. Rowe Price Large Cap Value Portfolio
Class A		7.05		18.04		15.19		6.19		—
Class B		6.90		17.74		14.91		5.93		—
Class E		6.95		17.87		—		—		8.99
Russell 1000 Value Index		4.66		15.53		13.94		5.57		—

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

² Inception dates of the Class A, Class B and Class E shares are 12/11/1989, 3/22/2001 and 4/23/2014, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		4.6
PG&E Corp.		2.8
Wells Fargo & Co.		2.7
Microsoft Corp.		2.7
Citigroup, Inc.		2.6
Morgan Stanley		2.6
Philip Morris International, Inc.		2.3
Johnson & Johnson		2.1
Total S.A.(ADR)		2.1
Pfizer, Inc.		2.0

Top Sectors

	% of Net Assets
Financials		25.1
Health Care		13.8
Industrials		10.6
Information Technology		9.3
Energy		9.2
Consumer Staples		8.9
Consumer Discretionary		7.9
Utilities		6.7
Materials		3.6
Real Estate		1.3

BHFTI-3

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Large Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.54	%	$	1,000.00	$	1,070.50	$	2.77
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71
Class B(a)	Actual		0.79	%	$	1,000.00	$	1,069.00	$	4.05
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96
Class E(a)	Actual		0.69	%	$	1,000.00	$	1,069.50	$	3.54
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—96.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.4%
Boeing Co. (The)		276,865	$	54,750,054
Raytheon Co.		142,880		23,072,262
United Technologies Corp.		312,252		38,129,092
				115,951,408
Airlines—1.1%
Southwest Airlines Co. (a)		587,220		36,489,851
Automobiles—0.4%
General Motors Co.		410,045		14,322,872
Banks—13.3%
Citigroup, Inc.		1,330,462		88,981,298
Fifth Third Bancorp		2,446,507		63,511,322
JPMorgan Chase & Co.		1,713,351		156,600,281
U.S. Bancorp		997,080		51,768,394
Wells Fargo & Co.		1,661,980		92,090,312
				452,951,607
Beverages—1.6%
PepsiCo, Inc.		455,340		52,587,217
Biotechnology—0.7%
Gilead Sciences, Inc.		349,260		24,720,623
Building Products—1.6%
Johnson Controls International plc		1,220,625		52,926,300
Capital Markets—6.1%
Ameriprise Financial, Inc.		295,788		37,650,854
Bank of New York Mellon Corp. (The)		1,204,535		61,455,376
Invesco, Ltd. (a)		579,220		20,382,752
Morgan Stanley		1,991,535		88,742,800
				208,231,782
Chemicals—2.1%
CF Industries Holdings, Inc. (a)		861,700		24,093,132
E.I. du Pont de Nemours & Co.		574,025		46,329,558
				70,422,690
Commercial Services & Supplies—0.6%
Stericycle, Inc. (a) (b)		263,719		20,127,034
Communications Equipment—1.6%
Cisco Systems, Inc.		1,749,271		54,752,182
Construction Materials—0.7%
Vulcan Materials Co.		174,387		22,091,345
Consumer Finance—1.0%
American Express Co.		405,623		34,169,682
Containers & Packaging—0.9%
International Paper Co. (a)		528,235		29,903,383
Diversified Telecommunication Services—1.2%
Verizon Communications, Inc.		938,180		41,899,119
Electric Utilities—5.8%
Exelon Corp.		1,357,001		48,947,026
PG&E Corp.		1,433,574		95,146,307
Southern Co. (The) (a)		888,415		42,537,310
Westar Energy, Inc.		224,000		11,876,480
				198,507,123
Electronic Equipment, Instruments & Components—0.9%
TE Connectivity, Ltd.		408,145		32,112,849
Equity Real Estate Investment Trusts—1.3%
VEREIT, Inc.		2,626,577		21,380,337
Weyerhaeuser Co.		658,120		22,047,020
				43,427,357
Food & Staples Retailing—1.1%
Wal-Mart Stores, Inc.		492,940		37,305,699
Food Products—2.7%
Bunge, Ltd.		455,545		33,983,657
Tyson Foods, Inc. - Class A (a)		919,900		57,613,337
				91,596,994
Health Care Equipment & Supplies—3.5%
Becton Dickinson & Co. (a)		94,000		18,340,340
Hologic, Inc. (a) (b)		725,200		32,909,576
Medtronic plc		744,565		66,080,144
				117,330,060
Health Care Providers & Services—1.8%
Aetna, Inc.		392,450		59,585,684
Hotels, Restaurants & Leisure—1.5%
Carnival Corp.		412,035		27,017,135
Las Vegas Sands Corp. (a)		361,450		23,093,040
				50,110,175
Household Products—0.9%
Procter & Gamble Co. (The)		360,396		31,408,511
Industrial Conglomerates—1.4%
General Electric Co.		1,735,441		46,874,261
Insurance—4.6%
American International Group, Inc.		265,000		16,567,800
Chubb, Ltd.		116,852		16,987,944
Loews Corp.		842,270		39,426,659
Marsh & McLennan Cos., Inc.		575,463		44,863,095
XL Group, Ltd.		892,710		39,100,698
				156,946,196
Leisure Products—0.6%
Mattel, Inc. (a)		997,040		21,466,271
Life Sciences Tools & Services—0.7%
Thermo Fisher Scientific, Inc.		131,262		22,901,281

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—1.8%
Cummins, Inc. (a)		129,875	$	21,068,322
Illinois Tool Works, Inc.		288,060		41,264,595
				62,332,917
Media—3.9%
Comcast Corp. - Class A		1,485,237		57,805,424
News Corp. - Class A		1,619,381		22,185,520
Twenty-First Century Fox, Inc. - Class B		1,934,981		53,927,920
				133,918,864
Multiline Retail—0.5%
Kohl’s Corp. (a)		452,440		17,495,855
Oil, Gas & Consumable Fuels—9.2%
Apache Corp. (a)		555,625		26,631,106
Canadian Natural Resources, Ltd.		864,585		24,934,631
EQT Corp. (a)		324,735		19,026,224
Exxon Mobil Corp.		757,370		61,142,480
Hess Corp. (a)		614,120		26,941,444
Occidental Petroleum Corp.		664,010		39,754,279
Royal Dutch Shell plc - Class A (ADR)		333,305		17,728,493
Total S.A. (ADR) (a)		1,422,559		70,544,701
TransCanada Corp.		576,586		27,485,855
				314,189,213
Personal Products—0.3%
Coty, Inc. - Class A (a)		621,229		11,654,256
Pharmaceuticals—7.0%
Bristol-Myers Squibb Co.		141,265		7,871,286
Johnson & Johnson		534,925		70,765,228
Merck & Co., Inc.		1,030,480		66,043,463
Perrigo Co. plc (a)		358,890		27,103,373
Pfizer, Inc.		1,983,270		66,618,039
				238,401,389
Road & Rail—0.7%
Canadian Pacific Railway, Ltd.		151,575		24,374,776
Semiconductors & Semiconductor Equipment—3.0%
Applied Materials, Inc.		763,295		31,531,716
QUALCOMM, Inc.		842,895		46,544,662
Texas Instruments, Inc.		287,528		22,119,529
				100,195,907
Software—2.7%
Microsoft Corp.		1,326,426		91,430,544
Specialty Retail—1.0%
Lowe’s Cos., Inc.		423,330		32,820,775
Technology Hardware, Storage & Peripherals—1.1%
Apple, Inc.		249,455		35,926,509
Tobacco—2.3%
Philip Morris International, Inc.		672,610		78,998,044
Total Common Stocks (Cost $2,673,862,550)				3,282,858,605
Convertible Preferred Stocks—1.0%
Electric Utilities—0.8%
NextEra Energy, Inc.
6.123%, 09/01/19 (a)		518,739		28,017,093
Health Care Equipment & Supplies—0.2%
Becton Dickinson and Co.
6.125%, 05/01/20		127,224		6,969,331
Total Convertible Preferred Stocks (Cost $31,890,202)				34,986,424
Short-Term Investment—2.2%
Mutual Fund—2.2%
T. Rowe Price Treasury Reserve Fund (c)		75,092,034		75,092,034
Total Short-Term Investments (Cost $75,092,034)				75,092,034
Securities Lending Reinvestments (d)—6.0%
Certificates of Deposit—3.4%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		4,979,088		4,989,500
Bank of Montreal
1.130%, 07/07/17		3,000,000		2,999,970
Bank of Montreal Chicago
1.276%, 09/06/17 (e)		7,500,000		7,501,380
Bank of Nova Scotia Houston
1.492%, 11/03/17 (e)		3,000,000		3,002,962
Bank of Tokyo-Mitsubishi, Ltd.
1.510%, 08/18/17		1,009,256		1,001,110
1.602%, 11/16/17 (e)		4,000,000		4,003,904
BNP Paribas New York
1.524%, 08/04/17 (e)		2,000,000		2,000,238
Canadian Imperial Bank
1.630%, 10/27/17 (e)		1,000,000		1,001,125
Credit Suisse AG New York
1.314%, 11/07/17 (e)		3,000,000		3,000,243
1.466%, 10/25/17 (e)		1,000,000		1,000,059
DG Bank New York
1.140%, 07/03/17		4,000,000		3,999,960
DNB NOR Bank ASA
1.412%, 07/28/17 (e)		900,000		900,113
KBC Bank NV
Zero Coupon, 09/08/17		1,494,843		1,496,715
1.220%, 07/26/17		4,000,000		4,000,000
1.220%, 07/27/17		5,500,000		5,500,000

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		4,000,000	$	3,999,960
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (e)		7,500,000		7,504,542
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (e)		10,000,000		9,995,400
1.451%, 09/01/17 (e)		1,000,000		1,000,218
National Australia Bank London 1.480%, 11/09/17 (e)		9,000,000		9,007,290
Norinchukin Bank New York 1.687%, 07/12/17 (e)		4,500,000		4,500,544
Royal Bank of Canada New York 1.532%, 03/20/18 (e)		4,000,000		4,002,880
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		2,018,467		2,000,460
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (e)		3,000,000		2,999,727
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (e)		5,500,000		5,499,598
1.342%, 11/16/17 (e)		2,500,000		2,499,843
1.466%, 10/26/17 (e)		1,500,000		1,500,384
1.552%, 08/16/17 (e)		2,200,000		2,200,662
Toronto Dominion Bank New York 1.467%, 03/13/18 (e)		9,000,000		9,006,687
1.475%, 01/10/18 (e)		1,000,000		1,001,663
UBS, Stamford 1.722%, 07/31/17 (e)		2,402,453		2,401,371
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (e)		1,000,000		1,000,894
				116,519,402
Commercial Paper—0.7%
Commonwealth Bank Australia 1.391%, 03/01/18		4,000,000		4,003,117
Erste Abwicklungsanstalt 1.379%, 07/18/17 (e)		5,000,000		5,000,290
ING Funding LLC 1.234%, 12/07/17 (e)		2,000,000		2,000,691
1.277%, 11/13/17 (e)		4,250,000		4,249,690
LMA S.A. & LMA Americas 1.170%, 07/20/17		3,490,218		3,497,770
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (e)		200,000		200,080
Sheffield Receivables Co. 1.190%, 07/28/17		2,990,678		2,997,180
Westpac Banking Corp. 1.506%, 10/20/17 (e)		1,500,000		1,501,495
				23,450,313
Repurchase Agreements—1.5%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $400,020 on 07/03/17, collateralized by $416,377 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $407,984.		399,984		399,984
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $2,000,183 on 07/03/17, collateralized by $1,992,314 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $2,040,000.		2,000,000		2,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $3,000,300 on 07/03/17, collateralized by $3,050,200 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $3,060,009.		3,000,000		3,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $8,006,200 on 07/03/17, collateralized by $1,739 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $8,894,588.		8,000,000		8,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,004,845 on 09/29/17, 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 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,032,395 on 10/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $8,061,180 on 10/02/17, collateralized by various Common Stock with a value of $8,800,001.		8,000,000		8,000,000

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*			Value
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		$	2,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $15,003,092 on 07/07/17, collateralized by $15,316,567 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $15,300,422.		15,000,000			15,000,000
					51,399,984
Time Deposits—0.4%
ABN AMRO Bank NV 1.180%, 07/07/17		2,000,000			2,000,000
Australia New Zealand Bank 1.150%, 07/03/17		80,020			80,020
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000			2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		100,000			100,000
Shinkin Central Bank 1.330%, 07/26/17		8,000,000			8,000,000
Standard Chartered plc 1.200%, 07/03/17		500,000			500,000
					12,680,020
Total Securities Lending Reinvestments (Cost $204,011,532)					204,049,719
Total Investments—105.8% (Cost $2,984,856,318) (f)					3,596,986,782
Other assets and liabilities (net)— (5.8)%					(198,445,146	)
Net Assets—100.0%				$	3,398,541,636
*			Principal amount stated in U.S. dollars unless otherwise noted.
(a)			All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $199,489,801 and the collateral received consisted of cash in the amount of $204,015,006. 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. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)			Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(e)			Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)			As of June 30, 2017, the aggregate cost of investments was $2,984,856,318. The aggregate unrealized appreciation and depreciation of investments were $687,091,715 and $(74,961,251), respectively, resulting in net unrealized appreciation of $612,130,464.
(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.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,282,858,605	$	—		$	—	$	3,282,858,605
Total Convertible Preferred Stocks*		34,986,424		—			—		34,986,424
Total Short-Term Investment*		75,092,034		—			—		75,092,034
Total Securities Lending Reinvestments*		—		204,049,719			—		204,049,719
Total Investments	$	3,392,937,063	$	204,049,719		$	—	$	3,596,986,782
Collateral for Securities Loaned (Liability)	$	—	$	(204,015,006	)	$	—	$	(204,015,006	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)(b)	$	3,521,894,748
Affiliated investments at value (c)		75,092,034
Cash		1,502,827
Cash denominated in foreign currencies (d)		20
Receivable for:
Investments sold		11,987,894
Fund shares sold		132,047
Dividends		5,828,023
Dividends on affiliated investments		53,033
Total Assets		3,616,490,626
Liabilities
Collateral for securities loaned		204,015,006
Payables for:
Investments purchased		10,869,259
Fund shares redeemed		899,853
Accrued Expenses:
Management fees		1,452,467
Distribution and service fees		251,909
Deferred trustees’ fees		115,782
Other expenses		344,714
Total Liabilities		217,948,990
Net Assets	$	3,398,541,636
Net Assets Consist of:
Paid in surplus	$	2,598,523,949
Undistributed net investment income		35,043,489
Accumulated net realized gain		152,839,375
Unrealized appreciation on investments and foreign currency transactions		612,134,823
Net Assets	$	3,398,541,636
Net Assets
Class A	$	2,004,132,170
Class B		978,021,542
Class E		416,387,924
Capital Shares Outstanding*
Class A		61,935,588
Class B		30,430,673
Class E		12,918,051
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	32.36
Class B		32.14
Class E		32.23

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,909,764,284.
(b)	Includes securities loaned at value of $199,489,801.
(c)	Identified cost of affiliated investments was $75,092,034.
(d)	Identified cost of cash denominated in foreign currencies was $19.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	42,124,954
Dividends from affiliated investments		221,278
Securities lending income		778,962
Total investment income		43,125,194
Expenses
Management fees		9,380,052
Administration fees		52,150
Custodian and accounting fees		79,389
Distribution and service fees—Class B		1,210,972
Distribution and service fees—Class E		311,272
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		66,009
Insurance		10,910
Miscellaneous		16,140
Total expenses		11,192,253
Less management fee waiver		(786,134	)
Less broker commission recapture		(14,096	)
Net expenses		10,392,023
Net Investment Income		32,733,171
Net Realized and Unrealized Gain
Net realized gain on:
Investments		166,027,108
Foreign currency transactions		1,691
Net realized gain		166,028,799
Net change in unrealized appreciation on:
Investments		25,774,455
Foreign currency transactions		4,582
Net change in unrealized appreciation		25,779,037
Net realized and unrealized gain		191,807,836
Net Increase in Net Assets From Operations	$	224,541,007

(a) Net of foreign withholding taxes of $600,622.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	32,733,171		$	76,857,430
Net realized gain		166,028,799			276,791,764
Net change in unrealized appreciation		25,779,037			123,633,546
Increase in net assets from operations		224,541,007			477,282,740
From Distributions to Shareholders
Net investment income
Class A		(44,529,024	)		(56,050,168	)
Class B		(19,682,397	)		(25,390,193	)
Class E		(8,735,747	)		(11,600,242	)
Net realized capital gains
Class A		(167,857,229	)		(213,616,315	)
Class B		(82,863,164	)		(106,363,622	)
Class E		(35,210,529	)		(46,823,835	)
Total distributions		(358,878,090	)		(459,844,375	)
Increase in net assets from capital share transactions		266,349,196			1,589,111
Total increase in net assets		132,012,113			19,027,476
Net Assets
Beginning of period		3,266,529,523			3,247,502,047
End of period	$	3,398,541,636		$	3,266,529,523
Undistributed net investment income
End of period	$	35,043,489		$	75,257,486

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,546,763		$	90,416,574			304,976		$	10,079,616
Reinvestments		6,567,293			212,386,253			8,950,099			269,666,483
Redemptions		(2,864,965	)		(100,132,541	)		(9,287,369	)		(307,497,293	)
Net increase (decrease)		6,249,091		$	202,670,286			(32,294	)	$	(27,751,194	)
Class B
Sales		788,942		$	27,279,166			1,871,063		$	61,285,566
Reinvestments		3,191,583			102,545,561			4,399,126			131,753,815
Redemptions		(2,356,984	)		(81,431,929	)		(5,020,615	)		(163,665,260	)
Net increase		1,623,541		$	48,392,798			1,249,574		$	29,374,121
Class E
Sales		279,048		$	9,650,254			429,372		$	14,094,760
Reinvestments		1,363,944			43,946,276			1,945,524			58,424,077
Redemptions		(1,106,223	)		(38,310,418	)		(2,220,987	)		(72,552,653	)
Net increase		536,769		$	15,286,112			153,909		$	(33,816	)
Increase derived from capital shares transactions				$	266,349,196					$	1,589,111

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	33.81		$	34.09		$	35.94		$	32.15		$	24.42		$	21.00
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.82			0.66			0.57			0.48			0.47
Net realized and unrealized gain (loss) on investments		2.02			4.08			(1.82	)		3.73			7.74			3.33
Total from investment operations		2.38			4.90			(1.16	)		4.30			8.22			3.80
Less Distributions
Distributions from net investment income		(0.80	)		(1.08	)		(0.62	)		(0.51	)		(0.49	)		(0.38	)
Distributions from net realized capital gains		(3.03	)		(4.10	)		(0.07	)		0.00			0.00			0.00
Total distributions		(3.83	)		(5.18	)		(0.69	)		(0.51	)		(0.49	)		(0.38	)
Net Asset Value, End of Period	$	32.36		$	33.81		$	34.09		$	35.94		$	32.15		$	24.42
Total Return (%) (b)		7.05	(c)		16.20			(3.31	)		13.57			34.09			18.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59	(d)		0.59			0.59			0.59			0.59			0.59
Net ratio of expenses to average net assets (%) (e)(f)		0.54	(d)		0.56			0.56			0.56			0.56			0.56
Ratio of net investment income to average net assets (%)		2.09	(d)		2.51			1.88			1.69			1.69			2.06
Portfolio turnover rate (%)		16	(c)		27			33			19	(g)		14			15
Net assets, end of period (in millions)	$	2,004.1		$	1,882.7		$	1,899.2		$	2,176.5		$	2,580.1		$	2,019.1
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	33.57		$	33.86		$	35.71		$	31.95		$	24.27		$	20.87
Income (Loss) from Investment Operations
Net investment income (a)		0.31			0.74			0.57			0.48			0.41			0.41
Net realized and unrealized gain (loss) on investments		2.01			4.05			(1.83	)		3.71			7.70			3.31
Total from investment operations		2.32			4.79			(1.26	)		4.19			8.11			3.72
Less Distributions
Distributions from net investment income		(0.72	)		(0.98	)		(0.52	)		(0.43	)		(0.43	)		(0.32	)
Distributions from net realized capital gains		(3.03	)		(4.10	)		(0.07	)		0.00			0.00			0.00
Total distributions		(3.75	)		(5.08	)		(0.59	)		(0.43	)		(0.43	)		(0.32	)
Net Asset Value, End of Period	$	32.14		$	33.57		$	33.86		$	35.71		$	31.95		$	24.27
Total Return (%) (b)		6.90	(c)		15.94			(3.59	)		13.28			33.77			17.98
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(d)		0.84			0.84			0.84			0.84			0.84
Net ratio of expenses to average net assets (%) (e)(f)		0.79	(d)		0.81			0.81			0.81			0.81			0.81
Ratio of net investment income to average net assets (%)		1.83	(d)		2.26			1.63			1.45			1.44			1.81
Portfolio turnover rate (%)		16	(c)		27			33			19	(g)		14			15
Net assets, end of period (in millions)	$	978.0		$	967.0		$	933.1		$	1,094.7		$	1,065.2		$	904.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014(h)
Net Asset Value, Beginning of Period	$	33.67		$	33.95		$	35.82		$	32.61
Income (Loss) from Investment Operations
Net investment income (a)		0.33			0.77			0.60			0.39
Net realized and unrealized gain (loss) on investments		2.01			4.07			(1.82	)		2.82
Total from investment operations		2.34			4.84			(1.22	)		3.21
Less Distributions
Distributions from net investment income		(0.75	)		(1.02	)		(0.58	)		0.00
Distributions from net realized capital gains		(3.03	)		(4.10	)		(0.07	)		0.00
Total distributions		(3.78	)		(5.12	)		(0.65	)		0.00
Net Asset Value, End of Period	$	32.23		$	33.67		$	33.95		$	35.82
Total Return (%) (b)		6.95	(c)		16.06			(3.48	)		9.84	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(d)		0.74			0.74			0.74	(d)
Net ratio of expenses to average net assets (%) (e)(f)		0.69	(d)		0.71			0.71			0.71	(d)
Ratio of net investment income to average net assets (%)		1.93	(d)		2.36			1.73			1.65	(d)
Portfolio turnover rate (%)		16	(c)		27			33			19	(g)
Net assets, end of period (in millions)	$	416.4		$	416.9		$	415.2		$	496.0

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(f) The effect of the voluntary portion of the waiver on average net assets was 0.02% for the six months ended June 30, 2017 and the year ended December 31, 2016. (see Note 5 of the Notes to Financial Statements).

(g) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.

(h) Commencement of operations was April 23, 2014.

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Large Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

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Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, adjustments to prior period accumulated balances, convertible preferred stock, real estate investment trusts (“REITs”) and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

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Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $51,399,984. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

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Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	524,403,629	$	0	$	590,806,030

During the six months ended June 30, 2017, the Portfolio engaged in security transactions with other affiliated Portfolios. These amounted to $24,745,242 in purchases of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.570% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $9,380,052.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%		All Assets

An identical agreement was in place for the period October 17, 2016 to April 30, 2017. Amounts waived for the period ended June 30, 2017 amounted to $411,406 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Brighthouse Funds Trust II (“BHFTII”) in the aggregate exceed $750,000,000, (ii) the Subadviser subadvises three or more portfolios of the Trust and BHFTII in the aggregate and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

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Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTII average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisersat any time. Amounts voluntarily waived for the six months ended June 30, 2017 amounted to $374,728 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017		Realized Gain on shares sold		Income earned from affiliates during the period		Ending Value as of June 30, 2017
T. Rowe Price Treasury Reserve Fund		56,606,513		180,273,545		(161,788,024	)		75,092,034	$	—	$	221,278	$	75,092,034

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

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Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$95,726,498	$	58,173,495	$	364,117,877	$	7,383,392	$	459,844,375	$	65,556,887

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$100,938,013	$	258,521,751	$	574,996,828	$	—	$	934,456,592

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
89,520,524		2,571,350		5,906,668

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		92,606,199		5,392,344
Robert Boulware		92,547,790		5,450,752
Susan C. Gause		92,818,726		5,179,817
Nancy Hawthorne		92,883,639		5,114,904
Barbara A. Nugent		92,861,155		5,137,388
John Rosenthal		92,620,977		5,377,565
Linda B. Strumpf		92,773,480		5,225,063
Dawn M. Vroegop		92,661,202		5,337,340

BHFTI-20

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the T. Rowe Price Mid Cap Growth Portfolio returned 14.85%, 14.67%, and 14.76%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 11.40%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the first half of 2017, led by large cap and growth stocks, amid continued hopes for tax cuts and increased infrastructure spending—although neither has come to fruition yet. Strong first-quarter corporate earnings were supportive of equities markets, which were largely unfazed by lackluster first-quarter economic growth, two interest rate increases from the U.S. Federal Reserve, President Trump’s domestic political controversies, and increased geopolitical tensions. Stocks in developed non-U.S. markets strongly outperformed U.S. shares in dollar terms, as returns to U.S. investors were boosted by stronger non-U.S. currencies. Emerging market equities outperformed developed markets, helped by stronger currencies and an improving growth backdrop. Within the mid cap growth space, Health Care was the leading performer, followed by Information Technology (“IT”). The Energy sector ended sharply down for the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the six months ended June 30, 2017, the Portfolio outperformed the Russell Midcap Growth Index. At the overall sector level, stock selection was mainly responsible for excess returns, while sector allocation also had a positive impact.

Stock selection in Industrials and Business Services contributed the most to relative outperformance for the period. Among the leading names in the sector were IHS Markit, IDEX, and Roper Technologies. IHS Markit, which resulted from a merger between IHS and Markit, provides proprietary data, analytics, indices, and pricing services for clients in the Energy, Financials, and Industrial sectors. Shares rose due to improving organic revenue growth and its recent inclusion in the S&P 500 Index. IDEX produces pumps, flow meters, and engineered components for markets that include process control, fluid handling, and medical uses. Better-than-expected organic revenue growth, stemming from rising project activity in North America, boosted shares this quarter. Roper Technologies is a multi-industry company with a focus on growth through acquisition, which operates businesses that design and develop software and engineered produces and solution for a wide range of end markets. The firm benefited from a return to strong organic growth across all segments and margin expansion in the company’s legacy industrial and energy segments. In the Industrials and Business Services sector, we favor well-run companies with exposure to high-growth end markets, and we believe we are still in the early stages of a manufacturing rebound.

Consumer Discretionary was another area of strength due to stock choices that included Coach and Norwegian Cruise Line Holdings. Coach is a leader in the affordable luxury accessory market, with a focus on women’s handbags. The company’s full-price selling strategy and better-than-expected in-store sales in North America led to profits that exceeded analyst expectations. The acquisition of Kate Spade also helped, as investors anticipated cost synergies and increased market share within the millennial age bracket. Norwegian Cruise Line Holdings is the third-largest cruise operator in the world. Strong ticket sales for Caribbean, Alaskan, and Hawaiian itineraries and renewed interest in European destinations among North American consumers drove higher-than-expected earnings and an upward revision of management’s outlook, more than outweighing concerns about rising costs. We remained cautious in the Consumer Discretionary sector, and the Portfolio’s overall allocation to the sector remains lower than it has been historically. Many company management teams expect single-digit store traffic declines for the foreseeable future as spending continues to shift from brick-and-mortar to online. As a result, incremental shipping expenses may offset or even overwhelm in-store cost savings.

Stock selection in Financials also boosted relative results. Fidelity National Financial, a leading provider of title insurance and mortgage service, contributed to performance. Positive trends in residential and commercial real estate led to better-than-expected results and profit margins. At period end, the Portfolio’s largest exposures in Financials were in the capital markets and insurance industries. In our view, Financials should benefit from deregulation, some of which can be accomplished without legislation.

BHFTI-1

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

At the end of the period, the Portfolio was overweight relative to the benchmark in the Health Care, Industrials and Business Services, and Financials sectors. The Portfolio was roughly in line with the benchmark in Utilities and was underweight the benchmark in IT, Consumer Discretionary, Real Estate, Consumer Staples, Energy, Materials, and Telecommunication Services. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Brian W. H. Berghuis

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
T. Rowe Price Mid Cap Growth Portfolio
Class A		14.85		20.30		16.47		10.12
Class B		14.67		20.00		16.18		9.85
Class E		14.76		20.06		16.29		9.97
Russell Midcap Growth Index		11.40		17.05		14.19		7.87

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and higher forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Teleflex, Inc.		2.0
Willis Towers Watson plc		2.0
Textron, Inc.		2.0
FNF Group		1.7
Fiserv, Inc.		1.7
Hologic, Inc.		1.7
IDEX Corp.		1.7
Coach, Inc.		1.7
Microchip Technology, Inc.		1.6
Roper Technologies, Inc.		1.6

Top Sectors

	% of Net Assets
Information Technology		21.0
Health Care		20.3
Industrials		19.5
Consumer Discretionary		13.3
Financials		9.9
Materials		5.6
Consumer Staples		2.5
Energy		0.9
Real Estate		0.2

BHFTI-3

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.74	%	$	1,000.00	$	1,148.50	$	3.94
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71
Class B(a)	Actual		0.99	%	$	1,000.00	$	1,146.70	$	5.27
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96
Class E(a)	Actual		0.89	%	$	1,000.00	$	1,147.60	$	4.74
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—92.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.8%
BWX Technologies, Inc.		11,392	$	555,360
DigitalGlobe, Inc. (a) (b)		277,000		9,224,100
MacDonald Dettwiler & Associates, Ltd. (b)		107,971		5,618,355
Rockwell Collins, Inc.		154,000		16,182,320
Textron, Inc.		728,000		34,288,800
				65,868,935
Airlines—0.3%
United Continental Holdings, Inc. (a)		77,000		5,794,250
Automobiles—0.4%
Ferrari NV		72,000		6,193,440
Tesla, Inc. (a) (b)		3,000		1,084,830
				7,278,270
Banks—0.2%
Webster Financial Corp. (b)		71,000		3,707,620
Biotechnology—3.1%
Alkermes plc (a)		337,000		19,535,890
Alnylam Pharmaceuticals, Inc. (a) (b)		91,000		7,258,160
Bioverativ, Inc. (a)		31,000		1,865,270
Incyte Corp. (a)		68,000		8,561,880
Kite Pharma, Inc. (a) (b)		46,000		4,768,820
TESARO, Inc. (a) (b)		22,000		3,076,920
Vertex Pharmaceuticals, Inc. (a)		66,000		8,505,420
				53,572,360
Building Products—0.9%
Allegion plc (b)		185,000		15,007,200
Fortune Brands Home & Security, Inc.		22,000		1,435,280
				16,442,480
Capital Markets—3.8%
CBOE Holdings, Inc.		270,000		24,678,000
FactSet Research Systems, Inc. (b)		31,000		5,151,580
MSCI, Inc.		108,000		11,122,920
Oaktree Capital Group LLC		62,000		2,889,200
TD Ameritrade Holding Corp.		506,000		21,752,940
				65,594,640
Chemicals—3.0%
Air Products & Chemicals, Inc.		123,000		17,596,380
Ashland Global Holdings, Inc. (b)		97,000		6,393,270
RPM International, Inc. (b)		245,000		13,364,750
Valvoline, Inc.		651,000		15,441,720
				52,796,120
Commercial Services & Supplies—1.8%
KAR Auction Services, Inc.		247,000		10,366,590
Waste Connections, Inc.		324,000		20,872,080
				31,238,670
Communications Equipment—1.2%
Harris Corp.		185,000		20,179,800
Construction Materials—0.6%
Martin Marietta Materials, Inc.		46,000		10,238,680
Consumer Finance—0.4%
SLM Corp. (a)		535,000		6,152,500
Containers & Packaging—1.4%
Ardagh Group S.A.		35,000		791,350
Ball Corp.		555,681		23,455,295
				24,246,645
Electrical Equipment—1.8%
Acuity Brands, Inc. (b)		37,000		7,521,360
Sensata Technologies Holding NV (a) (b)		577,000		24,649,440
				32,170,800
Electronic Equipment, Instruments & Components—1.7%
Cognex Corp.		40,000		3,396,000
Keysight Technologies, Inc. (a)		621,000		24,175,530
National Instruments Corp.		62,000		2,493,640
				30,065,170
Equity Real Estate Investment Trusts—0.2%
SBA Communications Corp. (a)		25,000		3,372,500
Food & Staples Retailing—1.1%
Casey’s General Stores, Inc. (b)		93,000		9,961,230
Sprouts Farmers Market, Inc. (a) (b)		432,000		9,793,440
				19,754,670
Food Products—1.3%
Blue Buffalo Pet Products, Inc. (a) (b)		31,000		707,110
Conagra Brands, Inc.		223,637		7,997,259
TreeHouse Foods, Inc. (a)		174,817		14,280,801
				22,985,170
Health Care Equipment & Supplies—7.9%
Cooper Cos., Inc. (The) (b)		114,000		27,293,880
DENTSPLY SIRONA, Inc. (b)		260,000		16,858,400
Hologic, Inc. (a)		645,000		29,270,100
IDEXX Laboratories, Inc. (a)		22,000		3,551,240
Intuitive Surgical, Inc. (a)		18,000		16,836,660
Teleflex, Inc. (b)		169,000		35,111,440
West Pharmaceutical Services, Inc. (b)		92,000		8,695,840
				137,617,560
Health Care Providers & Services—3.7%
Acadia Healthcare Co., Inc. (a) (b)		163,000		8,048,940
Envision Healthcare Corp. (a) (b)		357,000		22,373,190
Henry Schein, Inc. (a)		77,000		14,092,540
MEDNAX, Inc. (a) (b)		322,000		19,439,140
				63,953,810

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—0.5%
athenahealth, Inc. (a) (b)		25,000	$	3,513,750
Veeva Systems, Inc. - Class A (a) (b)		78,000		4,782,180
				8,295,930
Hotels, Restaurants & Leisure—5.1%
Aramark		278,000		11,392,440
Marriott International, Inc. - Class A		200,000		20,062,000
MGM Resorts International		442,000		13,830,180
Norwegian Cruise Line Holdings, Ltd. (a) (b)		522,000		28,339,380
Royal Caribbean Cruises, Ltd.		61,000		6,663,030
Vail Resorts, Inc.		46,000		9,330,180
				89,617,210
Industrial Conglomerates—1.6%
Roper Technologies, Inc.		123,000		28,478,190
Insurance—5.0%
FNF Group		675,000		30,260,250
Progressive Corp. (The)		476,000		20,986,840
Willis Towers Watson plc		241,000		35,055,860
				86,302,950
Internet & Direct Marketing Retail—0.2%
TripAdvisor, Inc. (a) (b)		92,000		3,514,400
Internet Software & Services—2.1%
CoStar Group, Inc. (a)		10,701		2,820,783
IAC/InterActiveCorp (a)		104,886		10,828,431
Match Group, Inc. (a) (b)		155,000		2,693,900
VeriSign, Inc. (a) (b)		169,000		15,710,240
Zillow Group, Inc. - Class A (a)		44,000		2,148,960
Zillow Group, Inc. - Class C (a) (b)		44,000		2,156,440
				36,358,754
IT Services—7.6%
Black Knight Financial Services, Inc. - Class A (a) (b)		48,000		1,965,600
CoreLogic, Inc. (a)		314,000		13,621,320
CSRA, Inc.		295,595		9,385,141
Fidelity National Information Services, Inc.		108,000		9,223,200
Fiserv, Inc. (a)		246,000		30,095,640
FleetCor Technologies, Inc. (a) (b)		101,000		14,565,210
Gartner, Inc. (a)		62,000		7,657,620
Global Payments, Inc.		199,000		17,973,680
Sabre Corp. (b)		370,000		8,054,900
Vantiv, Inc. - Class A (a)		306,000		19,382,040
				131,924,351
Life Sciences Tools & Services—3.7%
Agilent Technologies, Inc.		429,000		25,443,990
Bruker Corp.		621,000		17,909,640
Illumina, Inc. (a)		49,000		8,502,480
Mettler-Toledo International, Inc. (a)		6,000		3,531,240
Quintiles IMS Holdings, Inc. (a) (b)		111,000		9,934,500
				65,321,850
Machinery—4.4%
Colfax Corp. (a)		137,000		5,393,690
Fortive Corp.		230,000		14,570,500
Gardner Denver Holdings, Inc. (a)		152,000		3,284,720
IDEX Corp. (b)		258,000		29,156,580
Middleby Corp. (The) (a)		47,588		5,782,418
WABCO Holdings, Inc. (a)		46,000		5,865,460
Xylem, Inc. (b)		230,000		12,748,900
				76,802,268
Metals & Mining—0.6%
Franco-Nevada Corp.		139,000		10,030,240
Multiline Retail—1.4%
Dollar General Corp.		337,000		24,294,330
Oil, Gas & Consumable Fuels—0.9%
ARC Resources, Ltd.		251,000		3,282,665
Centennial Resource Development, Inc. - Class A (a) (c)		63,000		896,994
Centennial Resource Development, Inc. - Class A (a) (b)		233,000		3,686,060
Concho Resources, Inc. (a)		68,000		8,264,040
				16,129,759
Pharmaceuticals—1.4%
Catalent, Inc. (a) (b)		368,000		12,916,800
Zoetis, Inc.		185,000		11,540,300
				24,457,100
Professional Services—3.6%
Equifax, Inc. (b)		184,000		25,285,280
IHS Markit, Ltd. (a)		372,811		16,418,597
TransUnion (a)		93,000		4,027,830
Verisk Analytics, Inc. (a)		191,000		16,114,670
				61,846,377
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.		77,000		7,036,260
Kansas City Southern		108,000		11,302,200
Old Dominion Freight Line, Inc. (b)		31,000		2,952,440
				21,290,900
Semiconductors & Semiconductor Equipment—3.7%
KLA-Tencor Corp.		99,000		9,059,490
Marvell Technology Group, Ltd. (b)		438,000		7,235,760
Microchip Technology, Inc. (b)		371,000		28,633,780
Microsemi Corp. (a) (b)		60,202		2,817,454
NXP Semiconductors NV (a)		15,000		1,641,750
Xilinx, Inc. (b)		245,000		15,758,400
				65,146,634

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—4.8%
Atlassian Corp. plc - Class A (a)		214,000	$	7,528,520
Electronic Arts, Inc. (a)		117,000		12,369,240
Guidewire Software, Inc. (a) (b)		68,000		4,672,280
Red Hat, Inc. (a)		215,000		20,586,250
ServiceNow, Inc. (a) (b)		31,000		3,286,000
Splunk, Inc. (a) (b)		136,000		7,737,040
SS&C Technologies Holdings, Inc.		247,000		9,487,270
Tableau Software, Inc. - Class A (a) (b)		111,000		6,800,970
Workday, Inc. - Class A (a) (b)		108,000		10,476,000
				82,943,570
Specialty Retail—4.1%
AutoZone, Inc. (a)		31,000		17,684,260
Burlington Stores, Inc. (a)		92,000		8,463,080
CarMax, Inc. (a) (b)		230,000		14,503,800
Dick’s Sporting Goods, Inc. (b)		63,000		2,509,290
L Brands, Inc. (b)		137,000		7,382,930
Michaels Cos., Inc. (The) (a) (b)		462,000		8,556,240
O’Reilly Automotive, Inc. (a) (b)		55,000		12,030,700
				71,130,300
Textiles, Apparel & Luxury Goods—2.1%
Carter’s, Inc.		12,000		1,067,400
Coach, Inc.		614,000		29,066,760
PVH Corp.		56,000		6,412,000
				36,546,160
Total Common Stocks (Cost $1,104,472,794)				1,615,938,959
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—5.9%
Mutual Fund—5.9%
T. Rowe Price Treasury Reserve Fund (e)		101,882,423		101,882,424
Total Short-Term Investments (Cost $101,882,424)				101,882,424
Securities Lending Reinvestments (f)—17.4%
Certificates of Deposit—10.9%
ABN AMRO Bank NV Zero Coupon, 09/05/17		5,974,905		5,987,400
Banco Del Estado De Chile New York 1.429%, 10/19/17 (g)		6,000,000		6,001,428
Certificates of Deposit—(Continued)
Bank of America N.A. 1.507%, 07/11/17 (g)		11,000,000		11,001,938
Bank of Montreal 1.130%, 07/07/17		6,000,000		5,999,940
Bank of Montreal Chicago 1.276%, 09/06/17 (g)		6,500,000		6,501,196
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		4,137,950		4,104,551
1.602%, 11/16/17 (g)		2,000,000		2,001,952
BNP Paribas New York 1.372%, 02/15/18 (g)		4,000,000		4,000,640
Canadian Imperial Bank 1.630%, 10/27/17 (g)		2,500,000		2,502,813
Cooperative Rabobank UA New York 1.555%, 10/13/17 (g)		2,500,000		2,502,883
1.558%, 10/13/17 (g)		1,000,000		1,001,357
Credit Suisse AG New York 1.314%, 11/07/17 (g)		500,000		500,041
1.366%, 10/06/17 (g)		5,000,000		5,001,240
1.432%, 10/16/17 (g)		4,500,000		4,500,963
DG Bank New York 1.140%, 07/03/17		3,000,000		2,999,970
DNB NOR Bank ASA 1.412%, 07/28/17 (g)		2,400,000		2,400,300
KBC Bank NV Zero Coupon, 08/22/17		2,990,219		2,995,170
Zero Coupon, 09/08/17		498,281		498,905
1.200%, 07/18/17		3,000,000		3,000,000
1.220%, 07/27/17		4,000,000		4,000,000
1.250%, 08/08/17		3,000,000		3,000,090
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		3,000,000		2,999,970
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (g)		1,000,000		1,000,023
1.367%, 10/11/17 (g)		6,000,000		6,001,344
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (g)		6,000,000		5,999,802
1.400%, 11/27/17 (g)		3,000,000		2,998,620
1.469%, 10/18/17 (g)		4,000,000		3,999,728
1.610%, 08/02/17 (g)		1,300,000		1,300,397
National Australia Bank London 1.480%, 11/09/17 (g)		5,500,000		5,504,455
Natixis New York 1.287%, 11/13/17 (g)		8,000,000		7,999,120
1.506%, 08/03/17 (g)		4,600,000		4,601,389
Norinchukin Bank New York 1.297%, 11/13/17 (g)		1,500,000		1,500,117
1.377%, 10/13/17 (g)		2,000,000		2,001,375
1.584%, 08/21/17 (g)		4,500,000		4,501,660
1.687%, 07/12/17 (g)		6,000,000		6,000,726
Royal Bank of Canada New York 1.358%, 06/12/18 (g)		10,000,000		9,996,620
1.555%, 10/13/17 (g)		3,500,000		3,503,538
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		1,009,233		1,000,230

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (g)		3,000,000	$	2,999,727
1.357%, 10/12/17 (g)		2,000,000		2,000,562
1.551%, 08/01/17 (g)		6,700,000		6,702,606
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (g)		1,000,000		999,927
1.377%, 10/11/17 (g)		8,000,000		8,005,635
1.466%, 10/26/17 (g)		4,500,000		4,501,152
Toronto Dominion Bank New York 1.467%, 03/13/18 (g)		7,500,000		7,505,572
1.475%, 01/10/18 (g)		3,000,000		3,004,987
UBS, Stamford 1.722%, 07/31/17 (g)		1,001,022		1,000,571
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (g)		2,300,000		2,302,056
				190,434,686
Commercial Paper—3.2%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		5,982,255		5,997,828
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
1.290%, 09/12/17		2,491,938		2,493,880
Commonwealth Bank Australia 1.522%, 10/23/17 (g)		3,000,000		3,003,163
Erste Abwicklungsanstalt 1.379%, 07/18/17 (g)		12,500,000		12,500,725
ING Funding LLC 1.234%, 12/07/17 (g)		5,000,000		5,001,726
1.277%, 11/13/17 (g)		3,000,000		2,999,781
LMA S.A. & LMA Americas 1.150%, 07/07/17		2,249,497		2,249,712
1.170%, 07/20/17		997,205		999,363
1.180%, 07/11/17		2,991,150		2,999,004
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (g)		2,000,000		2,000,801
Sheffield Receivables Co. 1.190%, 07/28/17		7,975,142		7,992,480
1.230%, 07/07/17		2,492,227		2,499,415
Westpac Banking Corp. 1.506%, 10/20/17 (g)		3,600,000		3,603,589
				56,340,815
Repurchase Agreements—2.5%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $419,244 on 07/03/17, collateralized by $436,386 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $427,590.		419,206		419,206
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $5,000,500 on 07/03/17, collateralized by $5,083,667 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $5,100,015.		5,000,000		5,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $9,006,975 on 07/03/17, collateralized by $1,956 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $10,006,412.		9,000,000		9,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $5,024,225 on 09/29/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $5,004,632 on 07/07/17, collateralized by $4,508,413 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $5,103,330.		5,000,000		5,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,759,931 on 10/02/17, collateralized by various Common Stock with a value of $4,070,000.		3,700,000		3,700,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $10,076,475 on 10/02/17, collateralized by various Common Stock with a value of $11,000,001.		10,000,000		10,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $5,000,558 on 07/03/17, collateralized by $9,970,309 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $5,100,594.		5,000,000		5,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $500,049 on 07/03/17, collateralized by $750,882 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $510,000.		500,000		500,000
				43,619,206

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—0.8%
Australia New Zealand Bank 1.060%, 07/03/17		2,000,000	$	2,000,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.330%, 07/26/17		7,200,000		7,200,000
Standard Chartered plc 1.200%, 07/03/17		1,900,000		1,900,000
				13,100,000
Total Securities Lending Reinvestments (Cost $303,432,760)				303,494,707
Total Investments—116.5% (Cost $1,512,459,274) (h)				2,029,627,813
Other assets and liabilities (net)—(16.5)%				(287,311,052	)
Net Assets—100.0%			$	1,742,316,761

*	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 June 30, 2017, the market value of securities loaned was $296,171,532 and the collateral received consisted of cash in the amount of $303,403,911.
	The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(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 June 30, 2017, the market value of restricted securities was $11,685,753, which is 0.7% of net assets. See details shown in the Restricted Securities table that follows.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent 0.6% of net assets.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)	As of June 30, 2017, the aggregate cost of investments was $1,512,459,274. The aggregate unrealized appreciation and depreciation of investments were $533,396,052 and $(16,227,513), respectively, resulting in net unrealized appreciation of $517,168,539.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Centennial Resource Development, Inc. - Class A		06/08/17		63,000	$	913,500	$	896,994
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
							$	11,685,753

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	65,868,935	$	—	$	—	$	65,868,935
Airlines		5,794,250		—		—		5,794,250
Automobiles		7,278,270		—		—		7,278,270
Banks		3,707,620		—		—		3,707,620
Biotechnology		53,572,360		—		—		53,572,360
Building Products		16,442,480		—		—		16,442,480
Capital Markets		65,594,640		—		—		65,594,640
Chemicals		52,796,120		—		—		52,796,120
Commercial Services & Supplies		31,238,670		—		—		31,238,670
Communications Equipment		20,179,800		—		—		20,179,800
Construction Materials		10,238,680		—		—		10,238,680
Consumer Finance		6,152,500		—		—		6,152,500
Containers & Packaging		24,246,645		—		—		24,246,645
Electrical Equipment		32,170,800		—		—		32,170,800
Electronic Equipment, Instruments & Components		30,065,170		—		—		30,065,170
Equity Real Estate Investment Trusts		3,372,500		—		—		3,372,500
Food & Staples Retailing		19,754,670		—		—		19,754,670
Food Products		22,985,170		—		—		22,985,170
Health Care Equipment & Supplies		137,617,560		—		—		137,617,560
Health Care Providers & Services		63,953,810		—		—		63,953,810
Health Care Technology		8,295,930		—		—		8,295,930
Hotels, Restaurants & Leisure		89,617,210		—		—		89,617,210
Industrial Conglomerates		28,478,190		—		—		28,478,190
Insurance		86,302,950		—		—		86,302,950
Internet & Direct Marketing Retail		3,514,400		—		—		3,514,400
Internet Software & Services		36,358,754		—		—		36,358,754
IT Services		131,924,351		—		—		131,924,351
Life Sciences Tools & Services		65,321,850		—		—		65,321,850
Machinery		76,802,268		—		—		76,802,268
Metals & Mining		10,030,240		—		—		10,030,240
Multiline Retail		24,294,330		—		—		24,294,330
Oil, Gas & Consumable Fuels		16,129,759		—		—		16,129,759
Pharmaceuticals		24,457,100		—		—		24,457,100
Professional Services		61,846,377		—		—		61,846,377
Real Estate Management & Development		—		—		2,477,036		2,477,036
Road & Rail		21,290,900		—		—		21,290,900

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Semiconductors & Semiconductor Equipment	$	65,146,634	$	—		$	—	$	65,146,634
Software		82,943,570		—			—		82,943,570
Specialty Retail		71,130,300		—			—		71,130,300
Textiles, Apparel & Luxury Goods		36,546,160		—			—		36,546,160
Total Common Stocks		1,613,461,923		—			2,477,036		1,615,938,959
Total Convertible Preferred Stocks*		—		—			8,311,723		8,311,723
Total Short-Term Investment*		101,882,424		—			—		101,882,424
Total Securities Lending Reinvestments*		—		303,494,707			—		303,494,707
Total Investments	$	1,715,344,347	$	303,494,707		$	10,788,759	$	2,029,627,813
Collateral for Securities Loaned (Liability)	$	—	$	(303,403,911	)	$	—	$	(303,403,911	)

* 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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,927,745,389
Affiliated investments at value (c)		101,882,424
Cash		17,767
Cash denominated in foreign currencies (d)		88,152
Receivable for:
Investments sold		24,342,258
Fund shares sold		495,868
Dividends		806,189
Dividends on affiliated investments		77,189
Total Assets		2,055,455,236
Liabilities
Collateral for securities loaned		303,403,911
Payables for:
Investments purchased		6,517,018
Fund shares redeemed		1,608,029
Accrued Expenses:
Management fees		1,016,660
Distribution and service fees		222,971
Deferred trustees’ fees		115,782
Other expenses		254,104
Total Liabilities		313,138,475
Net Assets	$	1,742,316,761
Net Assets Consist of:
Paid in surplus	$	1,097,903,042
Undistributed net investment income		14,665
Accumulated net realized gain		127,230,536
Unrealized appreciation on investments and foreign currency transactions		517,168,518
Net Assets	$	1,742,316,761
Net Assets
Class A	$	648,815,451
Class B		1,070,083,950
Class E		23,417,360
Capital Shares Outstanding*
Class A		59,319,221
Class B		105,639,808
Class E		2,239,485
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.94
Class B		10.13
Class E		10.46

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $296,171,532.
(b)	Identified cost of investments, excluding affiliated investments, was $1,410,576,850.
(c)	Identified cost of affiliated investments was $101,882,424.
(d)	Identified cost of cash denominated in foreign currencies was $87,768.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	6,264,545
Dividends from affiliated investments		295,276
Securities lending income		1,011,294
Total investment income		7,571,115
Expenses
Management fees		6,279,312
Administration fees		26,585
Custodian and accounting fees		54,338
Distribution and service fees—Class B		1,291,937
Distribution and service fees—Class E		16,750
Audit and tax services		22,938
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		58,480
Insurance		5,580
Miscellaneous		10,699
Total expenses		7,811,321
Less management fee waiver		(346,651	)
Less broker commission recapture		(10,045	)
Net expenses		7,454,625
Net Investment Income		116,490
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		127,869,647
Foreign currency transactions		(1,575	)
Net realized gain		127,868,072
Net change in unrealized appreciation (depreciation) on:
Investments		102,313,688
Foreign currency transactions		(59	)
Net change in unrealized appreciation		102,313,629
Net realized and unrealized gain		230,181,701
Net Increase in Net Assets From Operations	$	230,298,191

(a) Net of foreign withholding taxes of $45,034.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	116,490		$	(740,707	)
Net realized gain		127,868,072			151,488,827
Net change in unrealized appreciation (depreciation)		102,313,629			(52,929,125	)
Increase in net assets from operations		230,298,191			97,818,995
From Distributions to Shareholders
Net realized capital gains
Class A		(53,031,193	)		(84,947,006	)
Class B		(93,533,444	)		(152,745,855	)
Class E		(1,976,268	)		(3,154,118	)
Total distributions		(148,540,905	)		(240,846,979	)
Increase in net assets from capital share transactions		53,863,954			94,933,063
Total increase (decrease) in net assets		135,621,240			(48,094,921	)
Net Assets
Beginning of period		1,606,695,521			1,654,790,442
End of period	$	1,742,316,761		$	1,606,695,521
Distributions in excess of Net Investment Income
End of period	$	14,665		$	(101,825	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,569,830		$	29,140,785			1,855,030		$	19,570,232
Reinvestments		4,865,247			53,031,193			8,624,062			84,947,006
Redemptions		(5,067,983	)		(56,516,591	)		(6,388,364	)		(68,344,170	)
Net increase		2,367,094		$	25,655,387			4,090,728		$	36,173,068
Class B
Sales		1,845,781		$	19,141,363			5,348,543		$	52,912,161
Reinvestments		9,269,915			93,533,444			16,584,783			152,745,855
Redemptions		(8,235,689	)		(85,574,303	)		(14,846,695	)		(147,870,762	)
Net increase		2,880,007		$	27,100,504			7,086,631		$	57,787,254
Class E
Sales		101,610		$	1,076,753			150,631		$	1,528,483
Reinvestments		189,661			1,976,268			333,064			3,154,118
Redemptions		(182,117	)		(1,944,958	)		(362,358	)		(3,709,860	)
Net increase		109,154		$	1,108,063			121,337		$	972,741
Increase derived from capital shares transactions				$	53,863,954					$	94,933,063

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.37		$	11.39		$	12.52		$	12.29		$	9.53		$	9.53
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			0.01	(b)		0.00	(c)		(0.01	)		(0.01	)		0.02
Net realized and unrealized gain on investments		1.53			0.64			0.91			1.45			3.38			1.28
Total from investment operations		1.54			0.65			0.91			1.44			3.37			1.30
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.05	)		0.00
Distributions from net realized capital gains		(0.97	)		(1.67	)		(2.04	)		(1.21	)		(0.56	)		(1.30	)
Total distributions		(0.97	)		(1.67	)		(2.04	)		(1.21	)		(0.61	)		(1.30	)
Net Asset Value, End of Period	$	10.94		$	10.37		$	11.39		$	12.52		$	12.29		$	9.53
Total Return (%) (d)		14.85	(e)		6.52			6.88			13.04			36.96			13.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(f)		0.78			0.78			0.78			0.78			0.78
Net ratio of expenses to average net assets (%) (g)		0.74	(f)		0.73			0.74			0.74			0.75			0.76
Ratio of net investment income (loss) to average net assets (%)		0.17	(f)		0.11	(b)		0.02			(0.08	)		(0.12	)		0.17
Portfolio turnover rate (%)		12	(e)		26			25			23			25			30
Net assets, end of period (in millions)	$	648.8		$	590.7		$	602.3		$	639.3		$	799.0		$	642.5
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.68		$	10.77		$	11.96		$	11.82		$	9.19		$	9.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(c)		(0.01	)(b)		(0.03	)		(0.04	)		(0.04	)		(0.01	)
Net realized and unrealized gain on investments		1.42			0.59			0.88			1.39			3.25			1.25
Total from investment operations		1.42			0.58			0.85			1.35			3.21			1.24
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00
Distributions from net realized capital gains		(0.97	)		(1.67	)		(2.04	)		(1.21	)		(0.56	)		(1.30	)
Total distributions		(0.97	)		(1.67	)		(2.04	)		(1.21	)		(0.58	)		(1.30	)
Net Asset Value, End of Period	$	10.13		$	9.68		$	10.77		$	11.96		$	11.82		$	9.19
Total Return (%) (d)		14.67	(e)		6.22			6.67			12.77			36.58			13.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03	(f)		1.03			1.03			1.03			1.03			1.03
Net ratio of expenses to average net assets (%) (g)		0.99	(f)		0.98			0.99			0.99			1.00			1.01
Ratio of net investment loss to average net assets (%)		(0.08	)(f)		(0.14	)(b)		(0.23	)		(0.33	)		(0.37	)		(0.08	)
Portfolio turnover rate (%)		12	(e)		26			25			23			25			30
Net assets, end of period (in millions)	$	1,070.1		$	994.8		$	1,030.3		$	1,072.1		$	1,081.0		$	873.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.96		$	11.02		$	12.19		$	12.01		$	9.33		$	9.36
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(c)		(0.00	)(b)(c)		(0.02	)		(0.03	)		(0.03	)		0.00	(c)
Net realized and unrealized gain on investments		1.47			0.61			0.89			1.42			3.30			1.27
Total from investment operations		1.47			0.61			0.87			1.39			3.27			1.27
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.03	)		0.00
Distributions from net realized capital gains		(0.97	)		(1.67	)		(2.04	)		(1.21	)		(0.56	)		(1.30	)
Total distributions		(0.97	)		(1.67	)		(2.04	)		(1.21	)		(0.59	)		(1.30	)
Net Asset Value, End of Period	$	10.46		$	9.96		$	11.02		$	12.19		$	12.01		$	9.33
Total Return (%) (d)		14.76	(e)		6.36			6.72			12.92			36.68			13.85
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93	(f)		0.93			0.93			0.93			0.93			0.93
Net ratio of expenses to average net assets (%) (g)		0.89	(f)		0.88			0.89			0.89			0.90			0.91
Ratio of net investment income (loss) to average net assets (%)		0.02	(f)		(0.04	)(b)		(0.13	)		(0.23	)		(0.27	)		0.01
Portfolio turnover rate (%)		12	(e)		26			25			23			25			30
Net assets, end of period (in millions)	$	23.4		$	21.2		$	22.1		$	22.4		$	22.3		$	17.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Net investment income (loss) was less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Mid Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTI-16

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, foreign currency transactions, passive foreign investment companies (“PFICs”) and ordinary loss netting. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTI-17

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $43,619,206. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

BHFTI-18

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	187,620,984	$	0	$	347,900,144

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $204,964 in purchases and $2,793,428 in sales of investments, which are included above, and resulted in realized gains of $1,119,920.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.750% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $6,279,312.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Brighthouse Funds Trust II (“BHFTII”) in the aggregate exceed $750,000,000, (ii) the Subadviser subadvises three or more portfolios of the Trust and BHFTII in the aggregate and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by MetLife Advisers by 5% for combined Trust and BHFTII average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

BHFTI-19

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreements and Plans - The Trust has distribution agreements with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017		Realized Gain on shares sold		Income earned from affiliates during the period		Ending Value as of June 30, 2017
T. Rowe Price Treasury Reserve Fund		52,182,740		157,789,476		(108,089,792	)		101,882,424	$	—	$	295,276	$	101,882,424

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$6,906,007	$	10,205,409	$	233,940,972	$	263,460,711	$	240,846,979	$	273,666,120

BHFTI-20

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$6,670,060	$	141,588,114	$	414,500,081	$	—	$	562,758,255

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-21

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
148,564,893		5,483,003		9,395,801

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		153,370,196		10,073,500
Robert Boulware		153,619,639		9,824,057
Susan C. Gause		153,969,852		9,473,844
Nancy Hawthorne		153,876,455		9,567,242
Barbara A. Nugent		153,825,999		9,617,698
John Rosenthal		153,627,000		9,816,697
Linda B. Strumpf		153,506,386		9,937,311
Dawn M. Vroegop		153,600,237		9,843,459

BHFTI-22

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Managed by TCW Investment Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the TCW Core Fixed Income Portfolio returned 1.96% and 1.91%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 2.27%.

MARKET ENVIRONMENT / CONDITIONS

Despite an outpouring of optimistic growth sentiment and high investor confidence levels early in the year, the U.S. economy experienced little material change during the period. The new administration’s lofty economic agenda has faced setbacks, with indicators of late cycle dynamics being present. In our view, downside risks appear to have only grown in scope. Data prints such as durable goods orders, auto, steel and lumber production, and retail and restaurant sales have exhibited weakness while overall U.S. GDP growth remained lackluster for the first quarter, and leverage remained at or near record highs. Furthermore, structural headwinds such as an aging population, low productivity growth, and a labor market already back at full employment were concerns, leading the International Monetary Fund to reduce its 2017 forecast for U.S. growth to 2.1%, a sharp discount to President Trump’s optimistic target of 3%. Over the period, the failure to pass a Senate healthcare reform bill fueled speculation that tax cuts and regulatory rollbacks may also be delayed, casting doubts over the inclusion of an assumed fiscal stimulus in growth calculations.

While the demand for yield has persisted amid rising geopolitical uncertainty, the Federal Reserve (the “Fed”) continued its desire to normalize monetary policy, even in a muted inflationary backdrop that remained persistently below the 2% target. In June, the Fed produced its second rate hike in the first half of 2017, and raised the federal funds rate by 25 basis points (“bps”) as expected. Although the Fed still planned to hike rates again in 2017 and three times in 2018, markets have grown increasingly skeptical over the frequency of the hikes. Additionally, the Fed provided insight on its future plan to unwind the $4.5 trillion balance sheet. Under the initiative, Treasury and mortgage-backed securities (“MBS”) assets will be rolled-off on a monthly basis, starting at $6 billion for Treasuries and $4 billion for MBS and increasing by the same amounts every three months until reaching a cap of $30 billion and $20 billion, respectively.

Although a hawkish shift in global central bank policy appeared to give pause to the equity market momentum late in the second quarter, risk markets overall continued to benefit from the reach for yield. The S&P 500 Index reached new record levels and returned more than 9% during the period. Broadly, spread sectors also generally fared well and tightened over the period, as measured by a total return of 2.3% for the Bloomberg Barclays U.S. Aggregate Bond Index. Investment grade corporate bonds benefited from robust sponsorship and strong first quarter corporate earnings to return 3.7%, while high yield bonds returned 4.9%. Among securitized issues, non-agency MBS had a very strong first half, returning approximately 5%. The asset class benefitted from considerable price appreciation, supported by strong investor demand and solid fundamentals. In contrast, agency MBS was the only broad fixed income sector to post negative excess returns, weighed down by easing U.S. Treasury rates and the looming prospect of balance sheet reductions by the Fed. Within asset-backed securities (“ABS”), heavy supply was met by robust demand, helping the sector to tighten by 11 bps and outperform Treasuries by 54 bps. Meanwhile, performance was also positive for commercial MBS (“CMBS”) amid incrementally lower yields and continued demand.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio returned 1.96% in the first half of 2017 and underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), which had gained 2.27% over the period. The underweight relative duration position of the Portfolio was a detractor over the period, as intermediate term and long-term Treasury rates moved lower over the first half of the year and weighing modestly on relative performance given the defensive duration position of the Portfolio. Performance was also held back by the Portfolio’s underweight to investment grade corporate bonds and non-U.S. sovereign debt, which led Index returns. On a positive note, issue selection among securitized products benefitted relative performance, particularly the emphasis on non-agency MBS which continued to benefit from solid investor sponsorship and improving collateral characteristics amidst rising home prices. Additional Portfolio contributors included government guaranteed student loan ABS and agency CMBS holdings.

At period end, Portfolio strategy and positioning continued to be largely influenced by our view that interest rates remain pressured to increase under the Fed’s normalization process, and our view of heightened credit risk over the aging of the credit cycle and by our concern of the potential for record-high leverage across both investment grade and high yield credit in the U.S. to unwind in a dramatic and likely painful fashion. We have maintained the duration of the Portfolio relatively short versus that of the Index and, from a sector standpoint, minimized credit risk with higher quality defensive exposure among corporate credit. The Portfolio continued to emphasize securitized products offering opportunities for attractive risk-adjusted returns with positions that favored high quality, and more seniority. As of June 30, 2017, CMBS exposure was skewed towards agency-backed issues as well as seasoned non-agency bonds at the top of the capital structure and single asset single borrower deals, while the ABS overweight was focused on high quality, non-traditional collateral such as government guaranteed student loan receivables. Value remained attractive given the integrity of the government guarantee,

BHFTI-1

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Managed by TCW Investment Management Company

Portfolio Manager Commentary*—(Continued)

though spreads have tightened materially from mid-2016. Within non-agency MBS, the Portfolio’s holdings emphasized issues with better relative quality in our view, and near term cash flows. Agency MBS exposure was in line with the Index.

Tad Rivelle

Bryan Whalen

Laird Landmann

Stephen Kane

Portfolio Managers

TCW Investment Management Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-2

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		Since Inception2
TCW Core Fixed Income Portfolio
Class A		1.96		-0.21		1.74
Class B		1.91		-0.36		1.66
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		1.94

¹ The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

² Inception date of the Class A and Class B shares is 5/1/2015. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		62.8
Corporate Bonds & Notes		27.0
Asset-Backed Securities		11.0
Mortgage-Backed Securities		3.6
Municipals		0.8

BHFTI-3

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

TCW Core Fixed Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.43	%	$	1,000.00	$	1,019.60	$	2.15
	Hypothetical*		0.43	%	$	1,000.00	$	1,022.66	$	2.16
Class B(a)	Actual		0.68	%	$	1,000.00	$	1,019.10	$	3.40
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—62.8% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—32.4%
Fannie Mae 15 Yr. Pool 3.000%, 06/01/32		2,274,633	$	2,336,201
3.000%, TBA (a)		10,800,000		11,084,343
Fannie Mae 30 Yr. Pool 3.000%, 07/01/45		22,296,421		22,363,278
3.000%, TBA (a)		11,310,000		11,294,752
3.500%, 02/01/46		18,025,523		18,524,812
3.500%, TBA (a)		21,775,000		22,364,456
4.000%, TBA (a)		71,160,000		74,804,168
4.500%, 02/01/46		6,750,731		7,250,278
4.500%, 10/01/46		9,750,264		10,461,143
4.500%, 02/01/47		19,490,712		20,936,849
4.500%, 04/01/47		29,633,953		31,784,185
4.500%, TBA (a)		23,085,000		24,732,060
Fannie Mae Pool 2.470%, 01/01/23		2,500,000		2,529,214
2.740%, 03/01/25		2,125,895		2,157,452
2.740%, 03/01/26		3,855,000		3,856,585
2.950%, 05/01/31		4,311,435		4,266,646
3.030%, 03/01/31		1,076,978		1,070,350
3.280%, 02/01/28		3,975,000		4,080,138
3.320%, 08/01/26		1,895,000		1,962,540
3.390%, 01/01/31		4,725,000		4,857,779
3.490%, 02/25/33		4,000,000		4,012,520
3.500%, 01/01/44		8,208,407		8,472,632
3.550%, 03/01/24		4,082,394		4,330,157
3.580%, 03/01/27		2,890,174		3,005,516
4.380%, 04/01/21		5,894,835		6,318,973
4.381%, 06/01/21		7,106,136		7,645,302
4.520%, 08/01/19		4,102,388		4,316,845
4.550%, 10/01/19		4,930,743		5,213,965
4.590%, 08/01/26		2,896,201		3,191,379
Fannie Mae-ACES (CMO) 1.566%, 05/25/18 (b)		1,954,231		1,955,972
1.566%, 08/25/18 (b)		7,141,555		7,154,386
2.569%, 12/25/26 (b)		9,410,000		9,146,510
3.148%, 12/25/24 (b)		9,584,174		9,879,932
Freddie Mac 15 Yr. Gold Pool 2.500%, 12/01/31		10,167,534		10,233,036
2.500%, 01/01/32		2,427,019		2,442,654
3.000%, 03/01/31		3,122,506		3,209,069
Freddie Mac 30 Yr. Gold Pool 3.000%, 06/01/46		10,043,491		10,028,276
3.000%, 08/01/46		4,980,735		4,973,189
3.000%, 09/01/46		3,951,266		3,945,280
3.000%, 10/01/46		12,089,240		12,070,925
3.000%, 11/01/46		15,833,000		15,809,014
3.000%, 01/01/47		17,434,454		17,408,042
3.000%, 02/01/47		2,220,194		2,216,831
3.500%, 04/01/45		7,894,806		8,177,472
3.500%, 11/01/45		7,573,229		7,786,264
3.500%, 03/01/46		6,349,682		6,528,298
3.500%, 04/01/46		18,190,652		18,702,355
3.500%, 06/01/46		5,938,058		6,105,095
3.500%, 08/01/46		12,434,684		12,784,471
3.500%, 09/01/46		2,225,716		2,288,325
4.000%, 01/01/45		6,698,650		7,127,490
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.000%, 11/01/45		7,070,882		7,442,157
4.000%, 12/01/45		15,586,536		16,560,712
4.000%, 05/01/46		9,880,689		10,399,500
4.500%, TBA (a)		2,515,000		2,690,961
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.545%, 07/25/20 (b)		1,434,046		1,435,295
1.625%, 07/25/20 (b)		1,470,945		1,472,375
3.511%, 04/25/30		4,495,000		4,668,433
Ginnie Mae II 30 Yr. Pool 3.000%, 10/20/46		3,974,027		4,018,286
3.000%, 12/20/46		11,952,342		12,085,457
3.000%, TBA (a)		13,520,000		13,656,256
3.500%, 04/20/46		9,651,639		10,007,513
3.500%, 05/20/46		4,412,839		4,575,548
3.500%, 06/20/46		11,445,280		11,867,289
3.500%, 11/20/46		14,195,604		14,719,023
3.500%, 01/20/47		2,438,257		2,528,160
3.500%, TBA (a)		21,275,000		22,036,245
4.000%, TBA (a)		39,195,000		41,243,550
4.500%, TBA (a)		25,840,000		27,463,075
				718,067,239
U.S. Treasury—30.4%
U.S. Treasury Bond 3.000%, 05/15/47		82,145,000		84,776,187
U.S. Treasury Inflation Indexed Bond 0.750%, 02/15/45 (c)		17,479,781		16,392,905
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/21 (c)		11,172,336		11,155,321
0.125%, 04/15/22 (c)		5,514,400		5,488,085
0.125%, 07/15/26 (c)		20,283,098		19,564,407
0.375%, 01/15/27 (c) (d)		7,869,622		7,729,062
0.875%, 02/15/47 (c)		8,928,449		8,664,497
U.S. Treasury Notes 0.750%, 10/31/17 (d)		59,450,000		59,382,227
1.000%, 12/31/17		20,625,000		20,608,851
1.250%, 05/31/19 (d)		56,845,000		56,707,321
1.500%, 01/31/22		28,120,000		27,693,813
1.750%, 05/31/22 (d)		143,880,000		143,037,007
1.750%, 06/30/22		141,830,000		140,910,374
1.875%, 04/30/22 (d)		22,110,000		22,105,689
2.375%, 05/15/27 (d)		47,410,000		47,710,010
				671,925,756
Total U.S. Treasury & Government Agencies (Cost $1,393,125,729)				1,389,992,995
Corporate Bonds & Notes—27.0%
Aerospace/Defense—0.3%
United Technologies Corp. 1.778%, 05/04/18 (e)		6,850,000		6,858,788

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 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		620,222	$	674,492
8.057%, 07/02/20		438,547		501,917
American Airlines Pass-Through Trust 4.000%, 07/15/25		1,609,968		1,682,416
4.950%, 01/15/23		761,177		810,653
Continental Airlines Pass-Through Trust 6.545%, 02/02/19		1,805,150		1,881,868
U.S. Airways Pass-Through Trust 6.250%, 04/22/23		2,052,363		2,283,254
7.076%, 03/20/21		2,314,877		2,471,132
				10,305,732
Auto Manufacturers—0.5%
Ford Motor Credit Co. LLC 1.724%, 12/06/17		5,100,000		5,100,357
2.145%, 01/09/18 (d)		1,000,000		1,003,396
2.875%, 10/01/18		1,000,000		1,009,915
General Motors Co. 3.500%, 10/02/18 (d)		1,000,000		1,017,558
4.875%, 10/02/23 (d)		3,875,000		4,152,737
				12,283,963
Banks—10.4%
American Express Centurion Bank 6.000%, 09/13/17		2,000,000		2,016,336
Bank of America Corp. 3.705%, 04/24/28 (b) (d)		4,685,000		4,719,318
3.875%, 08/01/25		1,800,000		1,862,120
4.125%, 01/22/24		3,090,000		3,260,744
5.000%, 01/21/44		1,500,000		1,695,675
5.650%, 05/01/18		8,310,000		8,570,959
5.750%, 12/01/17		4,845,000		4,926,992
6.000%, 09/01/17		2,200,000		2,215,134
6.400%, 08/28/17		2,000,000		2,014,202
6.500%, 07/15/18		2,000,000		2,091,402
6.875%, 04/25/18		6,915,000		7,195,950
7.625%, 06/01/19 (d)		6,000,000		6,616,032
Capital One N.A. 1.650%, 02/05/18		755,000		754,690
Citigroup, Inc. 1.700%, 04/27/18		12,106,000		12,093,870
1.750%, 05/01/18		3,000,000		2,998,674
1.800%, 02/05/18		5,250,000		5,253,979
6.000%, 08/15/17		1,850,000		1,859,076
6.125%, 11/21/17		3,190,000		3,244,514
6.125%, 05/15/18		7,355,000		7,626,326
Discover Bank 2.000%, 02/21/18		3,000,000		3,003,687
2.600%, 11/13/18		2,085,000		2,102,779
Goldman Sachs Group, Inc. (The) 3.691%, 06/05/28 (b)		3,500,000		3,513,895
3.850%, 07/08/24		1,595,000		1,655,473
5.950%, 01/18/18		8,935,000		9,134,679
6.150%, 04/01/18		14,185,000		14,640,197
7.500%, 02/15/19		7,450,000		8,081,037
Banks—(Continued)
HBOS plc 6.750%, 05/21/18 (144A)		1,645,000		1,711,014
JPMorgan Chase & Co. 2.700%, 05/18/23 (d)		5,585,000		5,523,766
3.900%, 07/15/25		6,000,000		6,257,220
6.000%, 01/15/18		13,390,000		13,690,847
6.300%, 04/23/19		3,415,000		3,675,459
JPMorgan Chase Bank N.A. 6.000%, 10/01/17		10,480,000		10,587,420
Morgan Stanley 1.982%, 02/14/20 (b)		6,290,000		6,315,789
3.875%, 01/27/26 (d)		3,500,000		3,603,176
5.625%, 09/23/19		4,050,000		4,350,980
5.950%, 12/28/17		5,765,000		5,882,635
6.625%, 04/01/18		5,895,000		6,104,331
7.300%, 05/13/19 (d)		1,000,000		1,093,265
Santander UK Group Holdings plc 2.875%, 08/05/21 (d)		1,175,000		1,177,701
Santander UK plc 3.050%, 08/23/18		5,000,000		5,062,645
Wachovia Corp. 5.750%, 02/01/18 (d)		16,355,000		16,738,099
Wells Fargo & Co. 2.600%, 07/22/20		5,175,000		5,247,957
3.000%, 04/22/26 (d)		3,500,000		3,418,289
3.000%, 10/23/26		600,000		584,254
3.550%, 09/29/25 (d)		2,095,000		2,129,980
Wells Fargo Bank N.A. 6.000%, 11/15/17		3,000,000		3,047,466
				229,350,033
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		10,163,000		10,470,634
Biotechnology—0.9%
Amgen, Inc. 4.400%, 05/01/45		3,000,000		3,081,447
4.663%, 06/15/51		1,000,000		1,059,153
Baxalta, Inc. 2.875%, 06/23/20		1,000,000		1,015,966
4.000%, 06/23/25		2,497,000		2,604,403
Biogen, Inc. 5.200%, 09/15/45		2,100,000		2,395,672
Celgene Corp. 5.000%, 08/15/45		4,250,000		4,785,487
Gilead Sciences, Inc. 2.950%, 03/01/27 (d)		1,905,000		1,848,879
3.700%, 04/01/24 (d)		1,500,000		1,559,381
4.750%, 03/01/46		940,000		1,031,941
				19,382,329
Commercial Services—0.3%
Moody’s Corp. 1.568%, 09/04/18 (b)		4,000,000		4,009,824

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
University of Southern California 3.028%, 10/01/39		3,030,000	$	2,839,874
				6,849,698
Computers—0.1%
Apple, Inc. 4.650%, 02/23/46		998,000		1,118,679
Diversified Financial Services—1.0%
American Express Co. 7.000%, 03/19/18		4,264,000		4,422,493
Bear Stearns Cos. LLC (The) 7.250%, 02/01/18		3,000,000		3,094,098
International Lease Finance Corp. 7.125%, 09/01/18 (144A)		8,700,000		9,207,619
Protective Life Global Funding 1.769%, 06/08/18 (144A) (b)		3,500,000		3,508,977
2.700%, 11/25/20 (144A)		3,045,000		3,067,637
				23,300,824
Electric—2.7%
American Electric Power Co., Inc. 1.650%, 12/15/17		2,445,000		2,445,267
Appalachian Power Co. 4.450%, 06/01/45		2,200,000		2,366,597
Cleveland Electric Illuminating Co. (The) 7.880%, 11/01/17		3,000,000		3,058,053
Commonwealth Edison Co. 6.150%, 09/15/17		2,030,000		2,048,382
Dominion Energy, Inc. 1.875%, 12/15/18 (144A)		5,000,000		4,993,315
Duke Energy Carolinas LLC 4.250%, 12/15/41		3,300,000		3,525,271
Duke Energy Progress LLC 4.100%, 05/15/42 (d)		1,000,000		1,044,539
4.100%, 03/15/43		2,325,000		2,414,048
Duquesne Light Holdings, Inc. 6.400%, 09/15/20 (144A)		3,250,000		3,621,800
El Paso Electric Co. 3.300%, 12/15/22		825,000		828,254
Emera U.S. Finance L.P. 2.700%, 06/15/21		4,000,000		4,006,124
Entergy Corp. 4.000%, 07/15/22		3,000,000		3,170,724
FirstEnergy Transmission LLC 4.350%, 01/15/25 (144A)		4,000,000		4,179,720
International Transmission Co. 4.625%, 08/15/43 (144A)		2,750,000		3,052,043
IPALCO Enterprises, Inc. 5.000%, 05/01/18 (d)		560,000		569,100
MidAmerican Energy Co. 4.800%, 09/15/43		905,000		1,034,043
NextEra Energy Capital Holdings, Inc. 2.056%, 09/01/17		2,455,000		2,456,146
Electric—(Continued)
PacifiCorp 3.350%, 07/01/25		2,000,000		2,040,584
Pennsylvania Electric Co. 4.150%, 04/15/25 (144A)		2,800,000		2,849,034
Public Service Co. of New Mexico 3.850%, 08/01/25		3,135,000		3,232,185
Public Service Electric & Gas Co. 4.050%, 05/01/45		3,000,000		3,107,793
Southwestern Electric Power Co. 6.450%, 01/15/19		2,000,000		2,128,992
Xcel Energy, Inc. 3.300%, 06/01/25		2,375,000		2,396,059
				60,568,073
Food—0.4%
Kraft Heinz Foods Co. 3.500%, 07/15/22		1,500,000		1,546,482
3.950%, 07/15/25		2,925,000		3,007,690
5.200%, 07/15/45		3,270,000		3,537,574
				8,091,746
Gas—0.2%
Southern Co. Gas Capital Corp. 3.250%, 06/15/26 (d)		4,000,000		3,925,296
Spire, Inc. 4.700%, 08/15/44		1,000,000		1,027,821
				4,953,117
Healthcare-Services—1.4%
Aetna, Inc. 2.800%, 06/15/23		2,000,000		1,996,530
Anthem, Inc. 1.875%, 01/15/18		4,455,000		4,458,698
2.300%, 07/15/18		1,915,000		1,925,779
4.650%, 08/15/44		3,000,000		3,249,438
Hartford HealthCare Corp. 5.746%, 04/01/44		1,000,000		1,143,902
Kaiser Foundation Hospitals 4.150%, 05/01/47		3,185,000		3,300,128
New York and Presbyterian Hospital (The) 3.563%, 08/01/36		4,490,000		4,357,742
Northwell Healthcare, Inc. 3.979%, 11/01/46 (d)		3,405,000		3,249,511
4.800%, 11/01/42		1,600,000		1,709,717
NYU Hospitals Center 4.428%, 07/01/42		1,756,000		1,808,954
Providence St. Joseph Health Obligated Group 2.746%, 10/01/26		1,015,000		972,140
UnitedHealth Group, Inc. 6.000%, 02/15/18 (d)		2,910,000		2,987,645
				31,160,184
Insurance—0.5%
Berkshire Hathaway Finance Corp. 4.400%, 05/15/42		3,700,000		4,029,644

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Farmers Exchange Capital III 5.454%, 10/15/54 (144A) (b)		3,530,000	$	3,839,828
Teachers Insurance & Annuity Association of America 4.375%, 09/15/54 (144A) (b)		3,500,000		3,539,375
				11,408,847
Media—0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 6.484%, 10/23/45		3,215,000		3,858,685
Comcast Corp. 4.400%, 08/15/35		1,500,000		1,612,405
Time Warner Cable LLC 5.875%, 11/15/40		1,500,000		1,671,936
6.750%, 07/01/18		1,315,000		1,375,764
				8,518,790
Miscellaneous Manufacturing—0.1%
Siemens Financieringsmaatschappij NV 2.000%, 09/15/23 (144A) (d)		3,420,000		3,285,950
Oil & Gas—0.2%
Anadarko Petroleum Corp. 4.500%, 07/15/44		620,000		568,168
Canadian Natural Resources, Ltd. 3.850%, 06/01/27		892,000		884,773
Devon Energy Corp. 5.000%, 06/15/45 (d)		815,000		823,346
Noble Energy, Inc. 5.050%, 11/15/44 (d)		1,050,000		1,078,370
Shell International Finance B.V. 4.375%, 05/11/45		650,000		680,247
				4,034,904
Packaging & Containers—0.1%
Amcor Finance USA, Inc. 3.625%, 04/28/26 (144A) (d)		2,625,000		2,625,336
Pharmaceuticals—0.9%
AbbVie, Inc. 1.800%, 05/14/18		1,219,000		1,220,538
4.300%, 05/14/36		1,273,000		1,295,535
Allergan Funding SCS 2.350%, 03/12/18		1,500,000		1,506,263
3.800%, 03/15/25 (d)		2,285,000		2,363,487
AstraZeneca plc 3.125%, 06/12/27 (d)		2,481,000		2,470,930
Bayer U.S. Finance LLC 1.500%, 10/06/17 (144A)		2,850,000		2,849,333
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		4,500,000		4,479,106
Pharmaceuticals—(Continued)
Teva Pharmaceutical Finance Netherlands III B.V. 1.400%, 07/20/18 (d)		3,000,000		2,992,935
				19,178,127
Pipelines—1.1%
Columbia Pipeline Group, Inc. 2.450%, 06/01/18		2,250,000		2,260,323
Enbridge Energy Partners L.P. 5.875%, 10/15/25		1,000,000		1,140,778
Energy Transfer L.P. 5.150%, 03/15/45		5,065,000		4,921,027
6.500%, 02/01/42 (d)		700,000		781,929
Kinder Morgan, Inc. 3.050%, 12/01/19		921,000		937,002
Plains All American Pipeline L.P. / PAA Finance Corp. 4.650%, 10/15/25		1,000,000		1,024,990
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.000%, 10/01/22		1,260,000		1,351,360
TC PipeLines L.P. 4.650%, 06/15/21		3,840,000		4,056,453
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		3,275,000		3,212,942
Williams Partners L.P. 3.600%, 03/15/22		3,490,000		3,565,583
3.900%, 01/15/25		1,000,000		1,010,986
				24,263,373
Real Estate Investment Trusts—2.4%
Alexandria Real Estate Equities, Inc. 2.750%, 01/15/20		475,000		478,261
4.600%, 04/01/22		5,292,000		5,655,142
HCP, Inc.
3.750%, 02/01/19 (d)		3,000,000		3,062,988
4.000%, 12/01/22 (d)		1,975,000		2,065,783
4.250%, 11/15/23		3,216,000		3,372,047
Healthcare Realty Trust, Inc. 3.750%, 04/15/23		1,850,000		1,881,855
5.750%, 01/15/21		538,000		589,237
Healthcare Trust of America Holdings L.P. 3.500%, 08/01/26 (d)		1,885,000		1,843,292
Highwoods Realty L.P. 7.500%, 04/15/18		2,783,000		2,896,588
Kimco Realty Corp. 4.300%, 02/01/18		5,680,000		5,726,457
Realty Income Corp. 2.000%, 01/31/18		4,500,000		4,504,401
SL Green Realty Corp. 5.000%, 08/15/18 (d)		1,500,000		1,539,506
Ventas Realty L.P. 3.125%, 06/15/23		590,000		586,499
3.250%, 10/15/26		2,500,000		2,402,683
4.125%, 01/15/26		4,750,000		4,885,119

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
WEA Finance LLC / Westfield UK & Europe Finance plc 1.750%, 09/15/17 (144A)		703,000	$	702,996
2.700%, 09/17/19 (144A)		5,925,000		5,973,964
Welltower, Inc. 4.700%, 09/15/17		5,000,000		5,027,560
				53,194,378
Retail—0.6%
CVS Health Corp. 3.875%, 07/20/25 (d)		5,840,000		6,072,117
5.125%, 07/20/45		1,215,000		1,392,870
Wal-Mart Stores, Inc. 4.750%, 10/02/43		1,400,000		1,645,789
Walgreens Boots Alliance, Inc. 3.450%, 06/01/26		1,280,000		1,277,294
4.800%, 11/18/44		2,300,000		2,447,554
				12,835,624
Software—0.2%
Microsoft Corp. 3.300%, 02/06/27 (d)		2,150,000		2,214,653
3.750%, 02/12/45		2,330,000		2,315,719
				4,530,372
Telecommunications—1.3%
AT&T, Inc. 3.000%, 06/30/22		1,000,000		1,000,517
3.600%, 02/17/23		1,400,000		1,432,844
3.800%, 03/15/22		2,000,000		2,070,066
4.350%, 06/15/45		1,500,000		1,392,171
4.750%, 05/15/46		4,175,000		4,094,022
5.250%, 03/01/37		4,440,000		4,730,274
Rogers Communications, Inc. 6.800%, 08/15/18		3,290,000		3,470,611
Verizon Communications, Inc. 4.862%, 08/21/46		7,400,000		7,401,258
5.250%, 03/16/37		3,325,000		3,574,345
				29,166,108
Transportation—0.0%
Burlington Northern Santa Fe LLC 4.550%, 09/01/44 (d)		605,000		670,618
Total Corporate Bonds & Notes (Cost $594,108,115)				598,406,227
Asset-Backed Securities—11.0%
Asset-Backed - Automobile—0.2%
Honda Auto Receivables Owner Trust 1.040%, 04/18/19		5,204,343		5,195,290
Asset-Backed - Credit Card—0.3%
Citibank Credit Card Issuance Trust 1.636%, 07/24/20 (b)		1,900,000		1,906,913
2.587%, 05/20/20 (b)		3,500,000		3,541,338
				5,448,251
Asset-Backed - Home Equity—3.0%
Asset Backed Securities Corp. Home Equity Loan Trust 1.376%, 05/25/36 (b)		3,005,859		2,963,684
Asset-Backed Funding Certificates Trust 1.356%, 09/25/36 (b)		7,872,454		7,593,275
1.846%, 03/25/35 (b)		4,847,957		4,781,488
Centex Home Equity Loan Trust 1.861%, 06/25/35 (b)		6,798,146		6,765,946
JPMorgan Mortgage Acquisition Corp. 1.921%, 06/25/35 (b)		8,803,000		8,487,167
MASTR Asset-Backed Securities Trust 1.516%, 01/25/36 (b)		6,965,957		6,917,131
New Century Home Equity Loan Trust 1.996%, 08/25/34 (b)		10,791,089		10,093,172
Option One Mortgage Loan Trust 1.876%, 05/25/35 (b)		4,018,363		4,018,768
Option One Mortgage Loan Trust Asset-Backed Certificates 1.656%, 11/25/35 (b)		10,685,905		10,594,708
Wells Fargo Home Equity Trust 1.861%, 04/25/35 (b)		3,756,829		3,754,911
				65,970,250
Asset-Backed - Other—1.9%
AMMC CLO 19, Ltd. 2.658%, 10/15/28 (144A) (b)		4,000,000		4,023,640
Citigroup Mortgage Loan Trust, Inc. 1.891%, 05/25/35 (b)		2,290,334		2,289,071
Dryden Senior Loan Fund 2.238%, 04/18/26 (144A) (b)		5,185,000		5,182,387
Encore Credit Receivables Trust 1.636%, 01/25/36 (b)		2,139,266		2,136,310
GSAMP Trust 1.896%, 10/25/34 (b)		5,184,853		5,047,016
HSI Asset Securitization Corp. Trust 1.406%, 12/25/35 (b)		485,668		485,367
Long Beach Mortgage Loan Trust 2.011%, 02/25/35 (b)		3,106,955		3,108,336
Magnetite, Ltd. 2.156%, 07/25/26 (144A) (b)		5,000,000		5,000,000
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.891%, 06/25/35 (b)		998,900		998,656
Structured Asset Securities Corp. Mortgage Loan Trust 1.696%, 07/25/35 (b)		11,671,000		11,619,309

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Voya CLO, Ltd. 2.208%, 01/18/26 (144A) (b)		2,850,000	$	2,851,094
				42,741,186
Asset-Backed - Student Loan—5.6%
Education Loan Asset-Backed Trust I 2.016%, 06/25/26 (144A) (b)		5,860,616		5,869,894
Navient Student Loan Trust 2.266%, 07/26/66 (144A) (b)		5,600,000		5,659,105
2.716%, 10/25/58 (b)		2,470,000		2,289,396
Nelnet Student Loan Trust 1.816%, 02/27/51 (144A) (b)		4,900,457		4,910,494
SLC Student Loan Trust 1.356%, 03/15/27 (b)		2,240,462		2,230,406
1.406%, 09/15/39 (b)		11,000,000		10,302,238
1.406%, 03/15/55 (b)		8,310,000		7,628,082
SLM Student Loan Trust 1.216%, 01/25/22 (b)		10,320,000		9,943,262
1.306%, 10/25/29 (b)		9,946,493		9,870,035
1.526%, 01/25/40 (b)		5,225,555		4,646,018
1.536%, 10/25/24 (b)		5,196,478		5,183,781
1.706%, 04/27/26 (144A) (b)		8,231,682		8,254,145
1.716%, 12/15/27 (144A) (b)		4,893,066		4,887,492
1.816%, 11/25/27 (b)		4,179,847		4,198,233
1.906%, 10/25/40 (b)		10,240,000		10,010,221
1.966%, 05/26/26 (b)		9,517,962		9,476,093
1.966%, 01/25/45 (144A) (b)		4,266,002		4,224,780
2.656%, 04/25/23 (b)		1,366,763		1,395,855
3.016%, 09/25/43 (b)		5,800,000		5,621,696
Wachovia Student Loan Trust 1.326%, 04/25/40 (144A) (b)		7,500,000		6,917,765
				123,518,991
Total Asset-Backed Securities (Cost $240,645,825)				242,873,968
Mortgage-Backed Securities—3.6%
Collateralized Mortgage Obligations—2.4%
Citigroup Mortgage Loan Trust, Inc. 1.220%, 05/20/47 (144A) (b)		2,833,744		2,788,933
Credit Suisse Mortgage Trust 1.066%, 09/27/46 (144A)		3,717,113		3,681,927
1.264%, 05/27/37 (144A) (b)		1,009,522		1,015,635
1.304%, 04/27/47 (144A) (b)		3,443,453		3,341,248
3.173%, 01/27/36 (144A) (b)		1,233,079		1,237,543
Morgan Stanley Mortgage Loan Trust 1.486%, 09/25/35 (b)		1,692,839		1,693,065
Morgan Stanley Resecuritization Trust 1.474%, 08/26/47 (144A) (b)		6,238,614		6,146,820
3.141%, 01/26/51 (144A) (b)		4,234,552		4,216,750
Nomura Resecuritization Trust 1.284%, 02/25/37 (144A) (b)		3,305,305		3,191,201
1.324%, 08/26/37 (144A) (b)		3,377,054		3,284,233
3.298%, 03/26/37 (144A) (b)		4,817,907		4,861,785
Collateralized Mortgage Obligations—(Continued)
Structured Adjustable Rate Mortgage Loan Trust 1.891%, 01/25/35 (b)		4,352,905		4,254,955
3.302%, 03/25/34 (b)		6,610,489		6,681,066
WaMu Mortgage Pass-Through Certificates Trust 1.506%, 10/25/45 (b)		7,414,290		7,352,515
				53,747,676
Commercial Mortgage-Backed Securities—1.2%
225 Liberty Street Trust 3.597%, 02/10/36 (144A)		1,865,000		1,932,478
7 WTC Depositor LLC Trust 4.082%, 03/13/31 (144A)		499,673		504,316
BAMLL Commercial Mortgage Securities Trust 3.819%, 07/14/37 (144A)		2,260,000		2,373,804
Banc of America Commercial Mortgage Trust 5.492%, 02/10/51		1,567,207		1,569,306
Commercial Mortgage Trust 3.545%, 02/10/36 (144A)		1,865,000		1,919,533
3.732%, 08/10/49 (144A) (b)		1,810,000		1,889,175
4.353%, 08/10/30 (144A)		1,845,000		2,006,082
DBRR Trust 4.537%, 07/12/44 (144A) (b)		3,000,000		3,146,825
JPMorgan Chase Commercial Mortgage Securities Trust 4.311%, 08/05/32 (144A)		1,708,000		1,779,126
Morgan Stanley Capital Trust 3.727%, 10/11/50 (144A)		2,150,000		2,238,889
4.700%, 09/15/47 (144A)		852,842		879,275
RBS Commercial Funding, Inc. Trust 3.961%, 01/13/32 (144A) (b)		2,475,000		2,619,460
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (b)		1,519,000		1,502,808
Wells Fargo Commercial Mortgage Trust 2.800%, 03/18/28 (144A) (b)		2,000,000		2,023,635
				26,384,712
Total Mortgage-Backed Securities (Cost $79,701,857)				80,132,388
Municipals—0.8%
New York City Transitional Finance Authority, Future Tax Secured Revenue 5.267%, 05/01/27		2,150,000		2,529,625
New York City Water & Sewer System Revenue, Build America Bonds 5.440%, 06/15/43		1,250,000		1,595,988
6.011%, 06/15/42		1,300,000		1,765,582
New York City, General Obligation Unlimited, Build America Bonds 5.968%, 03/01/36		1,750,000		2,267,073
6.271%, 12/01/37		1,575,000		2,135,684
State of Massachusetts, General Obligation Unlimited 3.000%, 04/01/41		3,750,000		3,320,437

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*/ Shares		Value
University of California CA, Revenue 4.601%, 05/15/31		2,855,000	$	3,144,069
Total Municipals (Cost $16,322,889)				16,758,458
Short-Term Investments—6.4%
Mutual Fund—2.3%
State Street Institutional Liquid Reserves Fund (f)		51,692,844		51,698,013
U.S. Treasury—4.1%
U.S. Treasury Bills 0.823%, 09/07/17 (f) (g)		1,425,000		1,422,518
0.917%, 08/17/17 (f)		39,350,000		39,305,534
0.955%, 08/31/17 (d) (f)		34,180,000		34,128,320
1.036%, 11/02/17 (f)		15,115,000		15,061,584
				89,917,956
Total Short-Term Investments (Cost $141,609,598)				141,615,969
Securities Lending Reinvestments (h)—15.7%
Certificates of Deposit—6.4%
ABN AMRO Bank NV Zero Coupon, 09/05/17		4,979,088		4,989,500
Bank of Montreal 1.130%, 07/07/17		5,000,000		4,999,950
Bank of Montreal Chicago 1.276%, 09/06/17 (b)		7,000,000		7,001,288
Bank of Nova Scotia Houston 1.492%, 11/03/17 (b)		4,000,000		4,003,949
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		16,995,874		16,858,691
1.602%, 11/16/17 (b)		3,000,000		3,002,928
BNP Paribas New York 1.524%, 08/04/17 (b)		9,000,000		9,001,071
Canadian Imperial Bank 1.630%, 10/27/17 (b)		1,000,000		1,001,125
Credit Industriel et Commercial 1.125%, 07/03/17		3,000,000		3,000,066
Credit Suisse AG New York 1.314%, 11/07/17 (b)		5,000,000		5,000,405
DNB NOR Bank ASA 1.412%, 07/28/17 (b)		2,500,000		2,500,313
KBC Bank NV 1.220%, 07/26/17		1,000,000		1,000,000
1.220%, 07/27/17		7,500,000		7,500,000
Mizuho Bank, Ltd., New York 1.610%, 08/02/17 (b)		1,000,000		1,000,305
Natixis New York 1.287%, 11/13/17 (b)		3,000,000		2,999,670
Norinchukin Bank New York 1.687%, 07/12/17 (b)		10,000,000		10,001,210
Royal Bank of Canada New York 1.532%, 03/20/18 (b)		16,500,000		16,511,880
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		5,046,167		5,001,150
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (b)		6,000,000		6,002,334
Sumitomo Mitsui Trust Bank, Ltd., New York 1.342%, 11/16/17 (b)		7,500,000		7,499,527
1.377%, 10/11/17 (b)		4,000,000		4,002,818
Toronto Dominion Bank New York 1.467%, 03/13/18 (b)		4,000,000		4,002,972
1.475%, 01/10/18 (b)		6,000,000		6,009,975
UBS, Stamford 1.722%, 07/31/17 (b)		6,406,541		6,403,655
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (b)		2,500,000		2,502,235
				141,797,017
Commercial Paper—1.8%
Erste Abwicklungsanstalt 1.379%, 07/18/17 (b)		15,700,000		15,700,911
ING Funding LLC 1.234%, 12/07/17 (b)		2,000,000		2,000,691
1.277%, 11/13/17 (b)		7,500,000		7,499,452
LMA S.A. & LMA Americas 1.040%, 07/03/17		10,499,090		10,498,968
Westpac Banking Corp. 1.506%, 10/20/17 (b)		4,300,000		4,304,287
				40,004,309
Repurchase Agreements—5.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $174,824 on 07/03/17, collateralized by $181,972 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $178,305.		174,808		174,808
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $22,002,017 on 07/03/17, collateralized by $21,915,450 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $22,440,002.		22,000,000		22,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $28,802,880 on 07/03/17, collateralized by $29,281,920 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $29,376,088.		28,800,000		28,800,000

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $17,513,563 on 07/03/17, collateralized by $3,804 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $19,456,911.		17,500,000	$	17,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $5,024,225 on 09/29/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,064,790 on 10/02/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $8,061,180 on 10/02/17, collateralized by various Common Stock with a value of $8,800,001.		8,000,000		8,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $15,001,675 on 07/03/17, collateralized by $29,910,927 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $15,301,781.		15,000,000		15,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $9,000,885 on 07/03/17, collateralized by $13,515,869 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $9,180,000.		9,000,000		9,000,000
RBS Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $15,003,092 on 07/07/17, collateralized by $15,316,567 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $15,300,422.		15,000,000		15,000,000
				124,474,808
Time Deposits—1.9%
ABN AMRO Bank NV 1.180%, 07/07/17		5,000,000		5,000,000
Time Deposits—(Continued)
Australia New Zealand Bank 1.060%, 07/03/17		10,800,000		10,800,000
1.150%, 07/03/17		672,980		672,980
Credit Industriel et Commercial 1.100%, 07/03/17		5,000,000		5,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		4,288,500		4,288,500
Shinkin Central Bank 1.330%, 07/25/17		3,000,000		3,000,000
1.330%, 07/26/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 07/03/17		12,500,000		12,500,000
				43,261,480
Total Securities Lending Reinvestments (Cost $349,468,605)				349,537,614
Total Investments—127.3% (Cost $2,814,982,618) (i)				2,819,317,619
Other assets and liabilities (net)—(27.3)%				(604,817,262	)
Net Assets—100.0%			$	2,214,500,357

*	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 June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)	Principal amount of security is adjusted for inflation.
(d)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $342,130,541 and the collateral received consisted of cash in the amount of $349,663,047. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(f)	The rate shown represents current yield to maturity.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $1,013,232.
(h)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(i)	As of June 30, 2017, the aggregate cost of investments was $2,814,982,618. The aggregate unrealized appreciation and depreciation of investments were $18,978,976 and $(14,643,975), respectively, resulting in net unrealized appreciation of $4,335,001.
(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 June 30, 2017, the market value of 144A securities was $178,583,160, which is 8.1% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		12/18/17		560			USD	138,055,462		$	(120,461	)
U.S. Treasury Note 2 Year Futures		09/29/17		1,070			USD	231,561,449			(324,417	)
U.S. Treasury Note 5 Year Futures		09/29/17		395			USD	46,655,393			(110,198	)
Futures Contracts—Short
90 Day Eurodollar Futures		12/17/18		(560	)		USD	(137,619,896	)		139,896
Net Unrealized Depreciation										$	(415,180	)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Maturity Date

Notional Amount

Unrealized Appreciation

Receive

3M LIBOR

1.602

%

06/30/19

USD

11,155,000

$

7,984

(USD)—	United States Dollar
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,389,992,995		$	—	$	1,389,992,995
Total Corporate Bonds & Notes*		—			598,406,227			—		598,406,227
Total Asset-Backed Securities*		—			242,873,968			—		242,873,968
Total Mortgage-Backed Securities*		—			80,132,388			—		80,132,388
Total Municipals		—			16,758,458			—		16,758,458
Short-Term Investments
Mutual Fund		51,698,013			—			—		51,698,013
U.S. Treasury		—			89,917,956			—		89,917,956
Total Short-Term Investments		51,698,013			89,917,956			—		141,615,969
Total Securities Lending Reinvestments*		—			349,537,614			—		349,537,614
Total Investments	$	51,698,013		$	2,767,619,606		$	—	$	2,819,317,619
Collateral for Securities Loaned (Liability)	$	—		$	(349,663,047	)	$	—	$	(349,663,047	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	139,896		$	—		$	—	$	139,896
Futures Contracts (Unrealized Depreciation)		(555,076	)		—			—		(555,076	)
Total Futures Contracts	$	(415,180	)	$	—		$	—	$	(415,180	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	7,984		$	—	$	7,984

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,819,317,619
Cash		3,726
Receivable for:
Investments sold		2,146,335
TBA securities sold		38,696,937
Fund shares sold		96,242
Principal paydowns		15,706
Dividends and interest		10,474,464
Variation margin on centrally cleared swap contracts		53,217
Total Assets		2,870,804,246
Liabilities
Collateral for securities loaned		349,663,047
Payables for:
Investments purchased		14,438,838
TBA securities purchased		290,993,988
Fund shares redeemed		35,171
Variation margin on futures contracts		148,395
Accrued Expenses:
Management fees		755,205
Distribution and service fees		122
Deferred trustees’ fees		42,489
Other expenses		226,634
Total Liabilities		656,303,889
Net Assets	$	2,214,500,357
Net Assets Consist of:
Paid in surplus	$	2,192,329,091
Undistributed net investment income		21,704,384
Accumulated net realized loss		(3,460,923	)
Unrealized appreciation on investments, futures contracts and swap contracts		3,927,805
Net Assets	$	2,214,500,357
Net Assets
Class A	$	2,213,890,997
Class B		609,360
Capital Shares Outstanding*
Class A		219,090,966
Class B		60,355
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.10
Class B		10.10

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,814,982,618.
(b)	Includes securities loaned at value of $342,130,541.

Statement of Operations

Period Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	227,175
Interest		25,574,256
Securities lending income		1,015,631
Total investment income		26,817,062
Expenses
Management fees		6,071,091
Administration fees		35,019
Custodian and accounting fees		65,760
Distribution and service fees—Class B		739
Audit and tax services		35,545
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		21,512
Insurance		7,910
Miscellaneous		8,641
Total expenses		6,290,919
Less management fee waiver		(1,513,423	)
Net expenses		4,777,496
Net Investment Income		22,039,566
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(45,763	)
Futures contracts		1,126,961
Net realized gain		1,081,198
Net change in unrealized appreciation on:
Investments		21,707,372
Futures contracts		38,245
Swap contracts		7,984
Net change in unrealized appreciation		21,753,601
Net realized and unrealized gain		22,834,799
Net Increase in Net Assets From Operations	$	44,874,365

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Statement of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	22,039,566		$	33,274,090
Net realized gain		1,081,198			7,101,461
Net change in unrealized appreciation		21,753,601			1,955,753
Increase in net assets from operations		44,874,365			42,331,304
From Distributions to Shareholders
Net investment income
Class A		(39,630,743	)		(18,043,923	)
Class B		(9,573	)		(2,578	)
Net realized capital gains
Class A		(3,230,767	)		0
Class B		(855	)		0
Total distributions		(42,871,938	)		(18,046,501	)
Increase in net assets from capital share transactions		1,459,480			178,963,302
Total increase in net assets		3,461,907			203,248,105
Net Assets
Beginning of period		2,211,038,450			2,007,790,345
End of period	$	2,214,500,357		$	2,211,038,450
Undistributed net investment income
End of period	$	21,704,384		$	39,305,134

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,463,256		$	25,043,490			31,125,775		$	319,412,125
Reinvestments		4,226,973			42,861,510			1,758,667			18,043,923
Redemptions		(6,495,820	)		(66,443,361	)		(15,746,269	)		(159,005,478	)
Net increase		194,409		$	1,461,639			17,138,173		$	178,450,570
Class B
Sales		5,108		$	51,890			56,125		$	573,285
Reinvestments		1,029			10,428			252			2,578
Redemptions		(6,363	)		(64,477	)		(6,229	)		(63,131	)
Net increase (decrease)		(226	)	$	(2,159	)		50,148		$	512,732
Increase derived from capital shares transactions				$	1,459,480					$	178,963,302

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015(a)
Net Asset Value, Beginning of Period	$	10.10		$	9.95		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.10			0.16			0.08
Net realized and unrealized gain (loss) on investments		0.10			0.07			(0.13	)
Total from investment operations		0.20			0.23			(0.05	)
Less Distributions
Distributions from net investment income		(0.18	)		(0.08	)		0.00
Distributions from net realized capital gains		(0.02	)		0.00			0.00
Total distributions		(0.20	)		(0.08	)		0.00
Net Asset Value, End of Period	$	10.10		$	10.10		$	9.95
Total Return (%) (c)		1.96	(d)		2.33			(0.50	)(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(e)		0.57			0.58	(e)
Net ratio of expenses to average net assets (%) (f)		0.43	(e)		0.43			0.45	(e)
Ratio of net investment income to average net assets (%)		2.00	(e)		1.56			1.13	(e)
Portfolio turnover rate (%)		148	(d)(g)		298	(g)		325	(d)(g)
Net assets, end of period (in millions)	$	2,213.9		$	2,210.4		$	2,007.7
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015(a)
Net Asset Value, Beginning of Period	$	10.09		$	9.95		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.09			0.14			0.07
Net realized and unrealized gain (loss) on investments		0.11			0.08			(0.12	)
Total from investment operations		0.20			0.22			(0.05	)
Less Distributions
Distributions from net investment income		(0.17	)		(0.08	)		0.00
Distributions from net realized capital gains		(0.02	)		0.00			0.00
Total distributions		(0.19	)		(0.08	)		0.00
Net Asset Value, End of Period	$	10.10		$	10.09		$	9.95
Total Return (%) (c)		1.91	(d)		2.21			(0.50	) (d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(e)		0.82			0.83	(e)
Net ratio of expenses to average net assets (%) (f)		0.68	(e)		0.68			0.70	(e)
Ratio of net investment income to average net assets (%)		1.74	(e)		1.34			1.00	(e)
Portfolio turnover rate (%)		148	(d)(g)		298	(g)		325	(d)(g)
Net assets, end of period (in millions)	$	0.6		$	0.6		$	0.1

(a)	Commencement of operations was May 1, 2015.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 101%, 193% and 205% for the six months ended June 30, 2017, the year ended December 31, 2016 and the period ended December 31, 2015, respectively.

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is TCW Core Fixed Income Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, 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.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 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 options on swaps (“swaptions”), and futures contracts that are traded over-the-counter (“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,

BHFTI-18

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book tax differences are primarily due to paydown gains & losses and premium amortization adjustments. These adjustments have no impact on net assets or the results of operations.

BHFTI-19

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from

BHFTI-20

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $124,474,808. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-21

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(38,966,160	)	$	—	$	—	$	—	$	(38,966,160	)
U.S. Treasury & Government Agencies		(310,696,887	)		—		—		—		(310,696,887	)
Total	$	(349,663,047	)	$	—	$	—	$	—	$	(349,663,047	)
Total Borrowings	$	(349,663,047	)	$	—	$	—	$	—	$	(349,663,047	)
Gross amount of recognized liabilities for securities lending transactions										$	(349,663,047	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the

BHFTI-22

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer 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 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). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either 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 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). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit

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Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a)(b)	$	7,984
	Unrealized appreciation on futures contracts (a)(c)		139,896	Unrealized depreciation on futures contracts (a)(c)		555,076
Total		$	147,880		$	555,076

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location–Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	1,126,961
Statement of Operations Location–Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	38,245
Swap contracts		7,984
	$	46,229

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	250,316,667
Futures contracts short		(105,000,000	)
Swap contracts		11,155,000

‡ Averages are based on activity levels during the period.

BHFTI-24

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$3,110,638,184	$	185,510,498	$	3,163,721,969	$	161,823,425

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$1,204,501,069	$	1,034,285,823

BHFTI-25

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.550% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $6,071,091.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. TCW Investment Management Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.070%	Of the first $500 million
0.150%	Of the next $1.5 billion
0.200%	On amounts in excess of $2 billion

Amounts waived for the year ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations. An identical agreement was in place for the period from May 1, 2016 through April 30, 2017.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-26

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$18,046,501	$	—	$	—	$	—	$	18,046,501	$	—

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$41,558,476	$	832,247	$	(22,193,856	)	$	—	$	20,196,867

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains.

During the year ended December 31, 2016, the Portfolio utilized capital losses of $140,855.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-27

Brighthouse Funds Trust I

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
213,608,766		218		4,415,876

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		213,608,766		4,416,094
Robert Boulware		213,608,766		4,416,094
Susan C. Gause		213,608,766		4,416,094
Nancy Hawthorne		213,608,766		4,416,094
Barbara A. Nugent		213,608,766		4,416,094
John Rosenthal		213,608,766		4,416,094
Linda B. Strumpf		213,608,766		4,416,094
Dawn M. Vroegop		213,608,766		4,416,094

BHFTI-28

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio)

Managed by Wells Capital Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Wells Capital Management Mid Cap Value Portfolio returned 3.34% and 3.26%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 5.18%.

On June 1, 2017, Wells Capital Management, Inc. (“WellsCap”) succeeded Goldman Sachs Asset Management, L.P. (“Goldman Sachs”) as the subadviser to the Portfolio and the name of the Portfolio was changed from the Goldman Sachs Mid Cap Value Portfolio to the Wells Capital Management Mid Cap Value Portfolio.

The following commentary was provided by Goldman Sachs for the period of January 1, 2017 through May 31, 2017.

MARKET ENVIRONMENT / CONDITIONS

The S&P 500 Index gained 6.07% during the first quarter of 2017. Looking back, in January, U.S. equities rallied on the prospect of deregulation following executive orders on oil pipelines and on further optimism around infrastructure spending after a $1 trillion proposal from Senate Democrats. Despite political uncertainty and protectionism concerns, U.S. equities continued to rally in February, driven by optimism on tax reform and deregulation as well as stronger economic data. In March, the U.S. Federal Reserve Board (the “Fed”) raised interest rates for the third time since the 2008 global financial crisis, while maintaining projections for three rate hikes in 2017. However, a seemingly cautious stance on the future path of monetary tightening from the Fed Chair Janet Yellen and the presence of a dissenter on the committee led to a dovish market reaction. Political risks subsequently drove U.S. equities lower in the wake of House Republicans’ struggle to schedule a health care vote. The best performing sectors over the first quarter were Information Technology (“IT”), Consumer Discretionary and Health Care, while the worst performing sectors were Energy, Telecommunication Services and Financials.

The S&P 500 Index gained 1.41% in May, following a 1.03% increase in April. Activity and inflation data appeared to be moderating, although the labor market remained strong. The Institute for Supply Management manufacturing index declined to 54.8 in April from 57.2 in March and the economy grew at 0.7% in the first quarter compared to 2.1% in the final quarter of 2016. Core Personal Consumption Expenditure (PCE) price index fell to 1.54% year-over-year in April from 1.59% year-over-year in March, while core Consumer Price Index (CPI) increased only 0.1% month-over-month, the second consecutive weak reading following an outright decline in March. That said, the employment cost index reached its highest level since 2007 in the first quarter and the ADP report showed an increase in private employment by 177,000 in April, led by gains in the service sector. Political turmoil mid-month, following alleged Russian interference in the U.S. election, dampened expectations for further near-term progress on the Trump Administration’s pro-growth policies. As expected, the Fed kept policy unchanged, seemingly looking beyond recent weakness in data. The best performing sectors were IT, Utilities and Consumer Staples while the worst performing sectors were Energy, Financials and Telecommunication Services.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the five months ended May 31, 2017, the Portfolio’s investments within the Real Estate and Industrials sectors detracted from performance, while stock selection in the IT and Health Care sectors contributed to returns.

Within the Real Estate sector, DDR Corp., an owner of shopping centers in the U.S. and Puerto Rico, was a top detractor from performance during the period. While the broader Real Estate sector declined during the time period, we believe DDR Corp.’s underperformance was exacerbated due to its above average exposure to Puerto Rico, a potential decrease in demand from its larger retail tenants and concerns around the pricing of its assets in the private market. Despite a difficult period, we continued to believe that shares of DDR Corp. traded at a substantial discount relative to the company’s private market value. We maintained confidence in the company’s new leadership, as we believe they are highly motivated and focused on improving the business’ operational performance over the long term. However, we moderated our position to reflect a better risk/reward profile. The Portfolio’s investment in Brixmor Property Group, Inc., an owner of grocery-anchored community shopping centers, was also a top detractor from performance. We believe the underperformance was largely due to market concerns around store closures within the industry, resulting from disappointing retail sales, as well as weaker-than-expected first quarter results. In our view, these fears are overblown, especially given Brixmor Property Group’s base in high-quality grocery-anchored shopping centers. Overall, we remained positive on Brixmor Property Group’s long-term growth potential as well as the company’s portfolio of assets. Fundamentals in the industry remain healthy as supply, relative to historical levels, is low and demand continues to be strong. Finally, we are encouraged by management’s focus on high return redevelopment projects and improving the company’s balance sheet.

Within the IT sector, IAC/InterActiveCorp., an internet and media company, was a top contributor to performance. The majority of outperformance came after the company announced its acquisition of Angie’s List, an online home service review platform. IAC/InterActiveCorp plans to combine its HomeAdvisor platform with Angie’s List which, in our view, will create substantial synergies and improve revenue strategies. Its shares also rose after the company reported first quarter earnings that exceeded consensus expectations and issued positive 2017 guidance. We believe IAC/InterActiveCorp has a strong focus on capital allocation and shareholder value creation. Additionally, we remained positive on the company due to its strong balance sheet, new initiatives to improve its online dating businesses, including ongoing growth and monetization of Tinder, and the option value of Vimeo, its online video business. Vertex

BHFTI-1

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio)

Managed by Wells Capital Management, Inc.

Portfolio Manager Commentary*—(Continued)

Pharmaceuticals, Inc., a U.S.-based pharmaceutical company primarily focused on treatments for cystic fibrosis, was another top contributor to returns. The majority of outperformance came after the company reported positive test results from one of its next-generation cystic fibrosis pipeline drugs. Its shares also rose after the company reported fourth quarter earnings that exceeded consensus expectations and issued 2017 guidance. Additionally, Vertex Pharmaceuticals sold its cancer research pipeline for $230 million. Investors viewed this positively given the possibility of royalties on future sales. We believe that Vertex Pharmaceuticals will continue to expand its reach into the cystic fibrosis market through its next-generation pipeline drugs. In our view, the stock traded at a compelling valuation and the company is well insulated relative to its peer group if regulatory changes are made to the broader Health Care sector. Following the stock’s more recent outperformance, however, we moderated our position to better reflect the current risk/reward profile.

Tim Ryan

Sung Cho

Sean Gallagher

Portfolio Managers

Goldman Sachs Asset Management, L.P.

The following commentary was provided by WellsCap for the period of June 1, 2017 through June 30, 2017.

MARKET ENVIRONMENT / CONDITIONS

For the first half of 2017 equities overall and mid cap value stocks have been impacted by the uncertainty surrounding future government policies, declining oil prices and increased skepticism of overall equity valuations. This has led to a narrow trading range for mid cap value stocks during that time period. For the month of June, the Russell Midcap Value Index finished up 1.49%. June saw some sector rotation from IT into Financials and Health Care as investors looked for hard evidence to support the run up in IT valuations. During the month, the Federal Open Market Committee raised the discount rate by a quarter of a point for the second time this year. However, this move was much anticipated and did little to impact equity markets.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell Midcap Value Index over the one month period. Stock selection was the largest driver for the Portfolio’s relative underperformance. The Portfolio’s stock selection and positioning in Financials and Energy detracted from relative performance. Stock selection within Consumer Discretionary and the Portfolio’s underweight to Utilities contributed to relative performance.

Within the Financials sector, the Portfolio’s underweight to the Banking industry negatively impacted returns. Many mid cap banks traded higher during the month as the Federal Reserve released its annual Comprehensive Capital Analysis and Review (CCAR) which showed they did not object to the capital plans of all 34 bank holding companies that participated. This provided a significant catalyst for many of the mid cap bank stocks that the Portfolio was underweight.

The Energy sector has faced significant pressure thus far in 2017. Sentiment around oil and gas prices has been weaker as investors reflected concerns that supply is outpacing demand in the near-term. The Portfolio’s security selection within the Energy sector detracted from performance during the month of June. Anadarko Petroleum Corp. (“APC”), an oil and gas exploration and production company was negatively impacted by declining oil prices as well as a tragic event in Colorado related to one of APC’s legacy wells that resulted in two fatalities. The investigation into this accident is still underway but it appears to be a third party error, and regardless of the cause APC is taking actions to prevent future occurrences. Despite these challenges, we remained positive on the long term prospects for the shares. We believe APC’s ample liquidity and the optionality to further monetize assets, including significant midstream holdings, provides both defensive and offensive characteristics for the stock and we believe the balance sheet flexibility continues to be underappreciated by the market.

Within the Consumer Staples sector, Kroger Co. (“KR”), a U.S. food and drug retailer was the largest detractor to performance. KR shares were negatively impacted for two reasons during the month. First, KR released disappointing earnings results and then online retailer, Amazon.com Inc. announced they would be acquiring Whole Foods Markets, Inc. We had begun to sell the Portfolio’s position before the earnings release as we were growing increasingly concerned that the competitive dynamics of the industry were changing rapidly as an aggressively priced European competitor announced further expansion plans into the U.S. and retailing giant Walmart looked to reduce prices. The Amazon/Whole Foods merger announcement further increased our concerns and caused us to question the sustainability of future cash flows even more. As our process dictates, when we no longer have conviction in the thesis, we promptly sold the Portfolio’s position.

Security selection in the Consumer Discretionary sector was a positive contributor to performance. Jewelry retailer, Signet Jewelers Limited (“SIG”), was the largest individual contributor. SIG rebounded significantly during the month after management indicated that the e-commerce platform implementation issues that weighed on fourth and first quarter results have largely been addressed. The company also announced in May that they would begin to sell a portion of their credit portfolio as well as outsource its remaining receivables. We believe this sale should help strengthen SIG’s balance sheet and allow them to accretively redeploy capital through share repurchases and explore other potential opportunities.

The Portfolio’s underweight to the Utilities sector positively contributed to relative performance during the month of June. Utilities were one of the worst performing sectors during the month as

BHFTI-2

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio)

Managed by Wells Capital Management, Inc.

Portfolio Manager Commentary*—(Continued)

10-year U.S. Treasury rates moved slightly higher during the month and investors began to question valuations further. We have struggled to find enough utility stocks that were attractively valued on a reward-to-risk basis given equity investors have crowded into many utility names in search of dividend income. Our disciplined valuation process served us well during the month.

As of June 30, 2017, the Portfolio was highly diversified across sectors and industries, with the goal of owning companies that present to us the best opportunity to deliver alpha over the next 3 to 5 years while at the same time ensuring relative protection of capital in times of market stress. At period-end, the Portfolio’s largest overweights were in the IT and Materials sectors. Within the IT sector, our focus on sustainable cash flows and long-term competitive advantages drives the Portfolio’s overweight to the IT services industry. In Materials, the overweight is primarily due to opportunities we have found in the containers and packaging industry. The Portfolio’s largest underweights were in the Consumer Discretionary and Real Estate sectors. We believe secular pressures impacting many names within the Consumer Discretionary sector are leading to increased cash flow volatility and heightened risks. Although we have slightly increased the Portfolio’s weighting to the Real Estate sector in recent months, as we have found a few names that presented attractive valuations on a reward-to-risk basis, the Portfolio remained largely underweight the sector at period-end.

James Tringas

Bryant VanCronkhite

Portfolio Managers

Wells Capital Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTI-3

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Wells Capital Management Mid Cap Value Portfolio
Class A		3.34		13.20		12.18		5.98
Class B		3.26		12.84		11.90		5.72
Russell Midcap Value Index		5.18		15.93		15.14		7.23

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Fidelity National Information Services, Inc.		3.0
Republic Services, Inc.		2.9
TreeHouse Foods, Inc.		2.8
Kansas City Southern		2.7
Molson Coors Brewing Co. - Class B		2.5
Ameren Corp.		2.5
CBRE Group, Inc. - Class A		2.4
Allstate Corp. (The)		2.4
Humana, Inc.		2.2
Packaging Corp. of America		2.1

Top Sectors

	% of Net Assets
Financials		19.7
Industrials		15.4
Information Technology		11.7
Materials		9.2
Health Care		8.3
Energy		8.3
Real Estate		7.0
Utilities		6.5
Consumer Staples		5.3
Consumer Discretionary		4.6

BHFTI-4

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.71	%	$	1,000.00	$	1,033.40	$	3.58
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.27	$	3.56
Class B(a)	Actual		0.95	%	$	1,000.00	$	1,032.60	$	4.79
	Hypothetical*		0.95	%	$	1,000.00	$	1,020.08	$	4.76

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-5

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—96.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
Raytheon Co.		63,150	$	10,197,462
Rockwell Collins, Inc.		68,276		7,174,442
				17,371,904
Banks—4.9%
Fifth Third Bancorp		244,095		6,336,706
PacWest Bancorp		155,730		7,272,591
Regions Financial Corp.		545,272		7,982,782
Zions Bancorp (a)		95,811		4,207,061
				25,799,140
Beverages—2.5%
Molson Coors Brewing Co. - Class B		152,945		13,205,271
Capital Markets—2.4%
Northern Trust Corp.		97,221		9,450,853
TD Ameritrade Holding Corp.		71,244		3,062,780
				12,513,633
Chemicals—2.8%
International Flavors & Fragrances, Inc.		64,798		8,747,730
PPG Industries, Inc.		56,570		6,220,437
				14,968,167
Commercial Services & Supplies—3.9%
Republic Services, Inc.		237,329		15,124,977
Stericycle, Inc. (b)		74,760		5,705,683
				20,830,660
Communications Equipment—3.5%
ARRIS International plc (b)		282,424		7,913,521
Harris Corp.		95,225		10,387,143
				18,300,664
Construction & Engineering—1.4%
Jacobs Engineering Group, Inc.		137,710		7,490,047
Construction Materials—0.9%
Eagle Materials, Inc.		49,510		4,575,714
Consumer Finance—1.3%
Ally Financial, Inc.		331,516		6,928,684
Containers & Packaging—5.5%
International Paper Co.		168,422		9,534,369
Packaging Corp. of America		101,296		11,283,362
Sealed Air Corp.		187,863		8,408,748
				29,226,479
Electric Utilities—2.1%
American Electric Power Co., Inc.		162,324		11,276,648
Energy Equipment & Services—5.8%
Baker Hughes, Inc.		108,349		5,906,104
Energy Equipment & Services—(Continued)
C&J Energy Services, Inc. (b)		106,911		3,663,840
Frank’s International NV (a)		186,321		1,544,601
National Oilwell Varco, Inc. (a)		228,765		7,535,519
Patterson-UTI Energy, Inc.		426,008		8,601,102
U.S. Silica Holdings, Inc.		96,721		3,432,628
				30,683,794
Equity Real Estate Investment Trusts—4.6%
American Campus Communities, Inc.		181,144		8,568,111
Corporate Office Properties Trust		123,023		4,309,496
Invitation Homes, Inc.		232,502		5,029,018
Mid-America Apartment Communities, Inc.		61,864		6,519,228
				24,425,853
Food Products—2.8%
TreeHouse Foods, Inc. (b)		178,826		14,608,296
Health Care Equipment & Supplies—2.5%
STERIS plc (a)		78,725		6,416,087
Varian Medical Systems, Inc. (b)		66,520		6,864,199
				13,280,286
Health Care Providers & Services—5.8%
AmerisourceBergen Corp. (a)		80,324		7,593,028
Humana, Inc.		47,275		11,375,310
Patterson Cos., Inc. (a)		116,384		5,464,229
Universal Health Services, Inc. - Class B		50,558		6,172,121
				30,604,688
Hotels, Restaurants & Leisure—0.9%
Wendy’s Co. (The) (a)		299,184		4,640,344
Household Durables—1.0%
Mohawk Industries, Inc. (b)		22,198		5,365,035
Insurance—11.2%
Allstate Corp. (The)		143,471		12,688,575
Arch Capital Group, Ltd. (b)		70,491		6,576,105
Brown & Brown, Inc. (a)		217,220		9,355,666
FNF Group		227,410		10,194,790
Loews Corp.		239,980		11,233,464
Willis Towers Watson plc (a)		61,347		8,923,535
				58,972,135
IT Services—8.3%
Amdocs, Ltd.		158,503		10,217,103
DST Systems, Inc.		138,072		8,519,043
Fidelity National Information Services, Inc.		186,298		15,909,849
Leidos Holdings, Inc.		175,069		9,049,317
				43,695,312
Machinery—2.5%
Deere & Co.		54,019		6,676,208
Flowserve Corp.		140,595		6,527,826
				13,204,034

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Multi-Utilities—2.4%
Ameren Corp.		236,947	$	12,953,893
Multiline Retail—1.6%
Kohl’s Corp. (a)		222,530		8,605,235
Oil, Gas & Consumable Fuels—2.5%
Anadarko Petroleum Corp.		123,074		5,580,175
Hess Corp. (a)		171,191		7,510,149
				13,090,324
Real Estate Management & Development—2.4%
CBRE Group, Inc. - Class A (b)		351,342		12,788,849
Road & Rail—4.3%
Kansas City Southern		137,116		14,349,190
Ryder System, Inc.		114,588		8,248,044
				22,597,234
Specialty Retail—1.0%
Signet Jewelers, Ltd. (a)		85,671		5,417,834
Water Utilities—1.9%
American Water Works Co., Inc.		130,867		10,201,083
Total Common Stocks (Cost $499,205,508)				507,621,240
Short-Term Investment—5.2%
Repurchase Agreement—5.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $27,637,318 on 07/03/17, collateralized by $26,980,000 U.S. Treasury Note at 4.000% due 08/15/18 with a value of $28,193,506.		27,637,041		27,637,041
Total Short-Term Investments (Cost $27,637,041)				27,637,041
Securities Lending Reinvestments (c)—8.6%
Certificates of Deposit—0.3%
DG Bank New York 1.140%, 07/03/17		500,000		499,995
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		1,000,000		999,990
				1,499,985
Repurchase Agreements—6.9%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $713,518 on 07/03/17, collateralized by $742,693 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $727,723.		713,453		713,453
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $5,300,486 on 07/03/17, collateralized by $5,279,631 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $5,406,001.		5,300,000		5,300,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $6,300,630 on 07/03/17, collateralized by $6,405,420 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $6,426,019.		6,300,000		6,300,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,000,775 on 07/03/17, collateralized by $217 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,111,824.		1,000,000		1,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $5,004,632 on 07/07/17, collateralized by $4,508,413 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $5,103,330.		5,000,000		5,000,000
Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $1,300,135 on 07/03/17, collateralized by $1,172,187 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $1,326,866.		1,300,000		1,300,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,219,437 on 10/02/17, collateralized by various Common Stock with a value of $1,320,000.		1,200,000		1,200,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,511,471 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $9,001,005 on 07/03/17, collateralized by $17,946,556 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $9,181,069.		9,000,000	$	9,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $5,000,492 on 07/03/17, collateralized by $7,508,816 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $5,100,000.		5,000,000		5,000,000
				36,313,453
Time Deposits—1.4%
Australia New Zealand Bank 1.060%, 07/03/17		500,000		500,000
1.150%, 07/03/17		300,000		300,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		900,000		900,000
Shinkin Central Bank 1.330%, 07/25/17		3,500,000		3,500,000
Time Deposits—(Continued)
Standard Chartered plc 1.200%, 07/03/17		2,000,000		2,000,000
				7,200,000
Total Securities Lending Reinvestments (Cost $45,013,453)				45,013,438
Total Investments—109.8% (Cost $571,856,002) (d)				580,271,719
Other assets and liabilities (net)—(9.8)%				(51,748,699	)
Net Assets—100.0%			$	528,523,020

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $44,060,302 and the collateral received consisted of cash in the amount of $45,013,453. 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 June 30, 2017.
(d)	As of June 30, 2017, the aggregate cost of investments was $571,856,002. The aggregate unrealized appreciation and depreciation of investments were $15,073,341 and $(6,657,624), respectively, resulting in net unrealized appreciation of $8,415,717.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	507,621,240	$	—		$	—	$	507,621,240
Total Short-Term Investment*		—		27,637,041			—		27,637,041
Total Securities Lending Reinvestments*		—		45,013,438			—		45,013,438
Total Investments	$	507,621,240	$	72,650,479		$	—	$	580,271,719
Collateral for Securities Loaned (Liability)	$	—	$	(45,013,453	)	$	—	$	(45,013,453	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	580,271,719
Receivable for:
Investments sold		2,069,793
Fund shares sold		24,830
Dividends and interest		574,093
Total Assets		582,940,435
Liabilities
Collateral for securities loaned		45,013,453
Payables for:
Investments purchased		8,803,243
Fund shares redeemed		56,106
Accrued Expenses:
Management fees		284,095
Distribution and service fees		35,160
Deferred trustees’ fees		115,782
Other expenses		109,576
Total Liabilities		54,417,415
Net Assets	$	528,523,020
Net Assets Consist of:
Paid in surplus	$	472,938,024
Undistributed net investment income		1,906,457
Accumulated net realized gain		45,262,822
Unrealized appreciation on investments		8,415,717
Net Assets	$	528,523,020
Net Assets
Class A	$	357,934,055
Class B		170,588,965
Capital Shares Outstanding*
Class A		30,287,823
Class B		14,456,670
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.82
Class B		11.80

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $571,856,002.
(b)	Includes securities loaned at value of $44,060,302.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	4,302,692
Interest		7,391
Securities lending income		134,957
Total investment income		4,445,040
Expenses
Management fees		1,905,590
Administration fees		8,496
Custodian and accounting fees		21,460
Distribution and service fees—Class B		216,430
Audit and tax services		20,657
Legal		18,248
Trustees’ fees and expenses		26,454
Shareholder reporting		17,453
Insurance		1,747
Miscellaneous		7,275
Total expenses		2,243,810
Less management fee waiver		(158,100	)
Less broker commission recapture		(10,242	)
Net expenses		2,075,468
Net Investment Income		2,369,572
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		53,683,077
Net change in unrealized depreciation on investments		(38,447,386	)
Net realized and unrealized gain		15,235,691
Net Increase in Net Assets From Operations	$	17,605,263

(a) Net of foreign withholding taxes of $1,872.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,369,572		$	6,592,169
Net realized gain (loss)		53,683,077			(3,878,613	)
Net change in unrealized appreciation (depreciation)		(38,447,386	)		65,985,832
Increase in net assets from operations		17,605,263			68,699,388
From Distributions to Shareholders
Net investment income
Class A		(4,695,368	)		(3,868,144	)
Class B		(1,824,934	)		(1,436,159	)
Net realized capital gains
Class A		0			(26,597,241	)
Class B		0			(13,409,192	)
Total distributions		(6,520,302	)		(45,310,736	)
Decrease in net assets from capital share transactions		(17,042,234	)		(120,962,217	)
Total decrease in net assets		(5,957,273	)		(97,573,565	)
Net Assets
Beginning of period		534,480,293			632,053,858
End of period	$	528,523,020		$	534,480,293
Undistributed net investment income
End of period	$	1,906,457		$	6,057,187

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		11,619		$	138,295			895,482		$	9,045,827
Reinvestments		396,904			4,695,368			2,901,465			30,465,385
Redemptions		(1,050,437	)		(12,520,544	)		(13,456,247	)		(152,036,031	)
Net decrease		(641,914	)	$	(7,686,881	)		(9,659,300	)	$	(112,524,819	)
Class B
Sales		364,918		$	4,326,009			736,920		$	7,952,303
Reinvestments		154,524			1,824,934			1,415,191			14,845,351
Redemptions		(1,306,423	)		(15,506,296	)		(2,840,740	)		(31,235,052	)
Net decrease		(786,981	)	$	(9,355,353	)		(688,629	)	$	(8,437,398	)
Decrease derived from capital shares transactions				$	(17,042,234	)				$	(120,962,217	)

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.59		$	11.19		$	16.34		$	17.76		$	14.05		$	11.96
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.14	(b)		0.07			0.16			0.15			0.19
Net realized and unrealized gain (loss) on investments		0.33			1.28			(1.06	)		1.84			4.32			2.01
Total from investment operations		0.39			1.42			(0.99	)		2.00			4.47			2.20
Less Distributions
Distributions from net investment income		(0.16	)		(0.13	)		(0.15	)		(0.15	)		(0.18	)		(0.11	)
Distributions from net realized capital gains		0.00			(0.89	)		(4.01	)		(3.27	)		(0.58	)		0.00
Total distributions		(0.16	)		(1.02	)		(4.16	)		(3.42	)		(0.76	)		(0.11	)
Net Asset Value, End of Period	$	11.82		$	11.59		$	11.19		$	16.34		$	17.76		$	14.05
Total Return (%) (c)		3.34	(d)		13.60			(8.95	)		13.57			32.95			18.46
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76	(e)		0.76			0.75			0.75			0.74			0.75
Net ratio of expenses to average net assets (%) (f)		0.71	(e)		0.75			0.75			0.75			0.74			0.75
Ratio of net investment income to average net assets (%)		0.98	(e)		1.27	(b)		0.53			0.98			0.95			1.45
Portfolio turnover rate (%)		141	(d)		145			95			85			112			81
Net assets, end of period (in millions)	$	357.9		$	358.4		$	454.3		$	525.1		$	840.2		$	643.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.55		$	11.16		$	16.29		$	17.72		$	14.02		$	11.94
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.11	(b)		0.04			0.11			0.11			0.16
Net realized and unrealized gain (loss) on investments		0.34			1.27			(1.06	)		1.83			4.31			2.00
Total from investment operations		0.38			1.38			(1.02	)		1.94			4.42			2.16
Less Distributions
Distributions from net investment income		(0.13	)		(0.10	)		(0.10	)		(0.10	)		(0.14	)		(0.08	)
Distributions from net realized capital gains		0.00			(0.89	)		(4.01	)		(3.27	)		(0.58	)		0.00
Total distributions		(0.13	)		(0.99	)		(4.11	)		(3.37	)		(0.72	)		(0.08	)
Net Asset Value, End of Period	$	11.80		$	11.55		$	11.16		$	16.29		$	17.72		$	14.02
Total Return (%) (c)		3.26	(d)		13.18			(9.12	)		13.23			32.65			18.12
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01	(e)		1.01			1.00			1.00			0.99			1.00
Net ratio of expenses to average net assets (%) (f)		0.95	(e)		1.00			1.00			1.00			0.99			1.00
Ratio of net investment income to average net assets (%)		0.72	(e)		1.00	(b)		0.28			0.69			0.70			1.18
Portfolio turnover rate (%)		141	(d)		145			95			85			112			81
Net assets, end of period (in millions)	$	170.6		$	176.1		$	177.8		$	223.6		$	215.2		$	175.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers forty-five series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio) (the “Portfolio”), which is diversified. On June 1, 2017, Wells Capital Management Incorporated succeeded Goldman Sachs Asset Management, L.P. as the subadvisers to the Portfolio and the name of the Portfolio was changed from the Goldman Sachs Mid Cap Value Portfolio to the Well Capital Management Mid Cap Value Portfolio. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 Adviser 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 its 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 a 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 its 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 (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

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Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the 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 methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, distribution re-designations, adjustments to prior period accumulated balances and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to

BHFTI-14

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Notes to Financial Statements—June 30, 2017—(Continued)

resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $ 27,637,041. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $36,313,453. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial

BHFTI-15

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Notes to Financial Statements—June 30, 2017—(Continued)

stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	721,942,721	$	0	$	752,334,196

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$1,905,590		0.750	%	First $200 million
		0.700	%	Over $200 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Effective June 1, 2017, Wells Capital Management Incorporated (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio. Prior to June 1, 2017, Goldman Sachs Asset Management, L.P. was compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period June 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $50 million
0.075%	On the next $50 million
0.100%	On the next $100 million
0.050%	On the next $300 million
0.100%	On amounts over $500 million

BHFTI-16

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Notes to Financial Statements—June 30, 2017—(Continued)

Prior to June 1, 2017 the Adviser had agreed, for the period October 1, 2016 to May 31, 2017, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $50 million
0.075%	On the next $150 million
0.050%	On the next $300 million
0.075%	On amounts over $500 million

Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution Agreement and Plan - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and Class B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

Affiliated Broker - During the six months ended June 30, 2017 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Goldman Sachs & Co.	$	51,884

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$21,448,269	$	69,501,929	$	23,862,467	$	109,517,550	$	45,310,736	$	179,019,479

BHFTI-17

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$6,159,009	$	—	$	44,676,825	$	(6,233,977	)	$	44,601,857

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had short-term accumulated capital losses of $5,253,253 and long-term accumulated capital losses of $980,724.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTI-18

Brighthouse Funds Trust I

Results of Special Meeting of Shareholders

Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
42,099,735		1,406,338		3,455,592

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		43,752,245		3,209,420
Robert Boulware		43,669,724		3,291,941
Susan C. Gause		43,727,404		3,234,261
Nancy Hawthorne		43,770,838		3,190,827
Barbara A. Nugent		43,682,377		3,279,288
John Rosenthal		43,692,992		3,268,673
Linda B. Strumpf		43,630,928		3,330,737
Dawn M. Vroegop		43,642,615		3,319,051

BHFTI-19

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Board of Trustees’ Consideration of New Sub-Advisory Agreement

At an in-person meeting held on May 17-18, 2017 (the “May Meeting”), the Board of Trustees (the “Board”) of the Brighthouse Funds Trust I (the “Trust”) (formerly, Met Investors Series Trust), including a majority of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the Trust’s new initial sub-advisory agreement (the “Agreement,”) with Brighthouse Investment Advisers, LLC (the “Adviser”) (formerly, MetLife Advisers, LLC) and the Wells Capital Management, Inc. (“WellsCap” or the “Sub-Adviser”), for the Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio), a series of the Trust (the “Portfolio”). The Board approved a new sub-adviser for the Portfolio, replacing Goldman Sachs Asset Management, L.P. with WellsCap under the new Agreement. WellsCap commenced serving as the Sub-Adviser on June 1, 2017.

In considering the Agreement, the Board reviewed a variety of materials provided by the Adviser and the Sub-Adviser relating to the Portfolio, including comparative fee and expense information, composite performance information for the Portfolio’s proposed strategy, and other information regarding the nature, extent and quality of services to be provided by the Sub-Adviser under its Agreement. The Independent Trustees assessed a report provided by the Board’s independent consultant, who reviewed and provided analyses regarding investment performance, fees, and other information provided by, or at the direction of, the Adviser and the Sub-Adviser, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process, and met with independent legal counsel in executive session. Prior to voting to approve the Agreement at the May meeting, the Independent Trustees also received a memorandum from their independent counsel discussing the legal standards for their consideration of the proposed initial approval of the Agreement. The Board received a presentation from the Adviser and Sub-Adviser regarding the Portfolio during the May Board meeting at which the representatives of the Adviser and Sub-Adviser responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreement in executive session with their independent legal counsel at which no representatives of management were present.

Information furnished and reviewed specifically in connection with the approval process included, but was not limited to, a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees and performance of the proposed Sub-Adviser. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Sub-Adviser that the Sub-Adviser had prepared specifically for the approval process.

In considering whether to approve the Agreement, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolio by the Sub-Adviser; (2) the Sub-Adviser’s personnel and operations; (3) the financial condition of the Sub-Adviser; (4) the level and method of computing the Portfolio’s proposed sub-advisory fees; (5) any “fall-out” benefits to the Adviser, the Sub-Adviser and their affiliates (i.e., ancillary benefits realized by the Adviser, the Sub-Adviser or their affiliates from the Adviser’s or Sub-Adviser’s relationship with the Trust); (6) the anticipated effect of growth in size on the Portfolio’s performance and expenses; (7) fees paid by any comparable institutional and retail accounts; and (8) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolio by the Adviser’s affiliates. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the Portfolio.

Nature, extent and quality of services. With respect to the services to be provided by the Sub-Adviser, the Board considered, among other things, information provided to the Board by the Sub-Adviser. The Board considered the Sub-Adviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed the Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who would be providing services to the Portfolio. The Board also considered the Sub-Adviser’s compliance program and any disciplinary history. The Board also took into account the Sub-Adviser’s risk assessment and monitoring process. The Board noted the Sub-Adviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board also noted that the CCO and his staff would conduct regular, periodic compliance reviews with the Sub-Adviser and present reports to the Independent Trustees regarding the same, which would include evaluating the regulatory compliance system of the Sub-Adviser and procedures reasonably designed by the Sub-Adviser to help assure compliance with the federal securities laws, including best execution, fair value pricing, and proxy voting procedures, among others. The Board also took into account the financial condition of the Sub-Adviser. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to the Portfolio.

BHFTI-20

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Board of Trustees’ Consideration of New Sub-Advisory Agreement—(Continued)

The Board considered the Sub-Adviser’s investment process and philosophy. The Board took into account that the Sub-Adviser’s responsibilities would include the development and maintenance of an investment program for the Portfolio which would be consistent with the Portfolio’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also reviewed the Sub-Adviser’s brokerage policies and practices.

Performance. The Board took into account the investment strategy of the proposed Portfolio, and noted comparable performance information for the Wells Capital Management Mid Cap Value Portfolio strategy. The Board also considered how the Portfolio is designed to perform under a variety of market conditions. In addition, the Board took into account performance for the proposed strategy.

Fees and Expenses. The Board gave consideration to the proposed sub-advisory fees payable under the new Agreement. In addition, the Independent Trustees, with the assistance of JDL, also examined the proposed fees to be paid to WellsCap in light of fees paid to the previous sub-adviser and the method of computing the Portfolio’s proposed fee.

The Board noted that the sub-advisory fee for the Portfolio would be paid by the Adviser, not the Portfolio, out of the advisory fee, and that, in the case of the Sub-Adviser, which is unaffiliated with the Adviser, the Adviser negotiates the fee at arm’s length. In addition, the Board considered that the Adviser had negotiated reductions to the Portfolio’s sub-advisory fee schedule as a result of the change of the sub-adviser and that the Adviser agreed to waive a portion of its advisory fee in order for contractholders to benefit from the lower sub-advisory fee effective June 1, 2017. The Board further considered the amount of the sub-advisory fee to be paid out by the Adviser and the amount of the management fees that it would retain in light of the services performed by the Sub-Adviser and Adviser, respectively.

Profitability. Each year, in connection with the Board’s review of the advisory agreement with the Adviser, the Board considered the costs of the services provided and the profits realized by the Adviser from its relationship with the Portfolio. The Board did not consider the anticipated profitability to WellsCap from its subadvisory services to the Portfolio. The Board acknowledged the arms-length nature of the relationship between the Adviser and WellsCap with respect to the negotiation of the subadvisory fee rate on behalf of the Portfolio, and that the Adviser, and not the Portfolio, was responsible for paying the fee under the Agreement.

Economies of scale. The Board also considered the probable effect of the Portfolio’s growth in size on its performance and fees. The Board noted that the sub-advisory fee each contains breakpoints that reduce the advisory fee rate above specified asset levels. The Board also considered the fact that the Portfolio’s fee levels decline as portfolio assets increase. The Board also generally noted that if the Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. The Board noted management’s discussion of the Portfolio’s advisory fee structure.

Other factors. The Board considered other benefits that may be realized by the Sub-Adviser and its affiliates from their relationship with the Trust, including the opportunity to provide subadvisory services to additional portfolios of the Trust and reputational benefits.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Sub-Adviser’s affiliations and the services that are provided to the Trust, and the manner in which such conflicts were mitigated.

BHFTI-21

Brighthouse Funds Trust I

Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio)

Board of Trustees’ Consideration of New Sub-Advisory Agreement

The separation (the “Separation”) of Brighthouse Investment Advisers, LLC (the “Adviser”) (formerly, MetLife Advisers, LLC) (the “Adviser”), the investment adviser to Wells Capital Management Mid Cap Value Portfolio (formerly, Goldman Sachs Mid Cap Value Portfolio) (the “Portfolio”), a series of Brighthouse Funds Trust I (the “Trust”) (formerly, Met Investors Series Trust), from its parent company, MetLife, Inc. (“MetLife”), to a separate retail business, Brighthouse Financial, Inc. (“Brighthouse”), is expected to result in a change in control of the Adviser, and therefore an “assignment” of the Portfolio’s current advisory agreement and, as a result, the automatic termination of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and Wells Capital Management, Inc. (“WellsCap” or the “Sub-Adviser”). At the May 17-18, 2017 meeting (the “May Meeting”) of the Board of Trustees of the Trusts (the “Board”), the Board, including a majority of the Trustees who are not “interested persons,” as defined in the Investment Company Act of 1940, of the Portfolio (the “Independent Trustees”), approved a new sub-advisory agreement (the “New Sub-Advisory Agreement”) to take effect upon the automatic termination of the Sub-Advisory Agreement and based, in part, on information received by the Board at both its May Meeting and at its November 15-16, 2016 meeting (the “November Meeting”). Information about the Board’s considerations and process is set forth below.

In determining whether to approve the New Sub-Advisory Agreement, the Board considered the nature, quality and extent of the services to be provided by the Sub-Adviser under the Current Sub-Advisory Agreement and under the New Sub-Advisory Agreement. In approving the New Sub-Advisory Agreement, the Board considered its conclusions with respect to its approval of the Current Sub-Advisory Agreement, which was approved at the May Meeting. Appendix A contains a further description of the process followed, information reviewed and the material factors considered by the Board in approving the Current Sub-Advisory Agreement.

In addition, the following actions were taken and considered by or on behalf of the Board:

1. The Independent Trustees of the Board solicited and received ongoing advice regarding the legal duties of the Independent Trustees from Stradley Ronon, legal counsel for the Independent Trustees, which law firm has extensive experience regarding such matters.

2. The Board considered representations by the Adviser and its affiliates that approval of the New Sub-Advisory Agreements would be necessary for the Portfolio to continue receiving sub-advisory services from the Sub-Adviser following the change in control of the Adviser.

3. The Board considered representations by the Adviser, as well as related supporting documentation, indicating that the New Sub-Advisory Agreement, including the fees payable thereunder, are the same as the terms of the corresponding Current Sub-Advisory Agreement.

4. The Board considered the advice provided by Ropes & Gray, LLP, legal counsel to the Trusts and the Adviser, with respect to the New Sub-Advisory Agreement and regarding the Board’s role and responsibilities with respect to the Separation.

5. The Board considered that the Adviser and the Sub-Adviser will conduct their annual contract review process in November 2017. Thus, the Board emphasized that it would be able to, and intends to, monitor on an ongoing basis the ability of the Sub-Adviser to comply with its undertakings to the Board and the Adviser and to monitor on an ongoing basis the quality of services to, and expenses of, the Portfolios. In addition, the Board considered that, under the New Sub-Advisory Agreement, it will continue to have the authority, should the need arise in its view, to terminate any of the New Sub-Advisory Agreement without penalty upon no more than 60 days’ notice.

Based on the foregoing and other relevant considerations, at the May Meeting, the Board, including a majority of the Independent Trustees, voted to approve the New Sub-Advisory Agreement. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Sub-Advisory Agreement, including fee rates, were fair and reasonable.

BHFTI-22

Item 2. Code of Ethics.

Item applicable only to annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Item applicable only to annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Item applicable only to annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President and Treasurer 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 Act) as of a date within 90 days of the filing date of this report on Form N-CSR, 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-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits

(a)(1) Not applicable.

(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable.

(b) The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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 and Chief Executive Officer
Date:	August 31, 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 and Chief Executive Officer
Date:	August 31, 2017

By:	/s/Peter H. Duffy
	Peter H. Duffy Chief Financial Officer and Treasurer
Date:	August 31, 2017